Robert W. Baird Reiterates “Buy” Rating for CDW Corporation (CDW)

CDW Corporation (NASDAQ:CDW)‘s stock had its “buy” rating restated by Robert W. Baird in a research note issued to investors on Wednesday. They currently have a $75.00 target price on the information technology services provider’s stock. Robert W. Baird’s price target suggests a potential upside of 7.14% from the stock’s current price.

A number of other brokerages also recently weighed in on CDW. Zacks Investment Research raised shares of CDW Corporation from a “hold” rating to a “buy” rating and set a $70.00 price target for the company in a report on Tuesday, July 11th. J P Morgan Chase & Co reaffirmed a “neutral” rating and set a $60.00 price target (up previously from $59.00) on shares of CDW Corporation in a report on Wednesday, August 9th. Raymond James Financial, Inc. downgraded shares of CDW Corporation from a “market perform” rating to an “underperform” rating in a report on Friday, October 13th. BidaskClub downgraded shares of CDW Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, August 23rd. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $70.00 price target on shares of CDW Corporation in a report on Tuesday, September 12th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $67.35.

CDW Corporation (NASDAQ:CDW) last issued its quarterly earnings results on Wednesday, November 1st. The information technology services provider reported $1.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.02 by $0.06. CDW Corporation had a net margin of 2.90% and a return on equity of 60.57%. The company had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $3.99 billion. During the same quarter in the prior year, the firm posted $0.97 EPS. The firm’s quarterly revenue was up 8.8% on a year-over-year basis.

CDW Corporation declared that its Board of Directors has approved a stock buyback plan on Thursday, August 3rd that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the information technology services provider to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

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In other news, insider Thomas E. Richards sold 16,861 shares of the firm’s stock in a transaction on Friday, September 8th. The shares were sold at an average price of $58.73, for a total transaction of $990,246.53. Following the completion of the transaction, the insider now owns 714,931 shares of the company’s stock, valued at $41,987,897.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Christina M. Corley sold 4,000 shares of the firm’s stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $62.44, for a total transaction of $249,760.00. Following the transaction, the insider now directly owns 59,843 shares of the company’s stock, valued at approximately $3,736,596.92. The disclosure for this sale can be found here. In the last three months, insiders sold 118,641 shares of company stock valued at $7,557,333. 2.60% of the stock is owned by insiders.

Hedge funds have recently added to or reduced their stakes in the company. Lloyds Banking Group plc bought a new position in shares of CDW Corporation during the third quarter valued at $108,000. Toronto Dominion Bank raised its stake in shares of CDW Corporation by 24.8% during the second quarter. Toronto Dominion Bank now owns 1,973 shares of the information technology services provider’s stock valued at $123,000 after acquiring an additional 392 shares during the last quarter. Achmea Investment Management B.V. bought a new position in shares of CDW Corporation during the first quarter valued at $226,000. United Services Automobile Association bought a new position in shares of CDW Corporation during the first quarter valued at $239,000. Finally, Financial Counselors Inc. raised its stake in shares of CDW Corporation by 16.7% during the second quarter. Financial Counselors Inc. now owns 4,339 shares of the information technology services provider’s stock valued at $271,000 after acquiring an additional 621 shares during the last quarter. 90.50% 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.

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