Oppenheimer & Co. Inc. Has $327,000 Stake in CDW Corporation (NASDAQ:CDW)

Oppenheimer & Co. Inc. lowered its position in CDW Corporation (NASDAQ:CDW) by 14.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,040 shares of the information technology services provider’s stock after selling 349 shares during the period. Oppenheimer & Co. Inc.’s holdings in CDW were worth $327,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Kentucky Retirement Systems Insurance Trust Fund bought a new position in CDW during the first quarter valued at about $626,000. Manning & Napier Advisors LLC acquired a new position in shares of CDW during the 1st quarter valued at about $74,908,000. Cabot Wealth Management Inc. raised its stake in shares of CDW by 2.0% in the 1st quarter. Cabot Wealth Management Inc. now owns 70,847 shares of the information technology services provider’s stock valued at $11,354,000 after acquiring an additional 1,382 shares in the last quarter. Citizens & Northern Corp lifted its holdings in CDW by 3.1% in the 1st quarter. Citizens & Northern Corp now owns 6,781 shares of the information technology services provider’s stock worth $1,087,000 after purchasing an additional 201 shares during the last quarter. Finally, Global X Japan Co. Ltd. acquired a new stake in CDW in the 1st quarter worth approximately $43,000. Institutional investors own 93.15% of the company’s stock.

CDW Price Performance

Shares of CDW stock opened at $182.84 on Thursday. The company has a debt-to-equity ratio of 2.42, a current ratio of 1.32 and a quick ratio of 1.20. The company has a market cap of $24.08 billion, a PE ratio of 22.66, a price-to-earnings-growth ratio of 3.05 and a beta of 0.93. The firm has a fifty day moving average price of $176.35 and a two-hundred day moving average price of $175.46. CDW Corporation has a fifty-two week low of $137.31 and a fifty-two week high of $241.26.

CDW (NASDAQ:CDW) last released its earnings results on Wednesday, May 7th. The information technology services provider reported $2.15 earnings per share for the quarter, beating the consensus estimate of $1.96 by $0.19. CDW had a net margin of 5.10% and a return on equity of 54.90%. The business had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $4.93 billion. During the same quarter last year, the company earned $1.92 earnings per share. The firm’s revenue was up 6.7% on a year-over-year basis. Analysts expect that CDW Corporation will post 9.41 EPS for the current year.

CDW Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 26th were issued a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a dividend yield of 1.37%. The ex-dividend date of this dividend was Friday, May 23rd. CDW’s payout ratio is presently 30.98%.

Insider Activity at CDW

In related news, insider Frederick J. Kulevich sold 28,159 shares of the company’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $190.90, for a total value of $5,375,553.10. Following the completion of the transaction, the insider directly owned 36,077 shares in the company, valued at approximately $6,887,099.30. This represents a 43.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Christine A. Leahy sold 40,917 shares of the firm’s stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $181.42, for a total value of $7,423,162.14. Following the completion of the transaction, the insider directly owned 144,931 shares of the company’s stock, valued at approximately $26,293,382.02. This trade represents a 22.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.84% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CDW has been the topic of several analyst reports. JPMorgan Chase & Co. lowered their price target on CDW from $222.00 to $175.00 and set a “neutral” rating on the stock in a report on Thursday, April 17th. UBS Group lowered their target price on shares of CDW from $236.00 to $210.00 and set a “buy” rating on the stock in a research note on Thursday, May 8th. Barclays lowered their price target on CDW from $223.00 to $205.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 8th. Finally, Citigroup increased their target price on CDW from $160.00 to $180.00 and gave the company a “neutral” rating in a research note on Thursday, May 8th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $208.71.

CDW Profile

CDW Corporation provides information technology (IT) solutions in the United States, the United Kingdom, and Canada. It operates through three segments: Corporate, Small Business, and Public. The company offers discrete hardware and software products and services, as well as integrated IT solutions, including on-premise and cloud capabilities across hybrid infrastructure, digital experience, and security.