Pzena Investment Management LLC Purchases New Shares in CDW Corporation $CDW

Pzena Investment Management LLC acquired a new stake in shares of CDW Corporation (NASDAQ:CDW) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 2,638,900 shares of the information technology services provider’s stock, valued at approximately $371,135,000. CDW comprises 1.1% of Pzena Investment Management LLC’s portfolio, making the stock its 25th largest holding.

Other institutional investors have also recently made changes to their positions in the company. Root Financial Partners LLC grew its holdings in CDW by 54.7% during the 1st quarter. Root Financial Partners LLC now owns 263 shares of the information technology services provider’s stock valued at $32,000 after purchasing an additional 93 shares during the last quarter. New Mexico Educational Retirement Board lifted its stake in CDW by 1.7% in the fourth quarter. New Mexico Educational Retirement Board now owns 6,050 shares of the information technology services provider’s stock worth $824,000 after purchasing an additional 100 shares during the last quarter. Hollencrest Capital Management lifted its stake in CDW by 909.1% in the first quarter. Hollencrest Capital Management now owns 222 shares of the information technology services provider’s stock worth $27,000 after purchasing an additional 200 shares during the last quarter. Allied Private Wealth LLC purchased a new position in shares of CDW during the second quarter valued at approximately $28,000. Finally, Empowered Funds LLC boosted its position in shares of CDW by 1.2% during the first quarter. Empowered Funds LLC now owns 18,076 shares of the information technology services provider’s stock valued at $2,897,000 after buying an additional 216 shares during the period. Institutional investors own 93.15% of the company’s stock.

CDW Stock Down 3.0%

Shares of NASDAQ CDW opened at $135.30 on Tuesday. The company has a debt-to-equity ratio of 1.97, a quick ratio of 1.05 and a current ratio of 1.17. The firm has a market capitalization of $16.92 billion, a price-to-earnings ratio of 16.26, a PEG ratio of 1.83 and a beta of 0.96. The stock has a 50 day moving average price of $135.99 and a 200 day moving average price of $128.13. CDW Corporation has a 52-week low of $97.12 and a 52-week high of $171.55.

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 net margin of 4.60% and a return on equity of 50.61%. The company had revenue of $6.57 billion for the quarter, compared to analysts’ expectations of $6.21 billion. During the same period in the prior year, the business earned $2.60 EPS. The firm’s quarterly revenue was up 10.0% on a year-over-year basis. Sell-side analysts expect that CDW Corporation will post 10.28 earnings per share for the current year.

CDW Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Tuesday, August 25th will be given a dividend of $0.63 per share. 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 1.9%. CDW’s dividend payout ratio is presently 30.29%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Weiss Ratings upgraded CDW from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, June 11th. Citigroup upped their price objective on CDW from $123.00 to $145.00 and gave the company a “neutral” rating in a research report on Monday, July 13th. Royal Bank Of Canada upgraded CDW to an “outperform” rating and set a $130.00 target price on the stock in a research note on Wednesday, May 27th. Barclays decreased their target price on CDW from $144.00 to $123.00 and set an “equal weight” rating for the company in a research report on Thursday, May 7th. Finally, Raymond James Financial set a $150.00 target price on shares of CDW in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $147.00.

Insider Buying and Selling at CDW

In other CDW news, Director David W. Nelms bought 18,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The shares were purchased at an average cost of $111.43 per share, for a total transaction of $2,005,740.00. Following the purchase, the director directly owned 51,025 shares in the company, valued at $5,685,715.75. This represents a 54.50% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Elizabeth H. Connelly sold 26,695 shares of the company’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $137.62, for a total value of $3,673,765.90. Following the transaction, the insider directly owned 34,215 shares in the company, valued at $4,708,668.30. This represents a 43.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.82% of the company’s stock.

CDW Profile

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.