US Bancorp DE decreased its stake in shares of CDW Corporation (NASDAQ:CDW) by 9.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 40,485 shares of the information technology services provider’s stock after selling 4,224 shares during the period. US Bancorp DE’s holdings in CDW Corporation were worth $2,531,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in CDW. BlackRock Inc. increased its position in shares of CDW Corporation by 7,281.8% in the first quarter. BlackRock Inc. now owns 10,875,190 shares of the information technology services provider’s stock valued at $627,607,000 after buying an additional 10,727,865 shares during the last quarter. Pioneer Investment Management Inc. increased its position in CDW Corporation by 171.8% in the first quarter. Pioneer Investment Management Inc. now owns 1,896,131 shares of the information technology services provider’s stock worth $109,426,000 after buying an additional 1,198,522 shares in the last quarter. Vanguard Group Inc. increased its position in CDW Corporation by 4.5% in the first quarter. Vanguard Group Inc. now owns 15,015,969 shares of the information technology services provider’s stock worth $866,571,000 after buying an additional 653,020 shares in the last quarter. Renaissance Technologies LLC bought a new position in CDW Corporation during the first quarter worth $33,968,000. Finally, JPMorgan Chase & Co. increased its position in CDW Corporation by 13.0% in the first quarter. JPMorgan Chase & Co. now owns 4,787,140 shares of the information technology services provider’s stock worth $276,266,000 after buying an additional 549,088 shares in the last quarter. 91.48% of the stock is currently owned by institutional investors and hedge funds.
Shares of CDW Corporation (CDW) opened at 60.39 on Friday. CDW Corporation has a 12-month low of $43.46 and a 12-month high of $66.33. The company’s 50-day moving average is $62.96 and its 200-day moving average is $60.08. The firm has a market capitalization of $9.35 billion, a price-to-earnings ratio of 22.93 and a beta of 1.08.
CDW Corporation (NASDAQ:CDW) last issued its quarterly earnings data on Thursday, August 3rd. The information technology services provider reported $1.03 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.98 by $0.05. CDW Corporation had a net margin of 2.95% and a return on equity of 58.89%. The business had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $3.84 billion. During the same period in the previous year, the company earned $0.93 earnings per share. CDW Corporation’s revenue for the quarter was up 9.0% on a year-over-year basis. On average, equities analysts forecast that CDW Corporation will post $3.83 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 11th. Stockholders of record on Friday, August 25th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.06%. The ex-dividend date is Wednesday, August 23rd. CDW Corporation’s payout ratio is 24.33%.
CDW Corporation declared that its board has approved a stock buyback plan on Thursday, August 3rd that authorizes the company to buyback $750.00 million in shares. This buyback authorization authorizes the information technology services provider to purchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.
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A number of research firms have weighed in on CDW. BidaskClub downgraded shares of CDW Corporation from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 29th. Zacks Investment Research downgraded shares of CDW Corporation from a “hold” rating to a “strong sell” rating in a research note on Friday, July 28th. Robert W. Baird set a $71.00 target price on shares of CDW Corporation and gave the company a “buy” rating in a research note on Thursday, August 3rd. Royal Bank Of Canada reissued an “outperform” rating and issued a $71.00 target price (up previously from $70.00) on shares of CDW Corporation in a research note on Wednesday, August 9th. Finally, Northcoast Research initiated 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 equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $65.94.
In other news, insider Christina M. Corley sold 4,000 shares of the business’s stock in a transaction on Monday, June 12th. The shares were sold at an average price of $60.21, for a total value of $240,840.00. Following the completion of the sale, the insider now directly owns 67,843 shares in the company, valued at $4,084,827.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Thomas E. Richards sold 16,077 shares of the company’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $61.92, for a total transaction of $995,487.84. Following the transaction, the insider now owns 731,792 shares of the company’s stock, valued at $45,312,560.64. The disclosure for this sale can be found here. Insiders sold 104,910 shares of company stock valued at $6,555,240 over the last 90 days. 2.60% of the stock is owned by corporate insiders.
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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