Mondrian Investment Partners 13F: Cuts CDW Stake by $46M
Key Points
- Mondrian Investment Partners trimmed its CDW Corporation stake by 47.3% during the quarter, ending with 398,302 shares worth about $51.0 million.
- CDW Corporation trades recently near $164.62, sitting roughly 0.6% below its 52-week high after a strong run over the past year.
- Other major funds including Harris Associates and Boston Partners also adjusted their positions in the IT services provider.
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Mondrian Investment Partners reduced its stake in CDW Corporation by 356,839 shares during the quarter, according to a Form 13F filing with the Securities and Exchange Commission on October 23, 2026. The move cut the firm's position by 47.3%, leaving it with 398,302 shares valued at about $51.0 million. CDW Corporation closed at $165.11 on the day of the filing.
CDW
CDW Corporation
What Changed in Mondrian Investment Partners's CDW Corporation Position
The reduction scaled back the firm's exposure to the information technology services provider significantly. Prior to the filing, Mondrian held 755,141 shares. The remaining stake of 398,302 shares reflects a sharp pullback by the fund during the period.
Other Institutional Activity in CDW Corporation
Other large institutional investors adjusted their positions in the technology services provider around the same period. Harris Associates L.P. grew its holdings by 160,414 shares, ending with 5,543,451 shares worth about $915.3 million following a 3.0% increase. Boston Partners lifted its stake by 3,320,894 shares to hold 5,256,810 shares valued at approximately $868.0 million after a 33.6% increase. Hotchkis & Wiley Capital Management, LLC expanded its holdings by 1,750,113 shares, bringing its total to 3,777,585 shares worth about $623.7 million following an 86.3% increase.
CDW Corporation Stock Up 4.0%
CDW Corporation shares recently traded around $164.62, down about 0.3% from the filing-day close of $165.11. The stock trades well above its 50-day moving average of $144.10 and its 200-day moving average of $132.26. The shares sit roughly 0.6% below their 52-week high of $15.56 and well above their 52-week low of $97.12.
Recent Earnings
CDW Corporation posted trailing twelve-month revenues of $23.5 billion alongside earnings of $8.32 per share. The company reported a net profit margin of 4.6% and a return on equity of 44.0%. Its revenue grew at a 10.0% year-over-year rate. The company scheduled its next earnings update for November 4, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
5 target cuts vs 0 raises.
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EPS & revenue
EPS missed estimates by 1.2%. Revenue beat estimates by 2.7%.
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Profit surprise
EBITDA missed by 32 percent. Operating income missed by 43 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
5 target cuts.
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Earnings quality
Gross margin down 0.6 points. Positive free cash flow.
Earnings Call Summary
CDW had a strong first quarter with net sales up 9 percent and gross profit up 6 percent, beating revenue expectations by about $147 million but missing earnings per share by 15 cents. The quarter was driven by customer urgency to buy hardware infrastructure, especially servers and networking equipment for AI applications, amid memory pricing uncertainty. Commercial customers led growth at 10 percent, and the company is rolling out AI tools to its sales teams to improve efficiency. Management expects the elevated backlog to support second quarter growth and believes margin pressure from heavy hardware mix will ease in the second half as customers balance spending across services and software.
Guidance CDW expects gross profit to grow low to mid-single digits for all of 2026, now raised from mid-single-digit guidance. Full year non-GAAP earnings per share expected to grow at the high end of mid-single digits. For the second quarter, they expect gross profit to grow high single digits from the first quarter and mid-single digits year over year.
Severe negative reset. The report materially damaged the forward outlook and likely forces major downward revisions.
Dividend
CDW Corporation pays an annual dividend rate of $2.52 per share with a dividend yield of 1.53%. The payout ratio stands at 30.2%.
Insider Buying and Selling at CDW Corporation
Elizabeth H Connelly sold 26,695 shares on August 7, 2026, at an average price of $137.62 for a total value of about $3.7 million.
Analysts Set New Price Targets
Citigroup maintained a Neutral rating on July 13, 2026, raising its price target to $145.00 from $123.00. Morgan Stanley maintained an Overweight rating on August 6, 2026, lifting its target to $171.00 from $170.00. Barclays maintained an Equal-Weight rating on September 8, 2026, raising its target to $150.00 from $123.00, and later maintained the same rating on September 21, 2026, adjusting the target down to $148.00 from $150.00. The stock carries a consensus buy recommendation from nine analysts with a mean price target of $158.67.
About CDW Corporation
CDW Corporation provides technology products and services to business, government, education, and healthcare customers. The company delivers hardware, software, and integrated cloud and security solutions across the United States, the United Kingdom, and Canada.
Bottom Line
Investors will track upcoming earnings results on November 4, 2026, to gauge demand for IT solutions across the company's commercial and public sector segments.
Related Filing Alerts
Source: Mondrian Investment Partners's 13F filing on $CDW (Oct 23, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Written by software, not financial advice. How we make alerts