The Manufacturers Life Insurance Company Makes New $16.15 Million Investment in CDW Corporation $CDW

The Manufacturers Life Insurance Company acquired a new stake in CDW Corporation (NASDAQ:CDW) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 114,838 shares of the information technology services provider’s stock, valued at approximately $16,151,000.

A number of other hedge funds and other institutional investors have also modified their holdings of CDW. Root Financial Partners LLC lifted its position 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 purchasing an additional 93 shares during the last quarter. New Mexico Educational Retirement Board increased its holdings in CDW by 1.7% in the fourth quarter. New Mexico Educational Retirement Board now owns 6,050 shares of the information technology services provider’s stock valued at $824,000 after buying an additional 100 shares during the last quarter. Hollencrest Capital Management increased its holdings in CDW by 909.1% in the first quarter. Hollencrest Capital Management now owns 222 shares of the information technology services provider’s stock valued at $27,000 after buying an additional 200 shares during the last quarter. Allied Private Wealth LLC purchased a new position in CDW in the second quarter valued at $28,000. Finally, Keating Financial Advisory Services Inc. acquired a new stake in CDW in the second quarter valued at $28,000. 93.15% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have issued reports on CDW shares. Raymond James Financial set a $150.00 price target on CDW in a report on Wednesday, May 6th. Royal Bank Of Canada upgraded CDW to an “outperform” rating and set a $130.00 price objective on the stock in a report on Wednesday, May 27th. 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. Barclays decreased their target price 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, Citigroup upped their price target on CDW from $123.00 to $145.00 and gave the company a “neutral” rating in a report on Monday, July 13th. One equities research 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $147.00.

Insider Transactions at CDW

In related news, insider Elizabeth H. Connelly sold 26,695 shares of the firm’s stock in a transaction that occurred on 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 owned 34,215 shares in the company, valued at $4,708,668.30. This trade represents a 43.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.82% of the stock is owned by corporate insiders.

CDW Price Performance

Shares of NASDAQ:CDW opened at $147.69 on Friday. CDW Corporation has a 12 month low of $97.12 and a 12 month high of $171.55. The firm has a market capitalization of $18.46 billion, a P/E ratio of 17.75, a P/E/G ratio of 1.96 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. The company’s fifty day moving average price is $137.73 and its 200 day moving average price is $128.66.

CDW (NASDAQ:CDW) last released its quarterly earnings data on Wednesday, August 5th. The information technology services provider reported $2.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.80 by $0.11. The company 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%. CDW’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.60 earnings per share. As a group, sell-side analysts predict that CDW Corporation will post 10.28 earnings per share for the current fiscal year.

CDW Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Tuesday, August 25th will be given a $0.63 dividend. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.7%. CDW’s dividend payout ratio is 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.