Saudi Central Bank Grows Holdings in CDW Corporation $CDW

Saudi Central Bank lifted its stake in CDW Corporation (NASDAQ:CDW) by 86.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund 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.

A number of other hedge funds have also recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in CDW in the 2nd quarter valued at approximately $2,143,082,000. Pzena Investment Management LLC purchased a new position in shares of CDW during the second quarter worth $371,135,000. Jupiter Topco LLC acquired a new stake in shares of CDW in the second quarter valued at $300,073,000. Alyeska Investment Group L.P. raised its holdings in shares of CDW by 197.1% in the 2nd quarter. Alyeska Investment Group L.P. now owns 1,854,952 shares of the information technology services provider’s stock valued at $260,880,000 after buying an additional 1,230,517 shares during the period. Finally, Bank of America Corp DE purchased a new stake in shares of CDW in the 2nd quarter valued at $255,058,000. Hedge funds and other institutional investors own 93.15% of the company’s stock.

CDW Stock Down 5.2%

Shares of NASDAQ CDW opened at $144.48 on Wednesday. The business has a 50-day moving average price of $140.28 and a 200 day moving average price of $129.59. The stock has a market cap of $18.06 billion, a PE ratio of 17.37, a price-to-earnings-growth ratio of 2.00 and a beta of 0.95. The company has a quick ratio of 1.05, a current ratio of 1.17 and a debt-to-equity ratio of 1.97. CDW Corporation has a 52-week low of $97.12 and a 52-week high of $171.55.

CDW (NASDAQ:CDW) last released 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. CDW had a return on equity of 50.61% and a net margin of 4.60%.The company had revenue of $6.57 billion for the quarter, compared to analyst estimates of $6.21 billion. During the same quarter in the previous year, the company posted $2.60 earnings per share. The firm’s revenue was up 10.0% compared to the same quarter last year. Equities research analysts forecast that CDW Corporation will post 10.33 earnings per share for the current year.

CDW Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders 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 payout ratio is currently 30.29%.

Insider Activity at CDW

In other news, insider Elizabeth Connelly sold 26,695 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider directly owned 34,215 shares of the company’s stock, valued at approximately $4,708,668.30. This represents a 43.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Citigroup boosted their price target on shares of CDW from $123.00 to $145.00 and gave the stock a “neutral” rating in a research note on Monday, July 13th. Weiss Ratings upgraded shares of CDW from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 25th. JPMorgan Chase & Co. raised shares of CDW from a “neutral” rating to an “overweight” rating and set a $130.00 price target for the company in a research report on Wednesday, May 27th. Royal Bank Of Canada upgraded shares of CDW to an “outperform” rating and set a $130.00 price target for the company in a research note on Wednesday, May 27th. Finally, Morgan Stanley increased their price objective on CDW from $170.00 to $171.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $150.38.

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.