Park Avenue Securities LLC Purchases New Shares in CDW (NASDAQ:CDW)

Park Avenue Securities LLC purchased a new stake in shares of CDW (NASDAQ:CDW) during the 2nd quarter, Holdings Channel reports. The fund purchased 3,291 shares of the information technology services provider’s stock, valued at approximately $365,000.

A number of other large investors also recently added to or reduced their stakes in CDW. AQR Capital Management LLC increased its stake in CDW by 65.6% in the first quarter. AQR Capital Management LLC now owns 3,418,230 shares of the information technology services provider’s stock worth $328,150,000 after purchasing an additional 1,354,651 shares during the period. Bessemer Group Inc. increased its stake in CDW by 4,756.9% in the second quarter. Bessemer Group Inc. now owns 817,171 shares of the information technology services provider’s stock worth $90,707,000 after purchasing an additional 800,346 shares during the period. Wedge Capital Management L L P NC purchased a new stake in CDW in the first quarter worth $43,686,000. The Manufacturers Life Insurance Company increased its stake in CDW by 208.7% in the first quarter. The Manufacturers Life Insurance Company now owns 529,600 shares of the information technology services provider’s stock worth $51,038,000 after purchasing an additional 358,029 shares during the period. Finally, CIBC World Markets Inc. increased its stake in CDW by 993.6% in the first quarter. CIBC World Markets Inc. now owns 334,925 shares of the information technology services provider’s stock worth $32,277,000 after purchasing an additional 304,300 shares during the period. Institutional investors own 91.70% of the company’s stock.

In related news, insider Thomas E. Richards sold 66,667 shares of the firm’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $99.67, for a total transaction of $6,644,699.89. Following the sale, the insider now owns 644,443 shares of the company’s stock, valued at $64,231,633.81. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Neil B. Fairfield sold 2,118 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $118.12, for a total value of $250,178.16. Following the sale, the insider now directly owns 7,054 shares in the company, valued at approximately $833,218.48. The disclosure for this sale can be found here. Insiders have sold a total of 138,052 shares of company stock worth $14,200,384 in the last three months. Corporate insiders own 2.25% of the company’s stock.

A number of research firms have weighed in on CDW. ValuEngine lowered CDW from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Zacks Investment Research upgraded CDW from a “hold” rating to a “strong-buy” rating and set a $113.00 target price on the stock in a research note on Tuesday. JPMorgan Chase & Co. lowered CDW from a “neutral” rating to an “underweight” rating and set a $116.00 target price on the stock. in a research note on Monday. They noted that the move was a valuation call. Bank of America began coverage on CDW in a research note on Tuesday, July 30th. They issued a “buy” rating and a $140.00 target price on the stock. Finally, Credit Suisse Group increased their target price on CDW from $118.00 to $132.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, four have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $118.13.

Shares of CDW traded down $0.94 during midday trading on Wednesday, reaching $107.40. 12,289 shares of the stock were exchanged, compared to its average volume of 812,008. CDW has a 52 week low of $74.32 and a 52 week high of $120.82. The company has a debt-to-equity ratio of 3.57, a current ratio of 1.28 and a quick ratio of 1.09. The firm has a 50 day moving average price of $112.37. The company has a market capitalization of $16.84 billion, a P/E ratio of 21.01, a P/E/G ratio of 1.59 and a beta of 1.10.

CDW (NASDAQ:CDW) last posted its quarterly earnings results on Wednesday, July 31st. The information technology services provider reported $1.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.45 by $0.10. CDW had a return on equity of 82.78% and a net margin of 4.07%. The business had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.50 billion. During the same quarter in the prior year, the company earned $1.38 EPS. The business’s revenue was up 10.6% compared to the same quarter last year. Analysts forecast that CDW will post 5.62 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 26th will be given a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date of this dividend is Friday, August 23rd. CDW’s payout ratio is 23.14%.

CDW Company Profile

CDW Corporation provides integrated information technology (IT) solutions to business, government, education, and healthcare customers in the United States, Canada, and the United Kingdom. It operates through three segments: Corporate, Small Business, and Public. The company offers discrete hardware and software products, as well as integrated IT solutions, including mobility, security, data center optimization, cloud computing, virtualization, and collaboration.

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Institutional Ownership by Quarter for CDW (NASDAQ:CDW)

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