CDW Corporation (CDW) Position Raised by TIAA CREF Investment Management LLC
TIAA CREF Investment Management LLC lifted its holdings in shares of CDW Corporation (NASDAQ:CDW) by 2.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 999,840 shares of the information technology services provider’s stock after buying an additional 28,300 shares during the period. TIAA CREF Investment Management LLC owned approximately 0.64% of CDW Corporation worth $62,520,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in CDW. BlackRock Inc. boosted its position in CDW Corporation by 7,281.8% in the first quarter. BlackRock Inc. now owns 10,875,190 shares of the information technology services provider’s stock worth $627,607,000 after purchasing an additional 10,727,865 shares during the last quarter. Vanguard Group Inc. boosted its position in CDW Corporation by 4.5% in the first quarter. Vanguard Group Inc. now owns 15,015,969 shares of the information technology services provider’s stock worth $866,571,000 after purchasing an additional 653,020 shares during the last quarter. Renaissance Technologies LLC purchased a new position in CDW Corporation in the first quarter worth about $33,968,000. JPMorgan Chase & Co. boosted its position in CDW Corporation by 13.0% in the first quarter. JPMorgan Chase & Co. now owns 4,787,140 shares of the information technology services provider’s stock worth $276,266,000 after purchasing an additional 549,088 shares during the last quarter. Finally, AQR Capital Management LLC boosted its position in CDW Corporation by 53.4% in the first quarter. AQR Capital Management LLC now owns 1,106,106 shares of the information technology services provider’s stock worth $63,833,000 after purchasing an additional 384,980 shares during the last quarter. 90.65% of the stock is currently owned by institutional investors.
Several research analysts have issued reports on the company. Zacks Investment Research raised CDW Corporation from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 8th. BidaskClub raised CDW Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, August 5th. Needham & Company LLC assumed coverage on CDW Corporation in a research report on Monday. They issued a “buy” rating and a $71.00 target price on the stock. Royal Bank Of Canada raised their target price on CDW Corporation from $64.00 to $70.00 and gave the stock an “outperform” rating in a research report on Monday, June 26th. Finally, Robert W. Baird reissued an “outperform” rating and issued a $75.00 target price (up from $71.00) on shares of CDW Corporation in a research report on Wednesday, August 9th. 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 stock. The stock has a consensus rating of “Buy” and an average target price of $66.95.
In other news, insider Christine A. Leahy sold 12,000 shares of the company’s 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 sale, the insider now owns 162,130 shares in the company, valued at $9,769,953.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jonathan J. Stevens sold 6,700 shares of the company’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $62.55, for a total value of $419,085.00. Following the completion of the sale, the insider now owns 94,366 shares in the company, valued at approximately $5,902,593.30. The disclosure for this sale can be found here. Insiders sold 120,171 shares of company stock worth $7,440,974 in the last 90 days. Company insiders own 2.60% of the company’s stock.
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CDW Corporation (NASDAQ:CDW) opened at 61.89 on Monday. CDW Corporation has a 1-year low of $43.64 and a 1-year high of $66.33. The company has a market cap of $9.58 billion, a P/E ratio of 23.50 and a beta of 1.08. The stock has a 50 day moving average price of $61.79 and a 200 day moving average price of $60.58.
CDW Corporation (NASDAQ:CDW) last issued its earnings results on Thursday, August 3rd. The information technology services provider reported $1.03 EPS for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $3.84 billion. During the same quarter in the prior year, the business earned $0.93 earnings per share. The company’s revenue was up 9.0% compared to the same quarter last year. On average, equities research analysts anticipate that CDW Corporation will post $3.83 EPS for the current fiscal year.
CDW Corporation announced that its Board of Directors has approved a share repurchase program 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 buy shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Monday, September 11th. Stockholders of record on Friday, August 25th were paid a $0.16 dividend. The ex-dividend date of this dividend was Wednesday, August 23rd. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.03%. CDW Corporation’s payout ratio is 24.33%.
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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