$3.99 Billion in Sales Expected for CDW Corporation (CDW) This Quarter
Equities analysts expect CDW Corporation (NASDAQ:CDW) to report $3.99 billion in sales for the current quarter, according to Zacks. Seven analysts have issued estimates for CDW Corporation’s earnings. The lowest sales estimate is $3.93 billion and the highest is $4.02 billion. CDW Corporation reported sales of $3.71 billion during the same quarter last year, which would suggest a positive year over year growth rate of 7.5%. The company is expected to report its next earnings report on Wednesday, November 1st.
According to Zacks, analysts expect that CDW Corporation will report full-year sales of $3.99 billion for the current year, with estimates ranging from $14.96 billion to $15.16 billion. For the next fiscal year, analysts forecast that the business will report sales of $15.85 billion per share, with estimates ranging from $15.65 billion to $16.17 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover CDW Corporation.
CDW Corporation (NASDAQ:CDW) last issued its quarterly earnings data on Thursday, August 3rd. The information technology services provider reported $1.03 earnings per share for the quarter, topping the 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 58.89%. The company’s revenue was up 9.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.93 EPS.
CDW has been the topic of several research analyst reports. Zacks Investment Research upgraded CDW Corporation from a “hold” rating to a “buy” rating and set a $70.00 price objective on the stock in a research note on Tuesday, July 11th. J P Morgan Chase & Co restated a “neutral” rating and set a $60.00 price objective (up from $59.00) on shares of CDW Corporation in a research note on Wednesday, August 9th. BidaskClub cut CDW Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, August 23rd. Robert W. Baird restated an “outperform” rating and set a $75.00 price objective (up from $71.00) on shares of CDW Corporation in a research note on Wednesday, August 9th. Finally, Stifel Nicolaus restated a “buy” rating and set a $70.00 price objective on shares of CDW Corporation in a research note on Tuesday, September 12th. Four 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 company’s stock. CDW Corporation has an average rating of “Buy” and a consensus target price of $66.95.
In related news, insider Jonathan J. Stevens sold 6,700 shares of CDW Corporation stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $64.04, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christine A. Leahy sold 12,000 shares of CDW Corporation stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $60.26, for a total value of $723,120.00. Following the completion of the transaction, the insider now directly owns 162,130 shares in the company, valued at approximately $9,769,953.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 120,171 shares of company stock worth $7,440,974. 2.60% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Toronto Dominion Bank grew its stake in CDW Corporation by 24.8% during the 2nd quarter. Toronto Dominion Bank now owns 1,973 shares of the information technology services provider’s stock valued at $123,000 after acquiring an additional 392 shares in the last quarter. Commerce Bank purchased a new position in CDW Corporation during the 1st quarter valued at about $211,000. Brown Advisory Securities LLC purchased a new position in CDW Corporation during the 1st quarter valued at about $212,000. Financial Counselors Inc. purchased a new position in CDW Corporation during the 1st quarter valued at about $215,000. Finally, Achmea Investment Management B.V. purchased a new position in CDW Corporation during the 1st quarter valued at about $226,000. 90.65% of the stock is currently owned by hedge funds and other institutional investors.
Shares of CDW Corporation (CDW) opened at 61.89 on Monday. The stock’s 50 day moving average is $61.79 and its 200 day moving average is $60.58. The stock has a market cap of $9.58 billion, a P/E ratio of 23.50 and a beta of 1.08. CDW Corporation has a 12 month low of $43.64 and a 12 month high of $66.33.
The company also recently announced a quarterly dividend, which was paid on Monday, September 11th. Investors of record on Friday, August 25th were issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date of this dividend was Wednesday, August 23rd. CDW Corporation’s payout ratio is currently 24.33%.
CDW Corporation declared that its board has initiated a share repurchase program on Thursday, August 3rd that permits the company to buyback $750.00 million in outstanding shares. This buyback authorization permits the information technology services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
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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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