CDW (NASDAQ:CDW) to Repurchase $750.00 million in Outstanding Stock

CDW (NASDAQ:CDWGet Free Report) declared that its board has approved a stock buyback program on Wednesday, February 7th, RTT News reports. The company plans to repurchase $750.00 million in shares. This repurchase authorization allows the information technology services provider to reacquire up to 2.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

CDW Price Performance

Shares of CDW opened at $243.96 on Friday. CDW has a 1-year low of $160.66 and a 1-year high of $247.63. The stock has a market cap of $32.68 billion, a PE ratio of 30.46, a price-to-earnings-growth ratio of 1.81 and a beta of 1.10. The company has a debt-to-equity ratio of 3.13, a current ratio of 1.35 and a quick ratio of 1.20. The firm has a fifty day moving average price of $223.16 and a 200 day moving average price of $211.68.

CDW (NASDAQ:CDWGet Free Report) last announced its quarterly earnings results on Wednesday, February 7th. The information technology services provider reported $2.57 earnings per share for the quarter, beating analysts’ consensus estimates of $2.56 by $0.01. CDW had a net margin of 5.03% and a return on equity of 78.15%. The firm had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $5.32 billion. During the same period in the previous year, the company earned $2.40 earnings per share. CDW’s quarterly revenue was down 7.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that CDW will post 9.36 EPS for the current year.

CDW Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 12th. Investors of record on Monday, February 26th will be given a $0.62 dividend. The ex-dividend date is Friday, February 23rd. This represents a $2.48 dividend on an annualized basis and a yield of 1.02%. CDW’s dividend payout ratio (DPR) is presently 30.96%.

Wall Street Analysts Forecast Growth

Several research firms have commented on CDW. Morgan Stanley downgraded shares of CDW from an “overweight” rating to an “equal weight” rating and set a $216.00 price target for the company. in a research note on Tuesday, December 12th. Evercore ISI boosted their price target on shares of CDW from $215.00 to $250.00 in a research note on Thursday, October 12th. Barclays boosted their price target on shares of CDW from $219.00 to $261.00 and gave the stock an “equal weight” rating in a research note on Thursday. Finally, JPMorgan Chase & Co. lifted their price objective on shares of CDW from $253.00 to $267.00 and gave the stock an “overweight” rating in a research report on Thursday. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $223.60.

View Our Latest Report on CDW

Insider Activity at CDW

In other CDW news, insider Christina M. Corley sold 700 shares of the company’s stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $220.01, for a total transaction of $154,007.00. Following the transaction, the insider now directly owns 62,536 shares in the company, valued at $13,758,545.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other CDW news, 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 transaction of $10,496,553.60. Following the transaction, the insider now owns 62,536 shares of the company’s stock, valued at $13,584,695.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, 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 transaction, the insider now directly owns 62,536 shares in the company, valued at approximately $13,758,545.36. The disclosure for this sale can be found here. 0.85% of the stock is owned by corporate insiders.

About CDW

(Get Free Report)

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.

Further Reading

Receive News & Ratings for CDW Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CDW and related companies with MarketBeat.com's FREE daily email newsletter.