Zacks Investment Research upgraded shares of CDW Corporation (NASDAQ:CDW) from a hold rating to a buy rating in a research note published on Monday. They currently have $78.00 price target on the information technology services provider’s stock.
According to Zacks, “CDW Corporation offers information technology products and services to business, government, education and healthcare customers primarily in the United States and Canada. Its hardware products comprise network communications, notebooks/mobile devices, data storage, video monitors, printers, desktops and servers as well as NetComm products. The company’s software services include licensing, licensing management, software solutions and services. In addition, it offers configuration services which include virtualization, collaboration, security, mobility, data centre optimization and cloud computing. CDW Corporation is headquartered in Vernon Hills, Illinois. “
A number of other brokerages have also recently weighed in on CDW. Raymond James Financial, Inc. cut CDW Corporation from a market perform rating to an underperform rating in a report on Friday, October 13th. Stifel Nicolaus reiterated a buy rating and issued a $70.00 target price on shares of CDW Corporation in a report on Tuesday, October 17th. BidaskClub raised CDW Corporation from a hold rating to a buy rating in a research report on Thursday, September 28th. Royal Bank Of Canada reissued a buy rating and issued a $70.00 price objective on shares of CDW Corporation in a research report on Wednesday, August 2nd. Finally, Robert W. Baird reaffirmed an outperform rating and set a $75.00 target price (up from $71.00) on shares of CDW Corporation in a research report on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $67.35.
CDW Corporation (NASDAQ CDW) traded up $1.12 during midday trading on Monday, reaching $70.04. The company’s stock had a trading volume of 624,544 shares, compared to its average volume of 795,882. The company has a market cap of $10.71 billion, a price-to-earnings ratio of 19.77 and a beta of 1.08. The company has a debt-to-equity ratio of 3.86, a current ratio of 1.33 and a quick ratio of 1.13.
CDW Corporation (NASDAQ:CDW) last announced its earnings results on Wednesday, November 1st. The information technology services provider reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.06. The firm had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $3.99 billion. CDW Corporation had a return on equity of 60.57% and a net margin of 2.90%. CDW Corporation’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.97 EPS. research analysts forecast that CDW Corporation will post 3.61 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 11th. Stockholders of record on Friday, November 24th will be issued a dividend of $0.21 per share. This is a boost from CDW Corporation’s previous quarterly dividend of $0.16. This represents a $0.84 annualized dividend and a dividend yield of 1.20%. The ex-dividend date of this dividend is Wednesday, November 22nd. CDW Corporation’s payout ratio is currently 23.70%.
CDW Corporation announced that its Board of Directors has initiated a share buyback program on Thursday, August 3rd that allows the company to repurchase $750.00 million in shares. This repurchase authorization allows the information technology services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.
In other CDW Corporation news, insider Christina M. Corley sold 4,000 shares of the business’s stock in a transaction on Monday, October 16th. The shares were sold at an average price of $67.95, for a total transaction of $271,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Neal J. Campbell sold 2,400 shares of the business’s stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $59.78, for a total transaction of $143,472.00. Following the transaction, the insider now directly owns 29,679 shares of the company’s stock, valued at approximately $1,774,210.62. The disclosure for this sale can be found here. Insiders sold 118,641 shares of company stock valued at $7,557,333 over the last quarter. 2.60% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in CDW. State Street Corp raised its position in CDW Corporation by 3.0% in the first quarter. State Street Corp now owns 2,836,131 shares of the information technology services provider’s stock worth $163,683,000 after purchasing an additional 81,539 shares in the last quarter. Eaton Vance Management raised its position in CDW Corporation by 7.6% in the second quarter. Eaton Vance Management now owns 1,518,629 shares of the information technology services provider’s stock worth $94,960,000 after purchasing an additional 107,227 shares in the last quarter. TIAA CREF Investment Management LLC raised its position in CDW Corporation by 2.9% in the second quarter. TIAA CREF Investment Management LLC now owns 999,840 shares of the information technology services provider’s stock worth $62,520,000 after purchasing an additional 28,300 shares in the last quarter. Dimensional Fund Advisors LP raised its position in CDW Corporation by 1.2% in the first quarter. Dimensional Fund Advisors LP now owns 863,133 shares of the information technology services provider’s stock worth $49,809,000 after purchasing an additional 9,891 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in CDW Corporation by 17.8% in the first quarter. Goldman Sachs Group Inc. now owns 660,445 shares of the information technology services provider’s stock worth $38,115,000 after purchasing an additional 99,657 shares in the last quarter. 90.50% of the stock is owned by institutional investors and hedge funds.
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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