Redwood Investment Management LLC Purchases Shares of 6,334 CDW Corporation $CDW

Redwood Investment Management LLC purchased a new stake in CDW Corporation (NASDAQ:CDW) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 6,334 shares of the information technology services provider’s stock, valued at approximately $891,000.

Other large investors have also recently made changes to their positions in the company. Hollencrest Capital Management increased its holdings in CDW by 909.1% in the 1st quarter. Hollencrest Capital Management now owns 222 shares of the information technology services provider’s stock valued at $27,000 after purchasing an additional 200 shares during the last quarter. Allied Private Wealth LLC acquired a new position in CDW during the second quarter worth $28,000. Keating Financial Advisory Services Inc. acquired a new position in CDW during the second quarter worth $28,000. Root Financial Partners LLC boosted its position 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 buying an additional 93 shares during the period. Finally, Johnson Financial Group Inc. purchased a new position in shares of CDW during the second quarter worth $51,000. 93.15% of the stock is currently owned by institutional investors and hedge funds.

CDW Stock Up 5.3%

Shares of NASDAQ:CDW opened at $148.97 on Friday. CDW Corporation has a fifty-two week low of $97.12 and a fifty-two week high of $171.55. The firm’s 50 day moving average price is $137.34 and its 200 day moving average price is $128.53. The company has a quick ratio of 1.05, a current ratio of 1.17 and a debt-to-equity ratio of 1.97. The stock has a market cap of $18.62 billion, a price-to-earnings ratio of 17.91, a price-to-earnings-growth ratio of 1.86 and a beta of 0.96.

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

CDW Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Tuesday, August 25th will be issued a $0.63 dividend. The ex-dividend date is Tuesday, August 25th. This represents a $2.52 annualized dividend and a dividend yield of 1.7%. CDW’s dividend payout ratio is presently 30.29%.

Insider Activity at CDW

In related news, insider Elizabeth H. Connelly sold 26,695 shares of CDW 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 sale, the insider directly owned 34,215 shares in the company, valued at $4,708,668.30. This trade represents a 43.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.82% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CDW shares. Royal Bank Of Canada upgraded CDW to an “outperform” rating and set a $130.00 price objective on the stock in a report on Wednesday, May 27th. JPMorgan Chase & Co. raised CDW from a “neutral” rating to an “overweight” rating and set a $130.00 target price on the stock in a research note on Wednesday, May 27th. Morgan Stanley raised their target price on CDW from $170.00 to $171.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Weiss Ratings raised CDW from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday. Finally, Citigroup boosted their price target on shares of CDW from $123.00 to $145.00 and gave the stock a “neutral” rating in a research note on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price 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.