CDW Corporation (CDW) Upgraded by BidaskClub to “Buy”
CDW Corporation (NASDAQ:CDW) was upgraded by equities researchers at BidaskClub from a “hold” rating to a “buy” rating in a report released on Friday.
Other analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of CDW Corporation from a “sell” rating to a “buy” rating and set a $66.00 target price for the company in a report on Monday, May 8th. Robert W. Baird reaffirmed a “buy” rating on shares of CDW Corporation in a report on Saturday, May 13th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $70.00 target price on shares of CDW Corporation in a report on Wednesday, August 2nd. Barclays PLC cut shares of CDW Corporation from an “overweight” rating to an “equal weight” rating and set a $64.00 price objective for the company. in a research note on Monday, July 24th. Finally, J P Morgan Chase & Co reissued a “neutral” rating and issued a $60.00 price objective (up from $59.00) on shares of CDW Corporation in a research note on Wednesday, August 9th. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $65.94.
CDW Corporation (NASDAQ:CDW) opened at 63.42 on Friday. The stock has a market capitalization of $9.82 billion, a price-to-earnings ratio of 24.08 and a beta of 1.08. CDW Corporation has a 1-year low of $43.46 and a 1-year high of $66.33. The company has a 50-day moving average of $62.69 and a 200-day moving average of $60.50.
CDW Corporation (NASDAQ:CDW) last announced its earnings results on Thursday, August 3rd. The information technology services provider reported $1.03 EPS for the quarter, beating the Zacks’ consensus estimate of $0.98 by $0.05. CDW Corporation had a net margin of 2.95% and a return on equity of 58.89%. The business had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $3.84 billion. During the same period in the prior year, the company earned $0.93 earnings per share. The firm’s revenue was up 9.0% on a year-over-year basis. Analysts anticipate that CDW Corporation will post $3.81 earnings per share for the current fiscal year.
CDW Corporation declared that its board has authorized a stock 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. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
In related news, insider Christine A. Leahy sold 12,000 shares of the firm’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $61.33, for a total transaction of $735,960.00. Following the completion of the transaction, the insider now directly owns 198,130 shares of the company’s stock, valued at $12,151,312.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jonathan J. Stevens sold 6,700 shares of the stock in a transaction on Friday, August 4th. The shares were sold at an average price of $64.04, for a total transaction of $429,068.00. Following the transaction, the insider now owns 90,366 shares of the company’s stock, valued at approximately $5,787,038.64. The disclosure for this sale can be found here. Insiders have sold 98,210 shares of company stock valued at $6,147,009 over the last ninety days. 2.60% of the stock is currently owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Catalyst Capital Advisors LLC raised its position in 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 valued at $120,000 after buying an additional 235 shares during the period. Toronto Dominion Bank raised its position 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 buying an additional 392 shares during the period. Creative Planning raised 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. Commerce Bank acquired a new position in CDW Corporation during the first quarter valued at approximately $211,000. Finally, Brown Advisory Securities LLC acquired a new position in CDW Corporation during the first quarter valued at approximately $212,000. Institutional investors and hedge funds own 90.63% 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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