CDW (NASDAQ:CDW) Shares Sold by Meritage Portfolio Management

Meritage Portfolio Management reduced its stake in CDW (NASDAQ:CDW) by 13.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 62,702 shares of the information technology services provider’s stock after selling 9,683 shares during the period. Meritage Portfolio Management’s holdings in CDW were worth $6,960,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Dimensional Fund Advisors LP raised its position in CDW by 3.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 890,811 shares of the information technology services provider’s stock valued at $72,196,000 after purchasing an additional 28,710 shares during the period. Geode Capital Management LLC raised its position in CDW by 11.9% in the fourth quarter. Geode Capital Management LLC now owns 1,598,078 shares of the information technology services provider’s stock valued at $129,445,000 after purchasing an additional 169,507 shares during the period. Nordea Investment Management AB raised its position in CDW by 3.1% in the fourth quarter. Nordea Investment Management AB now owns 7,405 shares of the information technology services provider’s stock valued at $600,000 after purchasing an additional 221 shares during the period. State of Alaska Department of Revenue raised its position in CDW by 1.1% in the first quarter. State of Alaska Department of Revenue now owns 25,094 shares of the information technology services provider’s stock valued at $2,417,000 after purchasing an additional 264 shares during the period. Finally, DNB Asset Management AS raised its position in CDW by 28.3% in the first quarter. DNB Asset Management AS now owns 39,399 shares of the information technology services provider’s stock valued at $3,797,000 after purchasing an additional 8,680 shares during the period. Institutional investors own 91.70% of the company’s stock.

In related news, insider Jill M. Billhorn sold 500 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $111.69, for a total transaction of $55,845.00. Following the completion of the transaction, the insider now directly owns 14,755 shares of the company’s stock, valued at approximately $1,647,985.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thomas E. Richards sold 66,667 shares of the business’s stock in a transaction on Friday, May 31st. The stock was sold at an average price of $99.67, for a total value of $6,644,699.89. Following the transaction, the insider now directly owns 644,443 shares of the company’s stock, valued at $64,231,633.81. The disclosure for this sale can be found here. Insiders sold 142,152 shares of company stock valued at $14,640,421 over the last ninety days. Insiders own 2.25% of the company’s stock.

CDW has been the topic of a number of research analyst reports. Evercore ISI initiated coverage on CDW in a research report on Wednesday, June 5th. They issued an “outperform” rating and a $120.00 target price on the stock. Stifel Nicolaus cut CDW from a “buy” rating to a “hold” rating and lifted their price objective for the company from $100.00 to $105.00 in a research note on Wednesday, April 17th. Credit Suisse Group lifted their price objective on CDW from $118.00 to $132.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. Northcoast Research cut CDW from a “buy” rating to a “neutral” rating in a research note on Friday, April 26th. They noted that the move was a valuation call. Finally, ValuEngine cut CDW from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $118.13.

Shares of NASDAQ CDW traded up $2.03 during trading on Friday, reaching $114.73. The stock had a trading volume of 624,373 shares, compared to its average volume of 793,418. CDW has a fifty-two week low of $74.32 and a fifty-two week high of $120.82. The company has a debt-to-equity ratio of 3.57, a quick ratio of 1.09 and a current ratio of 1.28. The stock has a 50-day moving average price of $112.72. The stock has a market capitalization of $15.72 billion, a P/E ratio of 22.50, a P/E/G ratio of 1.48 and a beta of 1.10.

CDW (NASDAQ:CDW) last issued its quarterly earnings data on Wednesday, July 31st. The information technology services provider reported $1.55 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.45 by $0.10. CDW had a return on equity of 82.78% and a net margin of 4.07%. The business had revenue of $4.63 billion during the quarter, compared to analysts’ expectations of $4.50 billion. During the same period in the previous year, the firm posted $1.38 earnings per share. The company’s revenue was up 10.6% on a year-over-year basis. Research analysts expect that CDW will post 5.62 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 26th will be paid a $0.295 dividend. The ex-dividend date is Friday, August 23rd. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.03%. CDW’s payout ratio is presently 23.14%.

About CDW

CDW Corporation provides integrated information technology (IT) solutions to business, government, education, and healthcare customers in the United States, Canada, and the United Kingdom. It operates through three segments: Corporate, Small Business, and Public. The company offers discrete hardware and software products, as well as integrated IT solutions, including mobility, security, data center optimization, cloud computing, virtualization, and collaboration.

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Institutional Ownership by Quarter for CDW (NASDAQ:CDW)

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