CDW (CDW) Shares Down 1.6% Following Analyst Downgrade

CDW Corp (NASDAQ:CDW) shares fell 1.6% during trading on Thursday after Morgan Stanley lowered their price target on the stock from $72.00 to $70.00. Morgan Stanley currently has an equal weight rating on the stock. CDW traded as low as $67.42 and last traded at $69.50. 1,188,983 shares traded hands during trading, an increase of 36% from the average session volume of 872,261 shares. The stock had previously closed at $68.40.

Other research analysts have also recently issued research reports about the stock. Robert W. Baird restated a “buy” rating and set a $80.00 target price on shares of CDW in a report on Wednesday. Zacks Investment Research cut shares of CDW from a “hold” rating to a “sell” rating in a report on Wednesday, January 10th. BidaskClub upgraded shares of CDW from a “hold” rating to a “buy” rating in a report on Monday, February 5th. ValuEngine upgraded shares of CDW from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Finally, Barclays reaffirmed a “hold” rating and set a $69.00 price target on shares of CDW in a research report on Sunday, November 5th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $72.00.

In other news, insider Jonathan J. Stevens sold 6,700 shares of the stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $69.30, for a total value of $464,310.00. Following the transaction, the insider now directly owns 74,366 shares of the company’s stock, valued at $5,153,563.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Thomas E. Richards sold 15,207 shares of the stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $66.25, for a total transaction of $1,007,463.75. The disclosure for this sale can be found here. Insiders have sold 64,396 shares of company stock worth $4,477,782 over the last ninety days. Insiders own 2.60% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of CDW. Piedmont Investment Advisors LLC raised its position in shares of CDW by 63.8% in the second quarter. Piedmont Investment Advisors LLC now owns 23,562 shares of the information technology services provider’s stock valued at $1,473,000 after purchasing an additional 9,179 shares during the period. Public Employees Retirement System of Ohio raised its position in shares of CDW by 10.5% in the second quarter. Public Employees Retirement System of Ohio now owns 187,917 shares of the information technology services provider’s stock valued at $11,750,000 after purchasing an additional 17,849 shares during the period. Toronto Dominion Bank raised its position in shares of CDW by 24.8% in the second quarter. Toronto Dominion Bank now owns 1,973 shares of the information technology services provider’s stock valued at $123,000 after purchasing an additional 392 shares during the period. Achmea Investment Management B.V. raised its position in shares of CDW by 593.8% in the second quarter. Achmea Investment Management B.V. now owns 27,115 shares of the information technology services provider’s stock valued at $1,693,000 after purchasing an additional 23,207 shares during the period. Finally, Nationwide Fund Advisors raised its position in shares of CDW by 2.1% in the third quarter. Nationwide Fund Advisors now owns 270,818 shares of the information technology services provider’s stock valued at $17,874,000 after purchasing an additional 5,478 shares during the period. 90.77% of the stock is currently owned by institutional investors.

The firm has a market cap of $10,380.00, a PE ratio of 20.83 and a beta of 1.06. The company has a current ratio of 1.37, a quick ratio of 1.15 and a debt-to-equity ratio of 4.20.

CDW (NASDAQ:CDW) last issued its quarterly earnings data on Wednesday, February 7th. The information technology services provider reported $0.98 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.93 by $0.05. The company had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.85 billion. CDW had a net margin of 3.44% and a return on equity of 68.41%. The company’s revenue was up 9.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.86 earnings per share. research analysts forecast that CDW Corp will post 4.23 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Investors of record on Monday, February 26th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend is Friday, February 23rd. CDW’s dividend payout ratio is 25.30%.

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CDW 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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