Coronation Fund Managers Ltd. Decreases Stake in CDW Co. (NASDAQ:CDW)

Coronation Fund Managers Ltd. lessened its position in shares of CDW Co. (NASDAQ:CDW) by 17.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,979 shares of the information technology services provider’s stock after selling 7,190 shares during the quarter. Coronation Fund Managers Ltd.’s holdings in CDW were worth $7,606,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Acadian Asset Management LLC boosted its position in shares of CDW by 211.5% during the first quarter. Acadian Asset Management LLC now owns 44,205 shares of the information technology services provider’s stock valued at $11,302,000 after buying an additional 30,012 shares during the period. Insight Wealth Strategies LLC bought a new position in CDW in the first quarter worth approximately $3,940,000. Grayhawk Investment Strategies Inc. purchased a new stake in CDW during the fourth quarter worth $854,000. Wealthcare Advisory Partners LLC purchased a new position in shares of CDW in the 1st quarter valued at $1,403,000. Finally, Mediolanum International Funds Ltd bought a new position in shares of CDW in the 1st quarter worth $2,461,000. Hedge funds and other institutional investors own 93.15% of the company’s stock.

Analysts Set New Price Targets

CDW has been the topic of several analyst reports. Barclays cut their target price on CDW from $232.00 to $229.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 1st. Northcoast Research upgraded shares of CDW from a “neutral” rating to a “buy” rating and set a $270.00 target price for the company in a research note on Friday, June 7th. Stifel Nicolaus upped their price target on CDW from $250.00 to $260.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Finally, Citigroup cut CDW from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $250.00 to $245.00 in a research report on Tuesday. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $252.75.

CDW Price Performance

Shares of CDW opened at $217.81 on Wednesday. The company has a debt-to-equity ratio of 2.03, a current ratio of 1.13 and a quick ratio of 1.02. The company’s fifty day moving average price is $221.05 and its 200-day moving average price is $228.88. CDW Co. has a 1-year low of $185.04 and a 1-year high of $263.37. The firm has a market capitalization of $29.27 billion, a PE ratio of 27.19, a price-to-earnings-growth ratio of 3.40 and a beta of 1.04.

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

CDW Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 26th were paid a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 1.14%. The ex-dividend date of this dividend was Monday, August 26th. CDW’s payout ratio is 30.96%.

Insider Transactions at CDW

In related news, insider Sona Chawla sold 18,437 shares of the business’s stock in a transaction on 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 completion of the transaction, the insider now directly owns 22,428 shares in the company, valued at $5,392,812.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Christine A. Leahy acquired 1,200 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were acquired at an average price of $216.15 per share, with a total value of $259,380.00. Following the purchase, the insider now directly owns 102,200 shares of the company’s stock, valued at $22,090,530. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Sona Chawla sold 18,437 shares of the business’s stock in a transaction on 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 completion of the transaction, the insider now owns 22,428 shares of the company’s stock, valued at $5,392,812.60. The disclosure for this sale can be found here. Company insiders own 0.90% of the company’s stock.

CDW 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.