Pitcairn Co. Invests $223,000 in CDW Co. (NASDAQ:CDW)

Pitcairn Co. bought a new position in shares of CDW Co. (NASDAQ:CDW) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 871 shares of the information technology services provider’s stock, valued at approximately $223,000.

Other hedge funds have also modified their holdings of the company. Wellington Management Group LLP lifted its holdings in shares of CDW by 29.1% during the fourth quarter. Wellington Management Group LLP now owns 3,464,886 shares of the information technology services provider’s stock worth $787,638,000 after purchasing an additional 781,421 shares during the period. Vanguard Group Inc. lifted its holdings in CDW by 4.6% in the first quarter. Vanguard Group Inc. now owns 16,407,542 shares of the information technology services provider’s stock valued at $4,196,721,000 after acquiring an additional 714,393 shares during the period. First Trust Advisors LP lifted its holdings in CDW by 627.3% in the fourth quarter. First Trust Advisors LP now owns 625,781 shares of the information technology services provider’s stock valued at $142,252,000 after acquiring an additional 539,745 shares during the period. Norges Bank acquired a new stake in CDW in the fourth quarter valued at $111,736,000. Finally, Pensioenfonds Rail & OV acquired a new stake in CDW in the first quarter valued at $44,711,000. 93.15% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CDW. Northcoast Research raised CDW from a “neutral” rating to a “buy” rating and set a $270.00 target price for the company in a report on Friday, June 7th. Citigroup reduced their target price on CDW from $295.00 to $260.00 and set a “buy” rating for the company in a report on Thursday, May 2nd. Barclays cut their price target on CDW from $261.00 to $232.00 and set an “equal weight” rating for the company in a research note on Thursday, May 2nd. Stifel Nicolaus lifted their price target on CDW from $250.00 to $260.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Finally, JPMorgan Chase & Co. cut their price target on CDW from $280.00 to $265.00 and set an “overweight” rating for the company in a research note on Thursday, May 2nd. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $251.11.

Insider Buying and Selling at CDW

In other news, insider Sona Chawla sold 18,437 shares of CDW stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $240.45, for a total value of $4,433,176.65. Following the transaction, the insider now directly owns 22,428 shares of the company’s stock, valued at approximately $5,392,812.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.90% of the stock is owned by company insiders.

CDW Trading Down 0.3 %

CDW stock opened at $228.62 on Friday. The stock has a market cap of $30.73 billion, a PE ratio of 28.54, a P/E/G ratio of 3.38 and a beta of 1.04. The stock has a 50-day moving average price of $226.12 and a 200 day moving average price of $234.04. CDW Co. has a 52 week low of $184.99 and a 52 week high of $263.37. The company has a current ratio of 1.26, a quick ratio of 1.13 and a debt-to-equity ratio of 2.35.

CDW (NASDAQ:CDW) last posted its quarterly earnings data on Wednesday, May 1st. The information technology services provider reported $1.89 EPS for the quarter, missing analysts’ consensus estimates of $2.04 by ($0.15). The company had revenue of $4.87 billion for the quarter, compared to analysts’ expectations of $4.94 billion. CDW had a return on equity of 67.56% and a net margin of 5.16%. Equities research analysts predict that CDW Co. will post 9.67 earnings per share for the current fiscal year.

CDW Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 11th. Shareholders of record on Friday, May 24th were issued a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 1.08%. The ex-dividend date of this dividend was Thursday, May 23rd. CDW’s dividend payout ratio (DPR) is 30.96%.

CDW 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.