Kayne Anderson Rudnick Investment Management LLC Cuts Stake in CDW Co. (NASDAQ:CDW)

Kayne Anderson Rudnick Investment Management LLC decreased its stake in CDW Co. (NASDAQ:CDW) by 6.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,311 shares of the information technology services provider’s stock after selling 1,792 shares during the period. Kayne Anderson Rudnick Investment Management LLC’s holdings in CDW were worth $5,666,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of CDW. Summit Trail Advisors LLC grew its holdings in CDW by 36.1% during the 2nd quarter. Summit Trail Advisors LLC now owns 3,785 shares of the information technology services provider’s stock valued at $847,000 after purchasing an additional 1,003 shares in the last quarter. Thrivent Financial for Lutherans raised its position in shares of CDW by 2.6% in the 2nd quarter. Thrivent Financial for Lutherans now owns 531,877 shares of the information technology services provider’s stock valued at $119,055,000 after purchasing an additional 13,485 shares in the last quarter. Sei Investments Co. boosted its stake in shares of CDW by 10.6% during the 2nd quarter. Sei Investments Co. now owns 29,927 shares of the information technology services provider’s stock valued at $6,699,000 after buying an additional 2,867 shares during the last quarter. Pacer Advisors Inc. grew its position in shares of CDW by 71.7% during the second quarter. Pacer Advisors Inc. now owns 27,757 shares of the information technology services provider’s stock worth $6,213,000 after buying an additional 11,592 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ increased its stake in shares of CDW by 1.1% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 27,870 shares of the information technology services provider’s stock worth $6,235,000 after buying an additional 303 shares during the last quarter. Institutional investors and hedge funds own 93.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on CDW shares. Stifel Nicolaus increased their price objective on shares of CDW from $250.00 to $260.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Barclays reduced their price target on shares of CDW from $232.00 to $229.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 1st. Finally, Northcoast Research raised CDW from a “neutral” rating to a “buy” rating and set a $270.00 price objective for the company in a report on Friday, June 7th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, CDW has an average rating of “Moderate Buy” and an average target price of $254.63.

Insiders Place Their Bets

In other news, insider Christine A. Leahy purchased 1,200 shares of the stock in a transaction dated Thursday, August 1st. The shares were bought at an average cost of $216.15 per share, for a total transaction of $259,380.00. Following the transaction, the insider now owns 102,200 shares in the company, valued at $22,090,530. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other CDW news, insider Christine A. Leahy purchased 1,200 shares of the business’s stock in a transaction on Thursday, August 1st. The stock was bought at an average cost of $216.15 per share, with a total value of $259,380.00. Following the acquisition, the insider now owns 102,200 shares of the company’s stock, valued at $22,090,530. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Sona Chawla sold 18,437 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $240.45, for a total transaction of $4,433,176.65. Following the transaction, the insider now owns 22,428 shares of the company’s stock, valued at approximately $5,392,812.60. The disclosure for this sale can be found here. 0.90% of the stock is currently owned by insiders.

CDW Stock Performance

Shares of CDW stock opened at $225.30 on Monday. The firm has a market capitalization of $30.28 billion, a price-to-earnings ratio of 28.13, a price-to-earnings-growth ratio of 3.27 and a beta of 1.04. The company has a debt-to-equity ratio of 2.03, a current ratio of 1.13 and a quick ratio of 1.02. CDW Co. has a 12-month low of $185.04 and a 12-month high of $263.37. The business has a 50 day simple moving average of $222.12 and a 200 day simple moving average of $229.85.

CDW (NASDAQ:CDW) last announced its earnings results on Wednesday, July 31st. The information technology services provider reported $2.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.39 by ($0.05). CDW had a net margin of 5.29% and a return on equity of 62.22%. The company had revenue of $5.42 billion during the quarter, compared to the consensus estimate of $5.43 billion. During the same quarter in the prior year, the company earned $2.43 EPS. The business’s quarterly revenue was down 3.6% on a year-over-year basis. On average, equities research analysts anticipate that CDW Co. will post 9.4 EPS for the current year.

CDW Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 26th were issued a dividend of $0.62 per share. The ex-dividend date was Monday, August 26th. This represents a $2.48 annualized dividend and a yield of 1.10%. CDW’s payout ratio is 30.96%.

CDW Company Profile

CDW Corporation provides information technology (IT) solutions in the United States, the United Kingdom, and Canada. It operates through three segments: Corporate, Small Business, and Public. The company offers discrete hardware and software products and services, as well as integrated IT solutions, including on-premise and cloud capabilities across hybrid infrastructure, digital experience, and security.