Pzena Investment Management LLC Makes New $371.13 Million Investment in CDW Corporation $CDW

Pzena Investment Management LLC purchased a new position in CDW Corporation (NASDAQ:CDW) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,638,900 shares of the information technology services provider’s stock, valued at approximately $371,135,000. CDW comprises 1.1% of Pzena Investment Management LLC’s investment portfolio, making the stock its 25th biggest position. Pzena Investment Management LLC owned 2.07% of CDW as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Citizens Financial Group Inc. RI purchased a new position in shares of CDW during the 2nd quarter valued at about $219,000. BlackRock Inc. purchased a new stake in CDW in the 2nd quarter worth approximately $2,143,082,000. Deutsche Bank AG bought a new stake in CDW during the 2nd quarter worth approximately $112,488,000. Rice Hall James & Associates LLC bought a new stake in CDW during the 2nd quarter worth approximately $245,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in CDW during the second quarter valued at approximately $44,850,000. Institutional investors own 93.15% of the company’s stock.

Analyst Ratings Changes

CDW has been the subject of a number of analyst reports. UBS Group reduced their price objective on shares of CDW from $162.00 to $147.00 and set a “buy” rating for the company in a research note on Thursday, May 7th. Raymond James Financial set a $150.00 target price on shares of CDW in a report on Wednesday, May 6th. Morgan Stanley raised their price target on CDW from $170.00 to $171.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Barclays dropped their price objective on CDW from $144.00 to $123.00 and set an “equal weight” rating for the company in a research note on Thursday, May 7th. Finally, JPMorgan Chase & Co. raised CDW from a “neutral” rating to an “overweight” rating and set a $130.00 target price on the stock in a research note on Wednesday, May 27th. One 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 stock. According to MarketBeat, CDW presently has an average rating of “Moderate Buy” and a consensus price target of $147.00.

Insider Transactions at CDW

In other news, Director David W. Nelms bought 18,000 shares of CDW stock in a transaction dated Wednesday, May 27th. The shares were purchased at an average cost of $111.43 per share, with a total value of $2,005,740.00. Following the completion of the acquisition, the director owned 51,025 shares of the company’s stock, valued at $5,685,715.75. This trade represents a 54.50% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Elizabeth H. Connelly sold 26,695 shares of the business’s stock in a transaction dated Friday, August 7th. The stock was 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 owned 34,215 shares in the company, valued at $4,708,668.30. This represents a 43.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.82% of the company’s stock.

CDW Price Performance

Shares of NASDAQ:CDW opened at $135.30 on Tuesday. The company has a debt-to-equity ratio of 1.97, a quick ratio of 1.05 and a current ratio of 1.17. The firm has a fifty day moving average price of $135.99 and a 200 day moving average price of $128.13. CDW Corporation has a fifty-two week low of $97.12 and a fifty-two week high of $171.55. The firm has a market cap of $16.92 billion, a price-to-earnings ratio of 16.26, a P/E/G ratio of 1.83 and a beta of 0.96.

CDW (NASDAQ:CDW) last announced 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 for 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%. CDW’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.60 EPS. As a group, sell-side analysts expect that CDW Corporation will post 10.28 earnings per share for the current fiscal year.

CDW Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Tuesday, August 25th will be given a dividend of $0.63 per share. The ex-dividend date is Tuesday, August 25th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.9%. CDW’s dividend payout ratio (DPR) is presently 30.29%.

About CDW

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.