CDW Corporation (NASDAQ:CDW) had its target price raised by equities research analysts at Morgan Stanley from $58.00 to $63.00 in a research report issued to clients and investors on Thursday, November 2nd. The firm currently has an “equal weight” rating on the information technology services provider’s stock. Morgan Stanley’s price target points to a potential downside of 6.21% from the stock’s current price.
Several other analysts have also issued reports on the stock. Robert W. Baird reiterated a “buy” rating and issued a $75.00 target price on shares of CDW Corporation in a research note on Wednesday, November 1st. BidaskClub lowered shares of CDW Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, September 7th. Zacks Investment Research lowered shares of CDW Corporation from a “hold” rating to a “strong sell” rating in a research note on Friday, July 28th. Stifel Nicolaus reiterated a “buy” rating and issued a $70.00 target price on shares of CDW Corporation in a research note on Tuesday, October 17th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $71.00 target price (up previously from $70.00) on shares of CDW Corporation in a research note on Wednesday, August 9th. One analyst has rated the stock with a sell rating, three have given a hold rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. CDW Corporation presently has an average rating of “Buy” and an average target price of $67.85.
CDW Corporation (NASDAQ CDW) traded down $0.57 during trading on Thursday, hitting $67.17. 561,700 shares of the company were exchanged, compared to its average volume of 815,516. The firm has a market cap of $10,368.47, a P/E ratio of 19.14 and a beta of 1.08. The company has a quick ratio of 1.15, a current ratio of 1.37 and a debt-to-equity ratio of 4.20. CDW Corporation has a 52 week low of $48.75 and a 52 week high of $71.53.
CDW Corporation (NASDAQ:CDW) last announced its quarterly earnings results on Wednesday, November 1st. The information technology services provider reported $1.08 EPS for the quarter, beating the Zacks’ consensus estimate of $1.02 by $0.06. The business had revenue of $4.03 billion during the quarter, compared to analyst estimates of $3.99 billion. CDW Corporation had a net margin of 2.90% and a return on equity of 62.71%. CDW Corporation’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.97 EPS. analysts anticipate that CDW Corporation will post 3.64 earnings per share for the current fiscal year.
CDW Corporation announced that its Board of Directors has initiated a share repurchase program on Thursday, August 3rd that permits the company to repurchase $750.00 million in outstanding shares. This repurchase authorization permits the information technology services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
In related news, insider Thomas E. Richards sold 16,861 shares of the company’s stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $58.73, for a total value of $990,246.53. Following the transaction, the insider now directly owns 714,931 shares in the company, valued at $41,987,897.63. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Ann Elizabeth Ziegler sold 39,147 shares of the company’s stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $68.94, for a total transaction of $2,698,794.18. Following the completion of the transaction, the insider now owns 47,477 shares in the company, valued at $3,273,064.38. The disclosure for this sale can be found here. Over the last three months, insiders sold 132,413 shares of company stock worth $8,727,080. Insiders own 2.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of CDW. Lloyds Banking Group plc bought a new position in CDW Corporation during the third quarter valued at approximately $108,000. Toronto Dominion Bank grew its position in CDW Corporation by 24.8% during the second quarter. Toronto Dominion Bank now owns 1,973 shares of the information technology services provider’s stock valued at $123,000 after acquiring an additional 392 shares during the last quarter. Achmea Investment Management B.V. bought a new position in CDW Corporation during the first quarter valued at approximately $226,000. Massey Quick Simon & CO. LLC bought a new position in CDW Corporation during the third quarter valued at approximately $257,000. Finally, Financial Counselors Inc. grew its position in CDW Corporation by 16.7% during the second quarter. Financial Counselors Inc. now owns 4,339 shares of the information technology services provider’s stock valued at $271,000 after acquiring an additional 621 shares during the last quarter. Institutional investors and hedge funds own 91.25% of the company’s stock.
CDW Corporation Company Profile
CDW Corporation (CDW) is a provider of integrated information technology (IT) solutions in the United States, Canada and the United Kingdom. The Company’s segments include Corporate, Public and Other. The Corporate segment consists of private sector business customers in the United States based on employee size between Medium/Large customers, which primarily includes organizations with more than 100 employees, and Small Business customers, which primarily includes organizations with up to 100 employees.
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