CDW (NASDAQ:CDW – Free Report) had its price objective increased by JPMorgan Chase & Co. from $253.00 to $267.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has an overweight rating on the information technology services provider’s stock.
A number of other research firms also recently commented on CDW. Evercore ISI upped their price objective on CDW from $215.00 to $250.00 in a report on Thursday, October 12th. Barclays upped their price objective on CDW from $219.00 to $261.00 and gave the company an equal weight rating in a report on Thursday. Finally, Morgan Stanley downgraded CDW from an overweight rating to an equal weight rating and set a $216.00 price objective for the company. in a report on Tuesday, December 12th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $223.60.
CDW Trading Up 2.7 %
CDW (NASDAQ:CDW – Get Free Report) last issued its quarterly earnings results on Wednesday, February 7th. The information technology services provider reported $2.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.56 by $0.01. CDW had a return on equity of 78.15% and a net margin of 5.03%. The business had revenue of $5.02 billion for the quarter, compared to analyst estimates of $5.32 billion. During the same quarter in the prior year, the firm posted $2.40 earnings per share. The firm’s revenue for the quarter was down 7.7% compared to the same quarter last year. As a group, research analysts predict that CDW will post 9.36 earnings per share for the current year.
CDW Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 12th. Investors of record on Monday, February 26th will be issued a dividend of $0.62 per share. The ex-dividend date is Friday, February 23rd. This represents a $2.48 dividend on an annualized basis and a dividend yield of 1.02%. CDW’s payout ratio is presently 30.96%.
CDW declared that its board has initiated a share buyback program on Wednesday, February 7th that permits the company to buyback $750.00 million in shares. This buyback authorization permits the information technology services provider to repurchase up to 2.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its shares are undervalued.
Insider Buying and Selling
In related news, insider Christina M. Corley sold 700 shares of the stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $220.01, for a total transaction of $154,007.00. Following the completion of the transaction, the insider now directly owns 62,536 shares in the company, valued at $13,758,545.36. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Christina M. Corley sold 700 shares of the stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $220.01, for a total transaction of $154,007.00. Following the completion of the transaction, the insider now directly owns 62,536 shares of the company’s stock, valued at $13,758,545.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Christina M. Corley sold 48,320 shares of the stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $217.23, for a total value of $10,496,553.60. Following the transaction, the insider now directly owns 62,536 shares of the company’s stock, valued at $13,584,695.28. The disclosure for this sale can be found here. 0.85% of the stock is owned by corporate insiders.
Institutional Trading of CDW
Hedge funds have recently made changes to their positions in the business. California Public Employees Retirement System lifted its position in shares of CDW by 1.0% in the third quarter. California Public Employees Retirement System now owns 819,011 shares of the information technology services provider’s stock valued at $165,244,000 after buying an additional 7,854 shares during the last quarter. Comerica Bank acquired a new stake in shares of CDW in the second quarter valued at approximately $532,100,000. Amalgamated Bank lifted its holdings in CDW by 22.0% during the 3rd quarter. Amalgamated Bank now owns 44,774 shares of the information technology services provider’s stock worth $9,034,000 after purchasing an additional 8,063 shares during the last quarter. State Street Corp lifted its holdings in CDW by 2.1% during the 2nd quarter. State Street Corp now owns 5,391,296 shares of the information technology services provider’s stock worth $989,303,000 after purchasing an additional 110,044 shares during the last quarter. Finally, TD Asset Management Inc lifted its holdings in CDW by 6.6% during the 3rd quarter. TD Asset Management Inc now owns 88,250 shares of the information technology services provider’s stock worth $17,805,000 after purchasing an additional 5,441 shares during the last quarter. 93.04% of the stock is owned by institutional investors and hedge funds.
CDW Company Profile
CDW Corporation provides information technology (IT) solutions in the United States, the United Kingdom, and Canada. It operates through three segments: Corporate, Small Business, and Public. The company offers discrete hardware and software products and services, as well as integrated IT solutions, including on-premise, hybrid, and cloud capabilities across hybrid infrastructure, digital experience, and security.
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