Korea Investment CORP Purchases Shares of 13,622 CDW Corporation $CDW

Korea Investment CORP acquired a new stake in shares of CDW Corporation (NASDAQ:CDW) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 13,622 shares of the information technology services provider’s stock, valued at approximately $1,916,000.

Several other hedge funds also recently made changes to their positions in CDW. Jones Financial Companies Lllp raised its holdings in shares of CDW by 316.0% in the 1st quarter. Jones Financial Companies Lllp now owns 4,896 shares of the information technology services provider’s stock worth $785,000 after purchasing an additional 3,719 shares in the last quarter. Empowered Funds LLC lifted its stake in CDW by 1.2% during the first quarter. Empowered Funds LLC now owns 18,076 shares of the information technology services provider’s stock valued at $2,897,000 after purchasing an additional 216 shares during the last quarter. California State Teachers Retirement System boosted its holdings in CDW by 0.6% during the second quarter. California State Teachers Retirement System now owns 225,709 shares of the information technology services provider’s stock worth $40,309,000 after buying an additional 1,242 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S boosted its holdings in CDW by 1,339.7% during the second quarter. BI Asset Management Fondsmaeglerselskab A S now owns 49,380 shares of the information technology services provider’s stock worth $8,819,000 after buying an additional 45,950 shares in the last quarter. Finally, State of Tennessee Department of Treasury grew its position in CDW by 17.7% in the second quarter. State of Tennessee Department of Treasury now owns 40,927 shares of the information technology services provider’s stock worth $7,309,000 after buying an additional 6,143 shares during the last quarter. Institutional investors and hedge funds own 93.15% of the company’s stock.

Insider Buying and Selling at CDW

In other news, insider Elizabeth H. Connelly sold 26,695 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at $4,708,668.30. This trade represents a 43.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director David W. Nelms purchased 18,000 shares of the stock in a transaction dated Wednesday, May 27th. The shares were acquired at an average price of $111.43 per share, for a total transaction of $2,005,740.00. Following the acquisition, the director directly owned 51,025 shares of the company’s stock, valued at $5,685,715.75. This represents a 54.50% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 0.82% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

CDW has been the topic of several research reports. JPMorgan Chase & Co. raised CDW from a “neutral” rating to an “overweight” rating and set a $130.00 price target on the stock in a report on Wednesday, May 27th. Barclays reduced 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. Raymond James Financial set a $150.00 target price on CDW in a report on Wednesday, May 6th. UBS Group cut their target price on CDW from $162.00 to $147.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th. Finally, Weiss Ratings raised CDW from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, June 11th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $147.00.

CDW Stock Performance

CDW stock opened at $132.51 on Tuesday. The firm’s 50 day simple moving average is $136.39 and its 200-day simple moving average is $128.45. The company has a market cap of $16.57 billion, a P/E ratio of 15.93, a price-to-earnings-growth ratio of 1.81 and a beta of 0.96. 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 Corporation has a fifty-two week low of $97.12 and a fifty-two week high of $171.55.

CDW (NASDAQ:CDW) last issued its quarterly earnings results on Wednesday, August 5th. The information technology services provider reported $2.91 EPS for the quarter, beating the consensus estimate of $2.80 by $0.11. The business had revenue of $6.57 billion during 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%. The firm’s quarterly revenue was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.60 EPS. As a group, equities research analysts predict that CDW Corporation will post 10.28 EPS for the current year.

CDW Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Tuesday, August 25th will be paid a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Tuesday, August 25th. CDW’s payout ratio is 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.