Pinnbrook Capital Management LP Purchases New Stake in CDW Corporation $CDW

Pinnbrook Capital Management LP acquired a new position in shares of CDW Corporation (NASDAQ:CDW) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 44,300 shares of the information technology services provider’s stock, valued at approximately $6,230,000.

Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in CDW in the second quarter valued at about $2,143,082,000. Pzena Investment Management LLC bought a new stake in shares of CDW in the 2nd quarter worth approximately $371,135,000. Fenimore Asset Management Inc raised its holdings in shares of CDW by 0.8% in the 4th quarter. Fenimore Asset Management Inc now owns 1,150,567 shares of the information technology services provider’s stock worth $156,707,000 after purchasing an additional 9,485 shares during the period. Deutsche Bank AG purchased a new position in CDW in the second quarter valued at approximately $112,488,000. Finally, Marshall Wace LLP lifted its stake in CDW by 255.7% in the third quarter. Marshall Wace LLP now owns 599,248 shares of the information technology services provider’s stock valued at $95,448,000 after purchasing an additional 430,796 shares during the last quarter. Institutional investors own 93.15% of the company’s stock.

Insider Transactions at CDW

In related news, Director David W. Nelms purchased 18,000 shares of the firm’s stock in a transaction dated Wednesday, May 27th. The shares were purchased at an average cost of $111.43 per share, for a total transaction of $2,005,740.00. Following the completion of the transaction, the director directly owned 51,025 shares in the company, valued at approximately $5,685,715.75. This represents a 54.50% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Elizabeth H. Connelly sold 26,695 shares of the stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $137.62, for a total transaction of $3,673,765.90. Following the completion of the sale, the insider directly owned 34,215 shares in the company, valued at approximately $4,708,668.30. The trade was a 43.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.82% of the stock is owned by insiders.

CDW Trading Up 2.8%

NASDAQ:CDW opened at $137.25 on Friday. The company has a market cap of $17.16 billion, a P/E ratio of 16.50, a P/E/G ratio of 1.81 and a beta of 0.96. The stock’s fifty day moving average price is $136.37 and its two-hundred day moving average price is $128.40. CDW Corporation has a 1 year low of $97.12 and a 1 year high of $171.55. The company has a debt-to-equity ratio of 1.97, a current ratio of 1.17 and a quick ratio of 1.05.

CDW (NASDAQ:CDW) last posted its quarterly earnings results on Wednesday, August 5th. The information technology services provider reported $2.91 EPS for the quarter, topping analysts’ consensus estimates of $2.80 by $0.11. CDW had a return on equity of 50.61% and a net margin of 4.60%.The firm had revenue of $6.57 billion during the quarter, compared to analyst estimates of $6.21 billion. During the same period last year, the company earned $2.60 earnings per share. The business’s revenue for the quarter was up 10.0% on a year-over-year basis. As a group, analysts expect that CDW Corporation will post 10.28 EPS for the current year.

CDW Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Tuesday, August 25th will be issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Tuesday, August 25th. CDW’s payout ratio is presently 30.29%.

Wall Street Analysts Forecast Growth

CDW has been the subject of a number of recent research reports. Citigroup raised their target price on CDW from $123.00 to $145.00 and gave the stock a “neutral” rating in a research report on Monday, July 13th. Weiss Ratings raised CDW from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, June 11th. Royal Bank Of Canada upgraded CDW to an “outperform” rating and set a $130.00 price target for the company in a research note on Wednesday, May 27th. Morgan Stanley lifted their price objective on CDW from $170.00 to $171.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Finally, Raymond James Financial set a $150.00 price objective on CDW in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $147.00.

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.