CDW Corporation (NASDAQ:CDW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, July 11th. The brokerage currently has a $70.00 price target on the information technology services provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 14.64% from the stock’s current price.
According to Zacks, “CDW Corporation offers information technology products and services to business, government, education and healthcare customers primarily in the United States and Canada. Its hardware products comprise network communications, notebooks/mobile devices, data storage, video monitors, printers, desktops and servers as well as NetComm products. The company’s software services include licensing, licensing management, software solutions and services. In addition, it offers configuration services which include virtualization, collaboration, security, mobility, data centre optimization and cloud computing. CDW Corporation is headquartered in Vernon Hills, Illinois. “
CDW has been the topic of several other research reports. Royal Bank Of Canada increased their target price on shares of CDW Corporation from $64.00 to $70.00 and gave the company an “outperform” rating in a research note on Monday, June 26th. BidaskClub downgraded shares of CDW Corporation from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 29th. Barclays PLC reissued an “overweight” rating and issued a $64.00 target price (up previously from $62.00) on shares of CDW Corporation in a research note on Monday, May 1st. Robert W. Baird raised shares of CDW Corporation from a “neutral” rating to an “outperform” rating and increased their target price for the company from $63.00 to $71.00 in a research note on Tuesday, May 9th. Finally, Northcoast Research assumed coverage on shares of CDW Corporation in a research note on Monday, April 24th. They issued a “buy” rating and a $70.00 target price on the stock. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $65.94.
Shares of CDW Corporation (NASDAQ:CDW) traded up 0.46% during mid-day trading on Tuesday, hitting $61.06. 541,205 shares of the company traded hands. The firm’s 50 day moving average price is $63.28 and its 200-day moving average price is $59.72. The stock has a market capitalization of $9.46 billion, a PE ratio of 23.18 and a beta of 1.08. CDW Corporation has a 1-year low of $43.46 and a 1-year high of $66.33.
CDW Corporation (NASDAQ:CDW) last released its quarterly earnings results on Thursday, August 3rd. The information technology services provider reported $1.03 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.98 by $0.05. The company had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $3.84 billion. CDW Corporation had a net margin of 2.95% and a return on equity of 58.89%. CDW Corporation’s revenue was up 9.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.93 earnings per share. On average, equities research analysts forecast that CDW Corporation will post $3.83 EPS for the current year.
CDW Corporation declared that its Board of Directors has initiated a stock buyback program on Thursday, August 3rd that allows the company to buyback $750.00 million in outstanding shares. This buyback authorization allows the information technology services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
In other news, insider Christine A. Leahy sold 12,000 shares of the firm’s stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $59.22, for a total value of $710,640.00. Following the sale, the insider now directly owns 210,130 shares in the company, valued at approximately $12,443,898.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jonathan J. Stevens sold 6,700 shares of the firm’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $60.93, for a total transaction of $408,231.00. Following the completion of the sale, the insider now owns 96,040 shares in the company, valued at $5,851,717.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 100,833 shares of company stock worth $6,270,392. 2.20% of the stock is owned by company insiders.
Several institutional investors have recently made changes to their positions in CDW. Catalyst Capital Advisors LLC raised its position in shares of CDW Corporation by 12.7% in the first quarter. Catalyst Capital Advisors LLC now owns 2,080 shares of the information technology services provider’s stock valued at $120,000 after buying an additional 235 shares during the last quarter. James Investment Research Inc. bought a new position in shares of CDW Corporation during the first quarter valued at approximately $153,000. Creative Planning raised its position in shares of CDW Corporation by 179.2% in the first quarter. Creative Planning now owns 3,256 shares of the information technology services provider’s stock valued at $188,000 after buying an additional 2,090 shares during the last quarter. Brown Advisory Securities LLC bought a new position in shares of CDW Corporation during the first quarter valued at approximately $212,000. Finally, Commerce Bank bought a new position in shares of CDW Corporation during the first quarter valued at approximately $211,000. 91.06% of the stock is owned by hedge funds and other institutional investors.
CDW Corporation Company Profile
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
What are top analysts saying about CDW Corporation? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for CDW Corporation and related companies.