CDW Co. (NASDAQ:CDW) Declares $0.59 Quarterly Dividend

CDW Co. (NASDAQ:CDW – Get Rating) announced a quarterly dividend on Sunday, May 21st, RTT News reports. Shareholders of record on Thursday, May 25th will be given a dividend of 0.59 per share by the information technology services provider on Tuesday, June 13th. This represents a $2.36 dividend on an annualized basis and a yield of 1.37%. The ex-dividend date is Wednesday, May 24th.

CDW has raised its dividend by an average of 18.2% per year over the last three years and has raised its dividend annually for the last 9 consecutive years. CDW has a dividend payout ratio of 22.6% meaning its dividend is sufficiently covered by earnings. Analysts expect CDW to earn $9.90 per share next year, which means the company should continue to be able to cover its $2.36 annual dividend with an expected future payout ratio of 23.8%.

CDW Stock Down 1.2 %

NASDAQ CDW opened at $172.59 on Monday. The company has a market capitalization of $23.26 billion, a price-to-earnings ratio of 21.63, a PEG ratio of 1.44 and a beta of 1.11. The company has a current ratio of 1.31, a quick ratio of 1.15 and a debt-to-equity ratio of 3.66. CDW has a 1-year low of $147.91 and a 1-year high of $215.00. The stock’s 50 day moving average is $179.70 and its two-hundred day moving average is $187.16.

CDW declared that its Board of Directors has approved a stock repurchase program on Wednesday, February 8th that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the information technology services provider to repurchase up to 2.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at CDW

In other CDW news, insider Christine A. Leahy bought 3,050 shares of the company’s stock in a transaction on Thursday, May 4th. The stock was bought at an average price of $163.62 per share, for a total transaction of $499,041.00. Following the transaction, the insider now owns 68,622 shares of the company’s stock, valued at approximately $11,227,931.64. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.85% of the company’s stock.

Institutional Trading of CDW

Institutional investors and hedge funds have recently made changes to their positions in the business. Altshuler Shaham Ltd bought a new stake in shares of CDW in the 4th quarter valued at $33,000. Milestone Investment Advisors LLC acquired a new position in CDW in the 1st quarter worth $52,000. Fred Alger Management LLC acquired a new position in CDW in the 1st quarter worth $66,000. ICA Group Wealth Management LLC acquired a new position in CDW in the 4th quarter worth $71,000. Finally, Brown Brothers Harriman & Co. boosted its stake in CDW by 129.5% in the 1st quarter. Brown Brothers Harriman & Co. now owns 459 shares of the information technology services provider’s stock worth $82,000 after purchasing an additional 259 shares during the period. Institutional investors own 92.78% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on CDW shares. JPMorgan Chase & Co. reduced their target price on CDW from $225.00 to $205.00 and set an “overweight” rating on the stock in a report on Wednesday, April 19th. Raymond James boosted their target price on CDW from $200.00 to $220.00 and gave the stock an “outperform” rating in a report on Thursday, February 9th. Citigroup boosted their target price on CDW from $210.00 to $230.00 and gave the stock a “buy” rating in a report on Thursday, February 9th. Morgan Stanley reduced their target price on CDW from $228.00 to $200.00 and set an “overweight” rating on the stock in a report on Wednesday, April 19th. Finally, StockNews.com initiated coverage on shares of CDW in a research report on Thursday. They issued a “hold” rating for the company. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $205.63.

CDW Company Profile

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CDW Corp. engages in the provision of information technology solutions to small, medium, and large business, government, education, and healthcare customers. It operates through the following segments: Corporate, Small Business, Public, and Other. The Public segment includes government agencies and education and healthcare institutions.