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

Redwood Investment Management LLC bought a new stake in CDW Corporation (NASDAQ:CDW) in the second quarter, Holdings Channel reports. The institutional investor bought 6,334 shares of the information technology services provider’s stock, valued at approximately $891,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CDW. Hollencrest Capital Management increased its holdings in shares of CDW by 909.1% in the first 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 period. Allied Private Wealth LLC purchased a new position in CDW in the 2nd quarter valued at $28,000. Keating Financial Advisory Services Inc. acquired a new position in CDW in the 2nd quarter valued at $28,000. Root Financial Partners LLC lifted its stake in shares of CDW by 54.7% in the 1st quarter. Root Financial Partners LLC now owns 263 shares of the information technology services provider’s stock worth $32,000 after acquiring an additional 93 shares during the period. Finally, Johnson Financial Group Inc. acquired a new stake in shares of CDW in the 2nd quarter worth $51,000. Hedge funds and other institutional investors own 93.15% of the company’s stock.

Insider Transactions at CDW

In other CDW news, insider Elizabeth H. Connelly sold 26,695 shares of the business’s stock in a transaction on Friday, August 7th. The stock was 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 approximately $4,708,668.30. The trade was a 43.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.82% of the company’s stock.

Analysts Set New Price Targets

CDW has been the topic of a number of recent analyst reports. Royal Bank Of Canada upgraded shares of CDW to an “outperform” rating and set a $130.00 price target on the stock in a research note on Wednesday, May 27th. Raymond James Financial set a $150.00 price objective on shares of CDW in a research report on Wednesday, May 6th. UBS Group lowered their price objective on CDW from $162.00 to $147.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Citigroup boosted their target price on CDW from $123.00 to $145.00 and gave the stock a “neutral” rating in a research report on Monday, July 13th. Finally, Morgan Stanley increased their target price on CDW from $170.00 to $171.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. One equities research 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. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $147.00.

CDW Trading Up 5.3%

Shares of CDW opened at $148.97 on Friday. The company has a current ratio of 1.17, a quick ratio of 1.05 and a debt-to-equity ratio of 1.97. The firm’s 50-day moving average is $137.34 and its two-hundred day moving average is $128.53. CDW Corporation has a twelve month low of $97.12 and a twelve month high of $171.55. The firm has a market capitalization of $18.62 billion, a P/E ratio of 17.91, a PEG ratio of 1.86 and a beta of 0.96.

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

CDW Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Tuesday, August 25th will be issued a dividend of $0.63 per share. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $2.52 annualized dividend and a yield of 1.7%. CDW’s payout ratio is currently 30.29%.

CDW Company 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.