Cigna Investments Inc. New Has $907,000 Stake in CDW Corporation (CDW)
Cigna Investments Inc. New decreased its position in CDW Corporation (NASDAQ:CDW) by 1.4% during the second quarter, Holdings Channel reports. The institutional investor owned 14,512 shares of the information technology services provider’s stock after selling 207 shares during the period. Cigna Investments Inc. New’s holdings in CDW Corporation were worth $907,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of the company. Smithfield Trust Co. increased its stake in shares of CDW Corporation by 6.6% in the second quarter. Smithfield Trust Co. now owns 4,863 shares of the information technology services provider’s stock worth $304,000 after buying an additional 303 shares in the last quarter. Bbva Compass Bancshares Inc. increased its stake in shares of CDW Corporation by 11.9% in the second quarter. Bbva Compass Bancshares Inc. now owns 6,726 shares of the information technology services provider’s stock worth $420,000 after buying an additional 715 shares in the last quarter. Boston Advisors LLC bought a new stake in shares of CDW Corporation during the second quarter worth about $3,561,000. Russell Investments Group Ltd. increased its stake in shares of CDW Corporation by 81.2% in the second quarter. Russell Investments Group Ltd. now owns 29,323 shares of the information technology services provider’s stock worth $1,833,000 after buying an additional 13,139 shares in the last quarter. Finally, Insight Capital Research & Management Inc. bought a new stake in shares of CDW Corporation during the second quarter worth about $320,000. 91.06% of the stock is currently owned by institutional investors and hedge funds.
Shares of CDW Corporation (NASDAQ CDW) opened at 61.06 on Friday. CDW Corporation has a one year low of $43.46 and a one year high of $66.33. The firm has a 50 day moving average price of $63.28 and a 200-day moving average price of $59.72. The firm has a market cap of $9.46 billion, a P/E ratio of 23.18 and a beta of 1.08.
CDW Corporation (NASDAQ:CDW) last released its quarterly earnings results on Thursday, August 3rd. The information technology services provider reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.98 by $0.05. The firm had revenue of $3.99 billion during the quarter, compared to analyst estimates of $3.84 billion. CDW Corporation had a net margin of 2.95% and a return on equity of 58.89%. The business’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.93 EPS. Analysts forecast that CDW Corporation will post $3.83 earnings per share for the current year.
CDW Corporation declared that its Board of Directors has initiated a stock repurchase program on Thursday, August 3rd that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the information technology services provider to purchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Stockholders of record on Friday, August 25th will be given a dividend of $0.16 per share. The ex-dividend date is Wednesday, August 23rd. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.05%. CDW Corporation’s dividend payout ratio (DPR) is currently 24.33%.
A number of equities research analysts recently issued reports on the company. J P Morgan Chase & Co reissued a “neutral” rating and set a $60.00 price target (up previously from $59.00) on shares of CDW Corporation in a research report on Wednesday. Royal Bank Of Canada reissued an “outperform” rating and set a $71.00 price target (up previously from $70.00) on shares of CDW Corporation in a research report on Wednesday. Robert W. Baird reissued an “outperform” rating and set a $75.00 price target (up previously from $71.00) on shares of CDW Corporation in a research report on Wednesday. Zacks Investment Research raised CDW Corporation from a “strong sell” rating to a “hold” rating in a research report on Tuesday. Finally, BidaskClub raised CDW Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, August 5th. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $65.94.
In other news, insider Christina M. Corley sold 4,000 shares of the business’s stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $62.44, for a total transaction of $249,760.00. Following the completion of the transaction, the insider now directly owns 59,843 shares in the company, valued at approximately $3,736,596.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christine A. Leahy sold 12,000 shares of the business’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $62.86, for a total transaction of $754,320.00. Following the transaction, the insider now owns 174,130 shares of the company’s stock, valued at $10,945,811.80. The disclosure for this sale can be found here. Insiders have sold a total of 100,833 shares of company stock valued at $6,270,392 over the last 90 days. Company insiders own 2.20% of the company’s stock.
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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