CDW Corporation (CDW) Increases Dividend to $0.21 Per Share
CDW Corporation (NASDAQ:CDW) declared a quarterly dividend on Wednesday, November 1st, Zacks reports. Shareholders of record on Friday, November 24th will be given a dividend of 0.21 per share by the information technology services provider on Monday, December 11th. This represents a $0.84 annualized dividend and a yield of 1.20%. The ex-dividend date of this dividend is Wednesday, November 22nd. This is a positive change from CDW Corporation’s previous quarterly dividend of $0.16.
CDW Corporation (NASDAQ:CDW) last announced its quarterly earnings results on Wednesday, November 1st. The information technology services provider reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.06. CDW Corporation had a net margin of 2.95% and a return on equity of 58.89%. The firm had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $3.99 billion. During the same period last year, the firm posted $0.97 EPS. The firm’s quarterly revenue was up 8.8% on a year-over-year basis.
CDW Corporation declared that its Board of Directors has initiated a stock repurchase plan on Thursday, August 3rd that permits the company to buyback $750.00 million in shares. This buyback authorization permits the information technology services provider to purchase shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its stock is undervalued.
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CDW has been the subject of several analyst reports. Zacks Investment Research raised shares of CDW Corporation from a “hold” rating to a “buy” rating and set a $70.00 price target for the company in a report on Tuesday, July 11th. J P Morgan Chase & Co reissued a “neutral” rating and set a $60.00 price target (up from $59.00) on shares of CDW Corporation in a report on Wednesday, August 9th. Raymond James Financial, Inc. downgraded shares of CDW Corporation from a “market perform” rating to an “underperform” rating in a report on Friday, October 13th. BidaskClub downgraded shares of CDW Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, August 23rd. Finally, Robert W. Baird reissued an “outperform” rating and set a $75.00 price target (up from $71.00) on shares of CDW Corporation in a report on Wednesday, August 9th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. CDW Corporation has a consensus rating of “Buy” and a consensus target price of $67.83.
In other CDW Corporation news, insider Thomas E. Richards sold 16,861 shares of the business’s stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $58.73, for a total value of $990,246.53. Following the completion of the transaction, the insider now directly owns 714,931 shares of the company’s stock, valued at $41,987,897.63. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Thomas E. Richards sold 16,077 shares of the business’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $61.92, for a total transaction of $995,487.84. Following the completion of the transaction, the insider now directly owns 731,792 shares of the company’s stock, valued at $45,312,560.64. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 125,341 shares of company stock valued at $7,986,401. Insiders own 2.60% of the company’s stock.
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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