Robert W. Baird Reaffirms Outperform Rating for CDW Corporation (CDW)
CDW Corporation (NASDAQ:CDW)‘s stock had its “outperform” rating reaffirmed by research analysts at Robert W. Baird in a research note issued on Wednesday. They currently have a $75.00 target price on the information technology services provider’s stock, up from their prior target price of $71.00. Robert W. Baird’s target price would indicate a potential upside of 17.50% from the stock’s current price.
Several other analysts also recently commented on CDW. BidaskClub upgraded shares of CDW Corporation from a “hold” rating to a “buy” rating in a report on Saturday. Zacks Investment Research upgraded shares of CDW Corporation from a “strong sell” rating to a “hold” rating in a report on Tuesday. Royal Bank Of Canada reiterated a “buy” rating and issued a $70.00 price objective on shares of CDW Corporation in a report on Wednesday, August 2nd. Barclays PLC downgraded shares of 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. Finally, Northcoast Research initiated coverage on shares of CDW Corporation in a report on Monday, April 24th. They issued a “buy” rating and a $70.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. CDW Corporation currently has a consensus rating of “Buy” and an average price target of $64.56.
CDW Corporation (NASDAQ CDW) opened at 63.83 on Wednesday. The firm has a market cap of $10.03 billion, a price-to-earnings ratio of 25.97 and a beta of 1.08. The firm has a 50-day moving average of $63.31 and a 200 day moving average of $59.35. CDW Corporation has a 1-year low of $43.46 and a 1-year high of $66.33.
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, topping the consensus estimate of $0.98 by $0.05. The firm had revenue of $3.99 billion for 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 business’s quarterly revenue was up 9.0% on a year-over-year basis. During the same period last year, the company posted $0.93 EPS. Analysts expect that CDW Corporation will post $3.83 earnings per share for the current fiscal year.
CDW Corporation announced that its board has initiated a share buyback plan on Thursday, August 3rd that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the information technology services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
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In other news, insider Jonathan J. Stevens sold 6,700 shares of CDW Corporation stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $60.93, for a total value of $408,231.00. Following the sale, the insider now directly owns 96,040 shares in the company, valued at $5,851,717.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Thomas E. Richards sold 15,733 shares of CDW Corporation stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $63.49, for a total transaction of $998,888.17. Following the completion of the sale, the insider now owns 747,869 shares in the company, valued at $47,482,202.81. The disclosure for this sale can be found here. Insiders sold 79,833 shares of company stock worth $4,950,712 over the last quarter. 2.20% of the stock is owned by corporate insiders.
Institutional investors have recently modified their holdings of the company. Catalyst Capital Advisors LLC increased its position 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 during the last quarter. James Investment Research Inc. purchased a new position in shares of CDW Corporation during the first quarter worth $153,000. Creative Planning increased its position 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 during the last quarter. Commerce Bank purchased a new position in shares of CDW Corporation during the first quarter worth $211,000. Finally, Brown Advisory Securities LLC purchased a new position in shares of CDW Corporation during the first quarter worth $212,000. Institutional investors and hedge funds own 91.06% 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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