Westpac Banking Corp Cuts Position in CDW (NASDAQ:CDW)

Westpac Banking Corp lessened its position in shares of CDW (NASDAQ:CDW) by 3.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,230 shares of the information technology services provider’s stock after selling 1,741 shares during the quarter. Westpac Banking Corp’s holdings in CDW were worth $6,020,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Berman Capital Advisors LLC grew its holdings in CDW by 166.3% during the 2nd quarter. Berman Capital Advisors LLC now owns 277 shares of the information technology services provider’s stock valued at $30,000 after buying an additional 173 shares in the last quarter. Daiwa SB Investments Ltd. purchased a new position in CDW during the 1st quarter valued at approximately $47,000. Liberty Wealth Management LLC purchased a new position in CDW during the 2nd quarter valued at approximately $56,000. Advisors Preferred LLC purchased a new position in CDW during the 1st quarter valued at approximately $77,000. Finally, Rockefeller Capital Management L.P. purchased a new position in CDW during the 1st quarter valued at approximately $89,000. Institutional investors and hedge funds own 93.57% of the company’s stock.

In related news, insider Thomas E. Richards sold 66,667 shares of the firm’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $105.31, for a total transaction of $7,020,701.77. Following the completion of the sale, the insider now directly owns 644,443 shares of the company’s stock, valued at approximately $67,866,292.33. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Collin B. Kebo sold 3,600 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $106.72, for a total value of $384,192.00. Following the sale, the insider now directly owns 18,752 shares of the company’s stock, valued at $2,001,213.44. The disclosure for this sale can be found here. Insiders sold a total of 203,074 shares of company stock valued at $21,578,855 over the last ninety days. Corporate insiders own 2.25% of the company’s stock.

Shares of NASDAQ:CDW traded up $2.57 during trading on Friday, hitting $111.29. The company had a trading volume of 8,887 shares, compared to its average volume of 803,607. The stock has a market cap of $16.40 billion, a price-to-earnings ratio of 21.65, a price-to-earnings-growth ratio of 1.54 and a beta of 1.10. CDW has a one year low of $74.32 and a one year high of $120.82. The company has a fifty day simple moving average of $113.27 and a two-hundred day simple moving average of $103.47. The company has a debt-to-equity ratio of 3.57, a current ratio of 1.28 and a quick ratio of 1.09.

CDW (NASDAQ:CDW) last posted its quarterly earnings data on Wednesday, July 31st. The information technology services provider reported $1.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.10. The business had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.50 billion. CDW had a return on equity of 82.78% and a net margin of 4.07%. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period last year, the company earned $1.38 EPS. On average, equities research analysts anticipate that CDW will post 5.62 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 26th will be paid a $0.295 dividend. This represents a $1.18 annualized dividend and a dividend yield of 1.06%. The ex-dividend date of this dividend is Friday, August 23rd. CDW’s payout ratio is 23.14%.

Several research firms have weighed in on CDW. Credit Suisse Group raised their price target on CDW from $118.00 to $132.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. Evercore ISI began coverage on CDW in a research note on Wednesday, June 5th. They issued an “outperform” rating and a $120.00 price objective for the company. Northcoast Research lowered CDW from a “buy” rating to a “neutral” rating in a research note on Friday, April 26th. They noted that the move was a valuation call. ValuEngine lowered CDW from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Deutsche Bank began coverage on CDW in a research note on Tuesday, June 11th. They issued a “buy” rating and a $113.00 price objective for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $118.13.

CDW Company Profile

CDW Corporation provides integrated information technology (IT) solutions to business, government, education, and healthcare customers in the United States, Canada, and the United Kingdom. It operates through three segments: Corporate, Small Business, and Public. The company offers discrete hardware and software products, as well as integrated IT solutions, including mobility, security, data center optimization, cloud computing, virtualization, and collaboration.

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Institutional Ownership by Quarter for CDW (NASDAQ:CDW)

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