Bank of Nova Scotia Takes Position in CDW Corporation $CDW

Bank of Nova Scotia purchased a new position in shares of CDW Corporation (NASDAQ:CDW) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 12,534 shares of the information technology services provider’s stock, valued at approximately $1,763,000.

Other large investors have also modified their holdings of the company. Kendall Capital Management acquired a new position in CDW during the 2nd quarter valued at about $3,584,000. Compass Financial Management LLC acquired a new stake in shares of CDW in the second quarter valued at approximately $55,000. Daiichi Life Insurance Co. Ltd. acquired a new stake in shares of CDW in the second quarter valued at approximately $399,000. Commerce Bank bought a new stake in shares of CDW during the second quarter valued at approximately $1,509,000. Finally, Pinnbrook Capital Management LP bought a new stake in shares of CDW during the second quarter valued at approximately $6,230,000. Institutional investors and hedge funds own 93.15% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Raymond James Financial set a $150.00 price objective on CDW in a research report on Wednesday, May 6th. Citigroup boosted their price target on CDW from $123.00 to $145.00 and gave the stock a “neutral” rating in a research report on Monday, July 13th. JPMorgan Chase & Co. raised CDW from a “neutral” rating to an “overweight” rating and set a $130.00 price target for the company in a research note on Wednesday, May 27th. Weiss Ratings raised CDW from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday. Finally, Royal Bank Of Canada upgraded shares of CDW to an “outperform” rating and set a $130.00 price objective on the stock in a research note on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, CDW currently has a consensus rating of “Moderate Buy” and an average target price of $147.00.

CDW Stock Performance

CDW opened at $141.46 on Thursday. The business has a 50 day moving average price of $136.93 and a two-hundred day moving average price of $128.49. The company has a debt-to-equity ratio of 1.97, a current ratio of 1.17 and a quick ratio of 1.05. The company has a market capitalization of $17.69 billion, a price-to-earnings ratio of 17.00, a price-to-earnings-growth ratio of 1.87 and a beta of 0.96. CDW Corporation has a 1-year low of $97.12 and a 1-year high of $171.55.

CDW (NASDAQ:CDW) last issued its quarterly earnings results on Wednesday, August 5th. The information technology services provider reported $2.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.80 by $0.11. CDW had a return on equity of 50.61% and a net margin of 4.60%.The company had revenue of $6.57 billion for the quarter, compared to analysts’ expectations of $6.21 billion. During the same period last year, the firm earned $2.60 EPS. The firm’s revenue for the quarter was up 10.0% on a year-over-year basis. Research analysts predict that CDW Corporation will post 10.28 EPS for the current fiscal year.

CDW Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Tuesday, August 25th will be issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Tuesday, August 25th. CDW’s payout ratio is presently 30.29%.

Insider Transactions at CDW

In other CDW news, insider Elizabeth H. Connelly sold 26,695 shares of the business’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $137.62, for a total value of $3,673,765.90. Following the sale, the insider directly owned 34,215 shares in the company, valued at approximately $4,708,668.30. The trade was a 43.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.82% of the stock is currently owned by insiders.

About CDW

CDW (NASDAQ: CDW) is a leading provider of information technology products and integrated solutions for business, government, education and healthcare customers. The company sources and resells hardware and software from major technology vendors and packages those products with professional services, managed services and lifecycle support. Its offerings span IT infrastructure, cloud and data center solutions, cybersecurity, networking, unified communications, endpoint devices, and software licensing and procurement services designed to simplify IT operations for customers.

CDW combines a broad product portfolio with consultative sales, implementation and technical support capabilities.