CDW Corporation (CDW) Rating Lowered to Hold at BidaskClub
CDW Corporation (NASDAQ:CDW) was downgraded by stock analysts at BidaskClub from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.
A number of other equities research analysts also recently issued reports on CDW. Robert W. Baird restated a “buy” rating on shares of CDW Corporation in a research note on Saturday, May 13th. Royal Bank Of Canada restated an “outperform” rating and set a $71.00 price target (up from $70.00) on shares of CDW Corporation in a research note on Wednesday, August 9th. Zacks Investment Research upgraded CDW Corporation from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 8th. J P Morgan Chase & Co restated a “neutral” rating and set a $60.00 price target (up from $59.00) on shares of CDW Corporation in a research note on Wednesday, August 9th. Finally, Barclays PLC downgraded 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. Four equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $65.94.
CDW Corporation (NASDAQ CDW) opened at 58.96 on Thursday. The company has a market cap of $9.13 billion, a price-to-earnings ratio of 22.38 and a beta of 1.08. The firm’s 50-day moving average is $62.15 and its 200-day moving average is $60.53. CDW Corporation has a 12 month low of $43.46 and a 12 month high of $66.33.
CDW Corporation (NASDAQ:CDW) last released its quarterly earnings results on Thursday, August 3rd. The information technology services provider reported $1.03 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.98 by $0.05. The business had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $3.84 billion. CDW Corporation had a return on equity of 58.89% and a net margin of 2.95%. The business’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.93 EPS. On average, analysts anticipate that CDW Corporation will post $3.81 EPS for the current fiscal year.
CDW Corporation declared that its Board of Directors has initiated a share buyback plan on Thursday, August 3rd that authorizes the company to buyback $750.00 million in shares. This buyback authorization authorizes the information technology services provider to purchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.
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In related news, insider Thomas E. Richards sold 15,733 shares of the business’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 value of $998,888.17. Following the transaction, the insider now directly owns 747,869 shares of the company’s stock, valued at approximately $47,482,202.81. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Christine A. Leahy sold 12,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $61.33, for a total value of $735,960.00. Following the completion of the transaction, the insider now directly owns 198,130 shares in the company, valued at $12,151,312.90. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 104,910 shares of company stock valued at $6,560,935. 2.60% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of CDW. ProShare Advisors LLC purchased a new position in CDW Corporation in the 1st quarter worth approximately $232,000. Russell Investments Group Ltd. lifted its holdings in CDW Corporation by 49.5% in the 1st quarter. Russell Investments Group Ltd. now owns 16,184 shares of the information technology services provider’s stock worth $935,000 after purchasing an additional 5,357 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD lifted its holdings in CDW Corporation by 18.2% in the 1st quarter. Sumitomo Mitsui Asset Management Company LTD now owns 11,371 shares of the information technology services provider’s stock worth $656,000 after purchasing an additional 1,750 shares in the last quarter. Great West Life Assurance Co. Can lifted its holdings in CDW Corporation by 4.7% in the 1st 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 purchasing an additional 2,072 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI lifted its holdings in CDW Corporation by 11.4% in the 1st quarter. Commerzbank Aktiengesellschaft FI now owns 6,768 shares of the information technology services provider’s stock worth $391,000 after purchasing an additional 692 shares in the last quarter. 90.64% of the stock is currently owned by institutional investors.
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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