CDW Corporation (NASDAQ:CDW) Upgraded to “Hold” at Zacks Investment Research
CDW Corporation (NASDAQ:CDW) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued on Tuesday.
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. “
Several other brokerages have also recently weighed in on CDW. Royal Bank Of Canada increased their price target on CDW Corporation from $64.00 to $70.00 and gave the company an “outperform” rating in a research note on Monday, June 26th. Robert W. Baird set a $71.00 price target on CDW Corporation and gave the company a “buy” rating in a research note on Thursday, August 3rd. Barclays PLC cut CDW Corporation from an “overweight” rating to an “equal weight” rating and set a $64.00 price target for the company. in a research note on Monday, July 24th. BidaskClub cut CDW Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Finally, Northcoast Research assumed coverage on CDW Corporation in a research note on Monday, April 24th. They issued a “buy” rating and a $70.00 price target for the company. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. CDW Corporation presently has an average rating of “Buy” and a consensus price target of $64.06.
CDW Corporation (NASDAQ:CDW) traded up 0.03% during trading on Tuesday, hitting $63.83. The stock had a trading volume of 472,670 shares. CDW Corporation has a 52 week low of $43.46 and a 52 week high of $66.33. The company has a market cap of $10.03 billion, a price-to-earnings ratio of 25.97 and a beta of 1.08. The company has a 50-day moving average of $63.13 and a 200 day moving average of $59.25.
CDW Corporation (NASDAQ:CDW) last issued its quarterly earnings results on Thursday, August 3rd. The information technology services provider reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.05. The company had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $3.84 billion. CDW Corporation had a return on equity of 56.91% and a net margin of 2.95%. The business’s quarterly revenue was up 9.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.93 earnings per share. On average, equities research analysts anticipate that CDW Corporation will post $3.83 EPS for the current year.
CDW Corporation announced that its board has approved a stock repurchase program on Thursday, August 3rd that allows the company to buyback $750.00 million in shares. This buyback authorization allows the information technology services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
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In related news, insider Thomas E. Richards sold 15,733 shares of the firm’s stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $63.49, for a total transaction of $998,888.17. Following the completion of the sale, the insider now owns 747,869 shares of the company’s stock, valued at $47,482,202.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christina M. Corley sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 10th. The stock was sold at an average price of $59.01, for a total value of $236,040.00. Following the sale, the insider now directly owns 71,843 shares of the company’s stock, valued at approximately $4,239,455.43. The disclosure for this sale can be found here. Insiders have sold 77,133 shares of company stock valued at $4,757,684 in the last ninety days. 2.20% of the stock is currently owned by insiders.
Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in CDW Corporation by 4.5% in the first quarter. Vanguard Group Inc. now owns 15,015,969 shares of the information technology services provider’s stock valued at $866,571,000 after buying an additional 653,020 shares in the last quarter. BlackRock Inc. boosted its stake in CDW Corporation by 7,281.8% in the first quarter. BlackRock Inc. now owns 10,875,190 shares of the information technology services provider’s stock valued at $627,607,000 after buying an additional 10,727,865 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in CDW Corporation by 13.0% in the first quarter. JPMorgan Chase & Co. now owns 4,787,140 shares of the information technology services provider’s stock valued at $276,266,000 after buying an additional 549,088 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC boosted its stake in CDW Corporation by 1.9% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,784,418 shares of the information technology services provider’s stock valued at $218,399,000 after buying an additional 72,351 shares in the last quarter. Finally, State Street Corp boosted its stake 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 valued at $163,683,000 after buying an additional 81,539 shares in the last quarter. 91.06% of the stock is owned by institutional investors and hedge funds.
About CDW Corporation
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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