Zacks Investment Research Upgrades CDW Corporation (CDW) to Buy
CDW Corporation (NASDAQ:CDW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday. The firm currently has a $78.00 target price on the information technology services provider’s stock. Zacks Investment Research‘s target price suggests a potential upside of 12.54% from the company’s current price.
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 research firms have also weighed in on CDW. J P Morgan Chase & Co reissued a “neutral” rating and issued a $60.00 target price (up previously from $59.00) on shares of CDW Corporation in a research note on Wednesday, August 9th. Raymond James Financial, Inc. lowered CDW Corporation from a “market perform” rating to an “underperform” rating in a research note on Friday, October 13th. BidaskClub lowered CDW Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, August 23rd. Stifel Nicolaus reissued a “buy” rating and issued a $70.00 target price on shares of CDW Corporation in a research note on Tuesday, September 12th. Finally, Robert W. Baird reissued an “outperform” rating and issued a $75.00 target price (up previously from $71.00) on shares of CDW Corporation in a research note on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. CDW Corporation currently has an average rating of “Buy” and a consensus target price of $67.83.
CDW Corporation (NASDAQ:CDW) traded down 0.42% during mid-day trading on Monday, reaching $69.31. The company’s stock had a trading volume of 497,889 shares. The stock’s 50 day moving average is $66.36 and its 200 day moving average is $62.49. CDW Corporation has a 12 month low of $43.64 and a 12 month high of $71.53. The company has a market cap of $10.73 billion, a price-to-earnings ratio of 26.31 and a beta of 1.08.
CDW Corporation (NASDAQ:CDW) last released its 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. CDW Corporation had a return on equity of 58.89% and a net margin of 2.95%. The firm had revenue of $3.99 billion for the quarter, compared to analyst estimates of $3.84 billion. During the same quarter in the prior year, the firm posted $0.93 earnings per share. The company’s quarterly revenue was up 9.0% on a year-over-year basis. Equities research analysts predict that CDW Corporation will post $3.83 EPS for the current year.
CDW Corporation announced that its Board of Directors has initiated a share buyback plan 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 buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
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In related news, insider Christina M. Corley sold 4,000 shares of CDW Corporation stock in a transaction that occurred on Monday, October 16th. The stock was sold at an average price of $67.95, for a total value of $271,800.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Jonathan J. Stevens sold 6,700 shares of CDW Corporation stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $64.04, for a total value of $429,068.00. Following the completion of the sale, the insider now directly owns 90,366 shares in the company, valued at approximately $5,787,038.64. The disclosure for this sale can be found here. In the last three months, insiders sold 125,341 shares of company stock worth $7,986,401. 2.60% of the stock is owned by insiders.
Hedge funds have recently bought and sold shares of the business. Toronto Dominion Bank grew its stake in CDW Corporation by 24.8% in the second quarter. Toronto Dominion Bank now owns 1,973 shares of the information technology services provider’s stock valued at $123,000 after purchasing an additional 392 shares in the last quarter. Achmea Investment Management B.V. bought a new position in CDW Corporation in the first quarter valued at approximately $226,000. United Services Automobile Association bought a new position in CDW Corporation in the first quarter valued at approximately $239,000. Financial Counselors Inc. grew its stake in CDW Corporation by 16.7% in the second quarter. Financial Counselors Inc. now owns 4,339 shares of the information technology services provider’s stock valued at $271,000 after purchasing an additional 621 shares in the last quarter. Finally, Smithfield Trust Co. grew its stake in CDW Corporation by 6.6% in the second quarter. Smithfield Trust Co. now owns 4,863 shares of the information technology services provider’s stock valued at $304,000 after purchasing an additional 303 shares in the last quarter. Hedge funds and other institutional investors own 90.50% 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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