Penserra Capital Management LLC Reduces Holdings in CDW Corporation (NASDAQ:CDW)

Penserra Capital Management LLC decreased its holdings in CDW Corporation (NASDAQ:CDW) by 32.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 653 shares of the information technology services provider’s stock after selling 310 shares during the quarter. Penserra Capital Management LLC’s holdings in CDW were worth $103,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in CDW. Orion Capital Management LLC purchased a new position in CDW during the fourth quarter valued at approximately $30,000. Optiver Holding B.V. lifted its holdings in CDW by 107.2% during the fourth quarter. Optiver Holding B.V. now owns 230 shares of the information technology services provider’s stock valued at $40,000 after purchasing an additional 119 shares in the last quarter. Golden State Wealth Management LLC lifted its holdings in CDW by 237.2% during the first quarter. Golden State Wealth Management LLC now owns 263 shares of the information technology services provider’s stock valued at $42,000 after purchasing an additional 185 shares in the last quarter. Global X Japan Co. Ltd. purchased a new position in CDW during the first quarter valued at approximately $43,000. Finally, Quarry LP purchased a new position in CDW during the fourth quarter valued at approximately $48,000. Hedge funds and other institutional investors own 93.15% of the company’s stock.

CDW Price Performance

CDW stock opened at $177.38 on Friday. The stock has a market cap of $23.36 billion, a price-to-earnings ratio of 21.98, a price-to-earnings-growth ratio of 2.99 and a beta of 0.93. The company has a debt-to-equity ratio of 2.42, a current ratio of 1.32 and a quick ratio of 1.20. CDW Corporation has a 1 year low of $137.31 and a 1 year high of $241.26. The firm has a 50-day moving average of $179.04 and a two-hundred day moving average of $175.69.

CDW (NASDAQ:CDW) last announced its quarterly earnings results on Wednesday, May 7th. The information technology services provider reported $2.15 earnings per share for the quarter, topping 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 firm had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $4.93 billion. During the same quarter in the prior year, the company earned $1.92 EPS. The company’s revenue was up 6.7% compared to the same quarter last year. On average, research analysts forecast that CDW Corporation will post 9.41 earnings per share for the current year.

CDW Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 26th were given a $0.625 dividend. The ex-dividend date was Friday, May 23rd. This represents a $2.50 annualized dividend and a dividend yield of 1.41%. 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 business’s stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $190.90, for a total transaction of $5,375,553.10. Following the completion of the transaction, the insider owned 36,077 shares in the company, valued at $6,887,099.30. The trade was a 43.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Christine A. Leahy sold 40,917 shares of the business’s stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $181.42, for a total transaction of $7,423,162.14. Following the transaction, the insider 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 position. The disclosure for this sale can be found here. Insiders own 0.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CDW shares. JPMorgan Chase & Co. reduced their price objective on shares of CDW from $222.00 to $175.00 and set a “neutral” rating on the stock in a research report on Thursday, April 17th. Barclays reduced their price target on shares of CDW from $223.00 to $205.00 and set an “equal weight” rating on the stock in a report on Thursday, May 8th. Citigroup lifted their price target on shares of CDW from $180.00 to $200.00 and gave the company a “neutral” rating in a report on Friday. Finally, UBS Group reduced their price target on shares of CDW from $236.00 to $210.00 and set a “buy” rating on the stock in a report on Thursday, May 8th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $211.57.

CDW Company 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.