Raymond James Financial, Inc. lowered shares of CDW Corporation (NASDAQ:CDW) from a market perform rating to an underperform rating in a report released on Friday morning, Marketbeat.com reports.

CDW has been the subject of several other research reports. BidaskClub downgraded shares of CDW Corporation from a strong-buy rating to a buy rating in a research report on Thursday, June 29th. Zacks Investment Research downgraded shares of CDW Corporation from a hold rating to a strong sell rating in a research report on Friday, July 28th. Robert W. Baird set a $71.00 price objective on shares of CDW Corporation and gave the stock a buy rating in a research report on Thursday, August 3rd. Royal Bank Of Canada reaffirmed an outperform rating and set a $71.00 price objective (up previously from $70.00) on shares of CDW Corporation in a research report on Wednesday, August 9th. Finally, Needham & Company LLC reaffirmed a buy rating and set a $71.00 price objective on shares of CDW Corporation in a research report on Monday, September 18th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. CDW Corporation presently has a consensus rating of Buy and a consensus target price of $66.95.

CDW Corporation (NASDAQ CDW) opened at 68.08 on Friday. The firm has a market cap of $10.54 billion, a PE ratio of 25.85 and a beta of 1.08. CDW Corporation has a one year low of $43.64 and a one year high of $71.53. The company’s 50-day moving average is $64.36 and its 200-day moving average is $61.73.

CDW Corporation (NASDAQ:CDW) last announced its quarterly earnings data on Thursday, August 3rd. The information technology services provider reported $1.03 EPS for the quarter, topping the consensus estimate of $0.98 by $0.05. The company 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 quarterly revenue was up 9.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.93 EPS. On average, analysts forecast that CDW Corporation will post $3.83 earnings per share for the current fiscal year.

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CDW Corporation announced that its board has initiated a stock repurchase plan 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 plans are often an indication that the company’s management believes its stock is undervalued.

In related news, insider Thomas E. Richards sold 16,077 shares of CDW Corporation stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $61.92, for a total value of $995,487.84. Following the completion of the sale, the insider now owns 731,792 shares of the company’s stock, valued at approximately $45,312,560.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Jonathan J. Stevens sold 6,700 shares of CDW Corporation 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 completion of the sale, the insider now directly 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. In the last three months, insiders sold 106,838 shares of company stock valued at $6,728,832. 2.60% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. State Street Corp grew its position in CDW Corporation by 3.0% in the 1st quarter. State Street Corp now owns 2,836,131 shares of the information technology services provider’s stock valued at $163,683,000 after purchasing an additional 81,539 shares during the period. Eaton Vance Management grew its position in CDW Corporation by 7.6% in the 2nd quarter. Eaton Vance Management now owns 1,518,629 shares of the information technology services provider’s stock valued at $94,960,000 after purchasing an additional 107,227 shares during the period. AQR Capital Management LLC grew its position in CDW Corporation by 53.4% in the 1st quarter. AQR Capital Management LLC now owns 1,106,106 shares of the information technology services provider’s stock valued at $63,833,000 after purchasing an additional 384,980 shares during the period. Clearbridge Investments LLC grew its position in CDW Corporation by 0.3% in the 1st quarter. Clearbridge Investments LLC now owns 1,091,621 shares of the information technology services provider’s stock valued at $62,997,000 after purchasing an additional 2,961 shares during the period. Finally, TIAA CREF Investment Management LLC grew its position in CDW Corporation by 2.9% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 999,840 shares of the information technology services provider’s stock valued at $62,520,000 after purchasing an additional 28,300 shares during the period. 90.57% of the stock is owned by institutional investors and hedge funds.

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.

Analyst Recommendations for CDW Corporation (NASDAQ:CDW)

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