World Asset Management Inc Decreases Position in CDW Corporation (NASDAQ:CDW)
World Asset Management Inc lowered its stake in shares of CDW Corporation (NASDAQ:CDW) by 3.3% during the second quarter, Holdings Channel reports. The institutional investor owned 7,537 shares of the information technology services provider’s stock after selling 258 shares during the period. World Asset Management Inc’s holdings in CDW Corporation were worth $471,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of CDW. Barometer Capital Management Inc. purchased a new stake in CDW Corporation during the first quarter worth $2,124,000. DnB Asset Management AS bought a new position in shares of CDW Corporation during the first quarter worth approximately $640,000. Atria Investments LLC boosted its position in shares of CDW Corporation by 2.1% in the first quarter. Atria Investments LLC now owns 3,962 shares of the information technology services provider’s stock worth $229,000 after buying an additional 83 shares during the last quarter. BKD Wealth Advisors LLC boosted its position in shares of CDW Corporation by 6.1% in the first quarter. BKD Wealth Advisors LLC now owns 5,756 shares of the information technology services provider’s stock worth $332,000 after buying an additional 330 shares during the last quarter. Finally, Parametrica Management Ltd bought a new position in shares of CDW Corporation during the first quarter worth approximately $491,000. 91.06% of the stock is owned by institutional investors.
CDW Corporation (NASDAQ CDW) opened at 60.78 on Friday. The firm has a 50-day moving average price of $63.34 and a 200-day moving average price of $59.65. The company has a market cap of $9.41 billion, a PE ratio of 23.08 and a beta of 1.08. CDW Corporation has a 52-week low of $43.46 and a 52-week 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 for the quarter, beating the consensus estimate of $0.98 by $0.05. CDW Corporation had a return on equity of 58.89% and a net margin of 2.95%. The firm had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $3.84 billion. During the same quarter last year, the firm posted $0.93 EPS. The company’s revenue was up 9.0% compared to the same quarter last year. On average, analysts forecast that CDW Corporation will post $3.83 EPS for the current year.
CDW Corporation announced that its board has authorized a stock repurchase plan on Thursday, August 3rd that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the information technology services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Shareholders of record on Friday, August 25th will be issued a $0.16 dividend. The ex-dividend date is Wednesday, August 23rd. This represents a $0.64 annualized dividend and a dividend yield of 1.05%. CDW Corporation’s payout ratio is currently 24.33%.
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CDW has been the topic of a number of recent analyst reports. Royal Bank Of Canada restated a “buy” rating and issued a $64.00 price target on shares of CDW Corporation in a research report on Monday, April 17th. Robert W. Baird restated a “buy” rating on shares of CDW Corporation in a research report on Saturday, May 13th. Zacks Investment Research upgraded CDW Corporation from a “hold” rating to a “buy” rating and set a $70.00 price target on the stock in a research report on Tuesday, July 11th. BidaskClub cut CDW Corporation from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 29th. Finally, Northcoast Research initiated coverage on CDW Corporation in a research report on Monday, April 24th. They issued a “buy” rating and a $70.00 price target on the stock. Three investment 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’s stock. The company presently has a consensus rating of “Buy” and an average price target of $65.94.
In other CDW Corporation news, insider Thomas E. Richards sold 15,733 shares of the firm’s stock in a transaction dated Monday, July 17th. The stock was sold at an average price of $63.49, for a total value of $998,888.17. Following the sale, the insider now owns 747,869 shares of the company’s stock, valued at approximately $47,482,202.81. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Christina M. Corley sold 4,000 shares of the firm’s stock in a transaction dated 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 approximately $4,084,827.03. The disclosure for this sale can be found here. In the last ninety days, insiders sold 84,833 shares of company stock worth $5,266,312. Insiders own 2.20% of the company’s stock.
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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