CDW Corporation $CDW Shares Purchased by Saudi Central Bank

Saudi Central Bank increased its stake in CDW Corporation (NASDAQ:CDW) by 86.4% in the second quarter, HoldingsChannel.com reports. The firm owned 8,958 shares of the information technology services provider’s stock after acquiring an additional 4,152 shares during the quarter. Saudi Central Bank’s holdings in CDW were worth $1,260,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CDW. BNP Paribas Financial Markets boosted its position in CDW by 20.5% during the fourth quarter. BNP Paribas Financial Markets now owns 284,965 shares of the information technology services provider’s stock worth $38,812,000 after acquiring an additional 48,547 shares during the last quarter. Kendall Capital Management acquired a new position in shares of CDW during the second quarter worth $3,584,000. Pzena Investment Management LLC purchased a new stake in shares of CDW during the second quarter worth about $371,135,000. Man Group plc purchased a new position in shares of CDW during the 2nd quarter valued at approximately $1,262,000. Finally, Canada Pension Plan Investment Board acquired a new position in CDW during the 2nd quarter worth $1,295,000. 93.15% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at CDW

In other news, insider Elizabeth Connelly sold 26,695 shares of the firm’s stock in a transaction on 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 sale, the insider owned 34,215 shares in the company, valued at approximately $4,708,668.30. This trade represents a 43.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.82% of the stock is owned by company insiders.

CDW Stock Down 5.2%

CDW stock opened at $144.48 on Wednesday. The company has a debt-to-equity ratio of 1.97, a current ratio of 1.17 and a quick ratio of 1.05. The firm has a market capitalization of $18.06 billion, a P/E ratio of 17.37, a P/E/G ratio of 2.00 and a beta of 0.95. CDW Corporation has a 52-week low of $97.12 and a 52-week high of $171.55. The company’s 50 day simple moving average is $140.28 and its 200-day simple moving average is $129.59.

CDW (NASDAQ:CDW) last posted its quarterly earnings results on Wednesday, August 5th. The information technology services provider reported $2.91 EPS for the quarter, topping the consensus estimate of $2.80 by $0.11. The business had revenue of $6.57 billion during the quarter, compared to analysts’ expectations of $6.21 billion. CDW had a net margin of 4.60% and a return on equity of 50.61%. The firm’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same period last year, the company posted $2.60 earnings per share. As a group, equities research analysts anticipate that CDW Corporation will post 10.33 EPS for the current year.

CDW Dividend Announcement

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

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Citigroup raised their price target on shares of CDW from $123.00 to $145.00 and gave the stock a “neutral” rating in a research report on Monday, July 13th. Royal Bank Of Canada raised shares of CDW to an “outperform” rating and set a $130.00 target price on the stock in a report on Wednesday, May 27th. Barclays lifted their target price on CDW from $123.00 to $150.00 and gave the company an “equal weight” rating in a research note on Tuesday. Weiss Ratings upgraded CDW from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 25th. Finally, JPMorgan Chase & Co. upgraded CDW from a “neutral” rating to an “overweight” rating and set a $130.00 price objective 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 given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, CDW has a consensus rating of “Moderate Buy” and a consensus target price of $150.38.

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.