Insider Selling: CDW Corporation (CDW) Insider Sells 6,700 Shares of Stock
CDW Corporation (NASDAQ:CDW) insider Jonathan J. Stevens sold 6,700 shares of the firm’s stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $61.78, for a total value of $413,926.00. Following the transaction, the insider now owns 86,366 shares of the company’s stock, valued at $5,335,691.48. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.
Shares of CDW Corporation (NASDAQ:CDW) traded down 0.92% during trading on Thursday, hitting $59.31. The stock had a trading volume of 862,685 shares. The firm has a market cap of $9.18 billion, a price-to-earnings ratio of 22.52 and a beta of 1.08. CDW Corporation has a 12-month low of $43.46 and a 12-month high of $66.33. The stock has a 50-day moving average of $62.42 and a 200 day moving average of $60.55.
CDW Corporation (NASDAQ:CDW) last announced its quarterly earnings results on Thursday, August 3rd. The information technology services provider reported $1.03 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.98 by $0.05. The company had revenue of $3.99 billion during the quarter, compared to analyst estimates of $3.84 billion. CDW Corporation had a return on equity of 58.89% and a net margin of 2.95%. The firm’s revenue was up 9.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.93 earnings per share. On average, analysts predict that CDW Corporation will post $3.81 earnings per share for the current fiscal year.
CDW Corporation announced that its Board of Directors has authorized a stock buyback program on Thursday, August 3rd that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the information technology services provider to buy shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Shareholders of record on Friday, August 25th will be paid a dividend of $0.16 per share. The ex-dividend date is Wednesday, August 23rd. This represents a $0.64 annualized dividend and a yield of 1.08%. CDW Corporation’s dividend payout ratio is presently 24.33%.
Several hedge funds and other institutional investors have recently modified their holdings of CDW. ProShare Advisors LLC purchased a new stake in shares of CDW Corporation in the first quarter worth about $232,000. Russell Investments Group Ltd. boosted its position in shares of CDW Corporation by 49.5% in the first quarter. Russell Investments Group Ltd. now owns 16,184 shares of the information technology services provider’s stock worth $935,000 after buying an additional 5,357 shares during the period. Sumitomo Mitsui Asset Management Company LTD boosted its position in shares of CDW Corporation by 18.2% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 11,371 shares of the information technology services provider’s stock worth $656,000 after buying an additional 1,750 shares during the period. Great West Life Assurance Co. Can boosted its position in shares of CDW Corporation by 4.7% in the first quarter. Great West Life Assurance Co. Can now owns 46,623 shares of the information technology services provider’s stock worth $2,688,000 after buying an additional 2,072 shares during the period. Finally, Commerzbank Aktiengesellschaft FI boosted its position in shares of CDW Corporation by 11.4% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 6,768 shares of the information technology services provider’s stock worth $391,000 after buying an additional 692 shares during the period. 90.64% of the stock is owned by institutional investors.
A number of equities analysts recently commented on CDW shares. BidaskClub cut CDW Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, August 23rd. Zacks Investment Research upgraded CDW Corporation from a “hold” rating to a “buy” rating and set a $70.00 target price for the company in a report on Tuesday, July 11th. Royal Bank Of Canada restated an “outperform” rating and set a $64.00 target price on shares of CDW Corporation in a report on Friday, May 19th. J P Morgan Chase & Co restated a “neutral” rating and set a $60.00 target price (up from $59.00) on shares of CDW Corporation in a report on Wednesday, August 9th. Finally, Barclays PLC cut CDW Corporation from an “overweight” rating to an “equal weight” rating and set a $64.00 target price for the company. in a report on Monday, July 24th. Four investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. CDW Corporation presently has a consensus rating of “Buy” and a consensus target price of $65.94.
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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