Freestone Grove Partners LP Makes New Investment in CDW Corporation $CDW

Freestone Grove Partners LP bought a new stake in shares of CDW Corporation (NASDAQ:CDW) in the 2nd quarter, HoldingsChannel reports. The firm bought 818,292 shares of the information technology services provider’s stock, valued at approximately $115,085,000. CDW accounts for about 0.7% of Freestone Grove Partners LP’s investment portfolio, making the stock its 19th largest position.

Several other hedge funds have also bought and sold shares of the stock. Hollencrest Capital Management grew its stake in CDW by 909.1% in the 1st quarter. Hollencrest Capital Management now owns 222 shares of the information technology services provider’s stock worth $27,000 after buying an additional 200 shares in the last quarter. Allied Private Wealth LLC purchased a new stake in shares of CDW during the 2nd quarter valued at $28,000. Keating Financial Advisory Services Inc. purchased a new stake in shares of CDW during the 2nd quarter valued at $28,000. Root Financial Partners LLC lifted its holdings in shares of CDW by 54.7% during the 1st quarter. Root Financial Partners LLC now owns 263 shares of the information technology services provider’s stock worth $32,000 after acquiring an additional 93 shares during the last quarter. Finally, Johnson Financial Group Inc. bought a new stake in shares of CDW during the 2nd quarter worth $51,000. 93.15% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CDW has been the subject of several research reports. UBS Group cut their target price on shares of CDW from $162.00 to $147.00 and set a “buy” rating for the company in a research report on Thursday, May 7th. Citigroup raised their price target on CDW from $123.00 to $145.00 and gave the company a “neutral” rating in a research report on Monday, July 13th. Barclays dropped their price target 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. JPMorgan Chase & Co. upgraded CDW from a “neutral” rating to an “overweight” rating and set a $130.00 price objective for the company in a report on Wednesday, May 27th. Finally, Weiss Ratings upgraded CDW from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $147.00.

Insider Transactions at CDW

In other news, insider Elizabeth H. Connelly sold 26,695 shares of the firm’s 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 transaction, the insider directly owned 34,215 shares of the company’s stock, valued at approximately $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 Securities & Exchange Commission, which can be accessed through this hyperlink. 0.82% of the stock is currently owned by insiders.

CDW Trading Down 0.4%

Shares of CDW opened at $141.46 on Thursday. The firm has a market cap of $17.69 billion, a price-to-earnings ratio of 17.00, a PEG ratio of 1.87 and a beta of 0.96. The company has a debt-to-equity ratio of 1.97, a quick ratio of 1.05 and a current ratio of 1.17. CDW Corporation has a fifty-two week low of $97.12 and a fifty-two week high of $171.55. The firm has a 50 day moving average price of $136.93 and a 200-day moving average price of $128.49.

CDW (NASDAQ:CDW) last announced its quarterly earnings data 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. CDW had a net margin of 4.60% and a return on equity of 50.61%. The company had revenue of $6.57 billion during the quarter, compared to analysts’ expectations of $6.21 billion. During the same quarter in the prior year, the company earned $2.60 EPS. The firm’s revenue was up 10.0% on a year-over-year basis. As a group, equities research analysts forecast that CDW Corporation will post 10.28 earnings per share for the current year.

CDW Dividend Announcement

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

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.