Russell Investments Group Ltd. grew its holdings in CDW Corporation (NASDAQ:CDW) by 81.2% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 29,323 shares of the information technology services provider’s stock after buying an additional 13,139 shares during the quarter. Russell Investments Group Ltd.’s holdings in CDW Corporation were worth $1,833,000 at the end of the most recent reporting period.
Other large investors have also made changes to their positions in the company. Catalyst Capital Advisors LLC boosted its holdings in CDW Corporation by 12.7% in the first quarter. Catalyst Capital Advisors LLC now owns 2,080 shares of the information technology services provider’s stock valued at $120,000 after acquiring an additional 235 shares during the last quarter. Brown Advisory Securities LLC bought a new position in CDW Corporation during the first quarter worth about $212,000. Commerce Bank bought a new position in CDW Corporation during the first quarter worth about $211,000. Financial Counselors Inc. bought a new position in CDW Corporation during the first quarter worth about $215,000. Finally, Holderness Investments Co. bought a new position in CDW Corporation during the first quarter worth about $223,000. Institutional investors own 90.64% of the company’s stock.
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CDW Corporation (NASDAQ CDW) traded up 1.01% during mid-day trading on Wednesday, hitting $61.13. The stock had a trading volume of 316,098 shares. The firm’s 50-day moving average is $62.05 and its 200 day moving average is $60.54. CDW Corporation has a 12 month low of $43.58 and a 12 month high of $66.33. The company has a market cap of $9.47 billion, a price-to-earnings ratio of 23.21 and a beta of 1.08.
CDW Corporation (NASDAQ:CDW) last issued its quarterly earnings results on Thursday, August 3rd. The information technology services provider reported $1.03 earnings per share (EPS) for the quarter, topping the Zacks’ 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 business had revenue of $3.99 billion during the quarter, compared to analyst estimates of $3.84 billion. During the same quarter in the prior year, the business posted $0.93 EPS. CDW Corporation’s revenue for the quarter was up 9.0% compared to the same quarter last year. Equities analysts anticipate that CDW Corporation will post $3.81 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 11th. Shareholders of record on Friday, August 25th were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 1.06%. The ex-dividend date was Wednesday, August 23rd. CDW Corporation’s payout ratio is currently 24.33%.
CDW Corporation declared that its Board of Directors has initiated a stock buyback plan on Thursday, August 3rd that allows the company to buyback $750.00 million in outstanding shares. This buyback authorization allows the information technology services provider to purchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
In other news, insider Jonathan J. Stevens sold 6,700 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $62.55, for a total transaction of $419,085.00. Following the transaction, the insider now directly owns 94,366 shares of the company’s stock, valued at $5,902,593.30. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Neal J. Campbell sold 2,400 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $59.78, for a total transaction of $143,472.00. Following the transaction, the insider now directly owns 29,679 shares in the company, valued at $1,774,210.62. The disclosure for this sale can be found here. In the last three months, insiders sold 108,171 shares of company stock valued at $6,717,854. 2.60% of the stock is owned by insiders.
CDW has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded CDW Corporation from a “hold” rating to a “buy” rating and set a $70.00 target price on the stock in a report on Tuesday, July 11th. J P Morgan Chase & Co reiterated a “neutral” rating and set a $60.00 price objective (up previously from $59.00) on shares of CDW Corporation in a report on Wednesday, August 9th. BidaskClub lowered CDW Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, August 23rd. Robert W. Baird reissued an “outperform” rating and issued a $75.00 target price (up previously from $71.00) on shares of CDW Corporation in a research report on Wednesday, August 9th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $70.00 target price on shares of CDW Corporation in a research report on Tuesday. Four analysts have rated the stock with a hold rating, five have assigned 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 $66.39.
CDW Corporation 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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