Zacks Investment Research Upgrades CDW Corporation (NASDAQ:CDW) to Hold
Zacks Investment Research upgraded shares of CDW Corporation (NASDAQ:CDW) from a strong sell rating to a hold rating in a research report sent to investors on Tuesday morning.
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. “
CDW has been the topic of a number of other research reports. Royal Bank Of Canada reaffirmed an outperform rating and set a $64.00 price objective on shares of CDW Corporation in a report on Friday, May 19th. Northcoast Research initiated coverage on CDW Corporation in a report on Monday, April 24th. They set a buy rating and a $70.00 price objective on the stock. Robert W. Baird reiterated a hold rating on shares of CDW Corporation in a research report on Wednesday, May 3rd. Barclays PLC downgraded CDW Corporation from an overweight rating to an equal weight rating and set a $64.00 target price on the stock. in a research report on Monday, July 24th. Finally, BidaskClub downgraded CDW Corporation from a buy rating to a hold rating in a research report on Tuesday, July 25th. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $65.94.
Shares of CDW Corporation (CDW) traded up 0.46% on Tuesday, hitting $61.06. The stock had a trading volume of 541,205 shares. CDW Corporation has a 12 month low of $43.46 and a 12 month high of $66.33. The firm has a 50 day moving average of $63.28 and a 200 day moving average of $59.72. The stock has a market cap of $9.46 billion, a P/E ratio of 23.18 and a beta of 1.08.
CDW Corporation (NASDAQ:CDW) last announced its quarterly earnings data on Thursday, August 3rd. The information technology services provider reported $1.03 earnings per share for the quarter, topping the Zacks’ 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 company posted $0.93 earnings per share. CDW Corporation’s quarterly revenue was up 9.0% on a year-over-year basis. On average, equities analysts forecast that CDW Corporation will post $3.83 earnings per share for the current fiscal year.
CDW Corporation announced that its Board of Directors has initiated a stock buyback plan on Thursday, August 3rd that authorizes the company to repurchase $750.00 million in outstanding shares. This repurchase authorization authorizes the information technology services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 11th. Stockholders of record on Friday, August 25th will be given a $0.16 dividend. The ex-dividend date is Wednesday, August 23rd. This represents a $0.64 annualized dividend and a dividend yield of 1.05%. CDW Corporation’s dividend payout ratio is currently 24.33%.
In related news, insider Christina M. Corley sold 4,000 shares of the stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $60.21, for a total transaction of $240,840.00. Following the transaction, the insider now directly owns 67,843 shares in the company, valued at $4,084,827.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Christine A. Leahy sold 12,000 shares of the stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $59.22, for a total value of $710,640.00. Following the transaction, the insider now owns 210,130 shares in the company, valued at $12,443,898.60. The disclosure for this sale can be found here. Insiders sold 100,833 shares of company stock worth $6,270,392 over the last 90 days. Company insiders own 2.20% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. acquired a new position in CDW Corporation during the fourth quarter valued at $570,000. Teachers Advisors LLC increased its position in CDW Corporation by 6.8% in the fourth quarter. Teachers Advisors LLC now owns 142,932 shares of the information technology services provider’s stock valued at $7,445,000 after buying an additional 9,071 shares during the period. CENTRAL TRUST Co increased its position in CDW Corporation by 1.1% in the first quarter. CENTRAL TRUST Co now owns 6,183 shares of the information technology services provider’s stock valued at $357,000 after buying an additional 65 shares during the period. Raymond James Trust N.A. increased its position in CDW Corporation by 1.4% in the first quarter. Raymond James Trust N.A. now owns 5,969 shares of the information technology services provider’s stock valued at $344,000 after buying an additional 83 shares during the period. Finally, Creative Planning increased its position in CDW Corporation by 179.2% in the first quarter. Creative Planning now owns 3,256 shares of the information technology services provider’s stock valued at $188,000 after buying an additional 2,090 shares during the period. Hedge funds and other institutional investors own 91.06% 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for CDW Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CDW Corporation and related companies with Analyst Ratings Network's FREE daily email newsletter.