CDW Corporation (CDW) Shares Sold by Hallmark Capital Management Inc.
Hallmark Capital Management Inc. reduced its stake in shares of CDW Corporation (NASDAQ:CDW) by 1.8% during the second quarter, according to its most recent filing with the SEC. The firm owned 283,412 shares of the information technology services provider’s stock after selling 5,065 shares during the period. CDW Corporation comprises about 2.4% of Hallmark Capital Management Inc.’s investment portfolio, making the stock its 5th largest position. Hallmark Capital Management Inc. owned about 0.18% of CDW Corporation worth $17,722,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the stock. Catalyst Capital Advisors LLC boosted its stake in shares of CDW Corporation by 12.7% in the first quarter. Catalyst Capital Advisors LLC now owns 2,080 shares of the information technology services provider’s stock worth $120,000 after buying an additional 235 shares in the last quarter. James Investment Research Inc. bought a new stake in shares of CDW Corporation during the first quarter worth about $153,000. Creative Planning boosted its stake in shares of CDW Corporation by 179.2% in the first quarter. Creative Planning now owns 3,256 shares of the information technology services provider’s stock worth $188,000 after buying an additional 2,090 shares in the last quarter. Brown Advisory Securities LLC bought a new stake in shares of CDW Corporation during the first quarter worth about $212,000. Finally, Commerce Bank bought a new stake in shares of CDW Corporation during the first quarter worth about $211,000. Hedge funds and other institutional investors own 91.06% of the company’s stock.
Shares of CDW Corporation (NASDAQ CDW) opened at 63.81 on Tuesday. CDW Corporation has a 12-month low of $43.46 and a 12-month high of $66.33. The stock’s 50 day moving average price is $63.13 and its 200 day moving average price is $59.25. The firm has a market capitalization of $10.02 billion, a price-to-earnings ratio of 25.96 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 (EPS) for the quarter, topping the Thomson Reuters’ 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 net margin of 2.95% and a return on equity of 56.91%. The firm’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.93 earnings per share. Equities research analysts expect that CDW Corporation will post $3.83 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 11th. Shareholders of record on Friday, August 25th will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 1.00%. The ex-dividend date is Wednesday, August 23rd. CDW Corporation’s payout ratio is currently 24.33%.
CDW Corporation declared that its Board of Directors has approved a share repurchase program on Thursday, August 3rd that allows the company to repurchase $750.00 million in shares. This repurchase authorization allows the information technology services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
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CDW has been the topic of a number of recent analyst reports. Zacks Investment Research raised CDW Corporation from a “hold” rating to a “buy” rating and set a $70.00 target price on the stock in a report on Tuesday, July 11th. Royal Bank Of Canada reissued an “outperform” rating and set a $64.00 target price 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 target price on the stock. Robert W. Baird reissued a “hold” rating on shares of CDW Corporation in a report on Wednesday, May 3rd. Finally, Barclays PLC lowered CDW Corporation from an “overweight” rating to an “equal weight” rating and set a $64.00 price objective on the stock. in a report on Monday, July 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. CDW Corporation currently has an average rating of “Buy” and an average price target of $64.06.
In other news, insider Christina M. Corley sold 4,000 shares of CDW Corporation stock in a transaction that occurred on Wednesday, May 10th. The shares were sold at an average price of $59.01, for a total transaction of $236,040.00. Following the completion of the sale, the insider now owns 71,843 shares of the company’s stock, valued at $4,239,455.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Christine A. Leahy sold 12,000 shares of CDW Corporation stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $59.22, for a total transaction of $710,640.00. Following the sale, the insider now directly owns 210,130 shares of the company’s stock, valued at approximately $12,443,898.60. The disclosure for this sale can be found here. In the last three months, insiders sold 77,133 shares of company stock valued at $4,757,684. 2.20% of the stock is owned by insiders.
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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