CDW Corporation (CDW) Given Buy Rating at Stifel Nicolaus
Stifel Nicolaus reissued their buy rating on shares of CDW Corporation (NASDAQ:CDW) in a report published on Tuesday morning. They currently have a $70.00 price objective on the information technology services provider’s stock.
Several other research firms have also weighed in on CDW. BidaskClub lowered shares of CDW Corporation from a strong-buy rating to a buy rating in a report on Thursday, June 29th. Zacks Investment Research lowered shares of CDW Corporation from a hold rating to a strong sell rating in a report on Friday, July 28th. Robert W. Baird set a $71.00 target price on shares of CDW Corporation and gave the stock a buy rating in a report on Thursday, August 3rd. Royal Bank Of Canada reaffirmed an outperform rating and issued a $71.00 target price (up previously from $70.00) on shares of CDW Corporation in a report on Wednesday, August 9th. Finally, Needham & Company LLC reaffirmed a buy rating and issued a $71.00 target price on shares of CDW Corporation in a 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 assigned a buy rating and one has assigned a strong buy rating to the company. CDW Corporation has a consensus rating of Buy and a consensus price target of $66.95.
CDW Corporation (NASDAQ:CDW) opened at 68.54 on Tuesday. The firm has a market capitalization of $10.61 billion, a price-to-earnings ratio of 26.02 and a beta of 1.08. The stock has a 50 day moving average of $64.36 and a 200 day moving average of $61.73. CDW Corporation has a 12-month low of $43.64 and a 12-month high of $71.53.
CDW Corporation (NASDAQ:CDW) last announced its quarterly earnings data on Thursday, August 3rd. The information technology services provider reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.05. CDW Corporation had a net margin of 2.95% and a return on equity of 58.89%. The company had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $3.84 billion. During the same quarter in the prior year, the company posted $0.93 EPS. The business’s revenue was up 9.0% on a year-over-year basis. Equities research analysts anticipate that CDW Corporation will post $3.83 earnings per share for the current year.
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CDW Corporation announced that its Board of Directors has approved a share repurchase program on Thursday, August 3rd that authorizes the company to buyback $750.00 million in outstanding shares. This buyback authorization authorizes the information technology services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
In other CDW Corporation news, insider Neal J. Campbell sold 2,400 shares of the stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $59.78, for a total transaction of $143,472.00. Following the sale, the insider now owns 29,679 shares of the company’s stock, valued at approximately $1,774,210.62. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Christine A. Leahy sold 12,000 shares of the stock in a transaction dated Wednesday, October 11th. The stock was sold at an average price of $69.94, for a total transaction of $839,280.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 125,341 shares of company stock worth $7,986,401. Insiders own 2.60% of the company’s stock.
A number of large investors have recently modified their holdings of CDW. Renaissance Technologies LLC bought a new stake in CDW Corporation during the 1st quarter worth about $33,968,000. AQR Capital Management LLC boosted its stake in shares of 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 last quarter. Morgan Stanley boosted its stake in shares of CDW Corporation by 339.3% in the 1st quarter. Morgan Stanley now owns 468,040 shares of the information technology services provider’s stock valued at $27,011,000 after purchasing an additional 361,502 shares during the last quarter. OppenheimerFunds Inc. bought a new position in shares of CDW Corporation in the 1st quarter valued at about $12,342,000. Finally, Capital Fund Management S.A. boosted its stake in shares of CDW Corporation by 216.0% in the 2nd quarter. Capital Fund Management S.A. now owns 245,178 shares of the information technology services provider’s stock valued at $15,331,000 after purchasing an additional 167,578 shares during the last quarter. 90.57% of the stock is currently owned by hedge funds and other institutional investors.
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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