44,300 Shares in CDW Corporation $CDW Bought by Pinnbrook Capital Management LP

Pinnbrook Capital Management LP acquired a new stake in shares of CDW Corporation (NASDAQ:CDW) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 44,300 shares of the information technology services provider’s stock, valued at approximately $6,230,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Hollencrest Capital Management increased its stake in CDW by 909.1% in the 1st quarter. Hollencrest Capital Management now owns 222 shares of the information technology services provider’s stock worth $27,000 after acquiring an additional 200 shares during the last quarter. Allied Private Wealth LLC bought a new stake in shares of CDW during the 2nd quarter valued at about $28,000. Keating Financial Advisory Services Inc. purchased a new position in shares of CDW during the second quarter worth about $28,000. Root Financial Partners LLC grew its holdings in shares of CDW by 54.7% during the first quarter. Root Financial Partners LLC now owns 263 shares of the information technology services provider’s stock worth $32,000 after purchasing an additional 93 shares in the last quarter. Finally, Johnson Financial Group Inc. bought a new position in shares of CDW in the second quarter worth approximately $51,000. 93.15% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Elizabeth H. Connelly sold 26,695 shares of the stock in a transaction on Friday, August 7th. The shares were sold at an average price of $137.62, for a total transaction of $3,673,765.90. Following the transaction, the insider owned 34,215 shares of the company’s stock, valued at approximately $4,708,668.30. This trade represents a 43.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David W. Nelms bought 18,000 shares of CDW stock in a transaction that occurred on Wednesday, May 27th. The shares were acquired at an average cost of $111.43 per share, for a total transaction of $2,005,740.00. Following the acquisition, the director owned 51,025 shares in the company, valued at $5,685,715.75. The trade was a 54.50% increase in their position. The SEC filing for this purchase provides additional information. 0.82% of the stock is currently owned by corporate insiders.

CDW Stock Performance

NASDAQ:CDW opened at $137.25 on Friday. The business has a 50 day moving average of $136.37 and a 200 day moving average of $128.40. The company has a market capitalization of $17.16 billion, a price-to-earnings ratio of 16.50, a PEG ratio of 1.81 and a beta of 0.96. CDW Corporation has a 1-year low of $97.12 and a 1-year high of $171.55. The company has a debt-to-equity ratio of 1.97, a current ratio of 1.17 and a quick ratio of 1.05.

CDW (NASDAQ:CDW) last issued its earnings results on Wednesday, August 5th. The information technology services provider reported $2.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.80 by $0.11. CDW had a return on equity of 50.61% and a net margin of 4.60%.The business had revenue of $6.57 billion during the quarter, compared to analyst estimates of $6.21 billion. During the same quarter in the prior year, the firm earned $2.60 earnings per share. CDW’s revenue for the quarter was up 10.0% on a year-over-year basis. On average, sell-side analysts predict that CDW Corporation will post 10.28 earnings per share for the current fiscal year.

CDW Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Tuesday, August 25th will be paid a $0.63 dividend. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.8%. CDW’s dividend payout ratio is 30.29%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CDW. Raymond James Financial set a $150.00 target price on shares of CDW in a research note on Wednesday, May 6th. Morgan Stanley raised their price objective on shares of CDW from $170.00 to $171.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. UBS Group dropped their price objective on shares of CDW from $162.00 to $147.00 and set a “buy” rating for the company in a report on Thursday, May 7th. Weiss Ratings upgraded shares of CDW from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, June 11th. Finally, JPMorgan Chase & Co. upgraded shares of CDW from a “neutral” rating to an “overweight” rating and set a $130.00 target price for the company in a research report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $147.00.

About CDW

CDW (NASDAQ: CDW) is a leading provider of information technology products and integrated solutions for business, government, education and healthcare customers. The company sources and resells hardware and software from major technology vendors and packages those products with professional services, managed services and lifecycle support. Its offerings span IT infrastructure, cloud and data center solutions, cybersecurity, networking, unified communications, endpoint devices, and software licensing and procurement services designed to simplify IT operations for customers.

CDW combines a broad product portfolio with consultative sales, implementation and technical support capabilities.