CDW (NASDAQ:CDW) Stock Price Up 7.8% – Here’s What Happened

CDW Corporation (NASDAQ:CDW) shares rose 7.8% on Thursday. The stock traded as high as $137.57 and last traded at $138.1790. Approximately 919,399 shares were traded during mid-day trading, a decline of 50% from the average session volume of 1,851,018 shares. The stock had previously closed at $128.16.

Analysts Set New Price Targets

Several research firms recently commented on CDW. Barclays dropped their target price on CDW from $150.00 to $148.00 and set an “equal weight” rating for the company in a research note on Monday, September 21st. Citigroup lifted their price target on CDW from $123.00 to $145.00 and gave the company a “neutral” rating in a report on Monday, July 13th. Weiss Ratings raised shares of CDW from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 25th. Finally, Morgan Stanley increased their price objective on shares of CDW from $170.00 to $171.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $150.12.

CDW Price Performance

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 cap of $17.27 billion, a PE ratio of 16.60, a P/E/G ratio of 1.70 and a beta of 0.95. The company has a 50-day moving average price of $142.69 and a two-hundred day moving average price of $131.93.

CDW (NASDAQ:CDW) last issued its quarterly earnings data 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 net margin of 4.60% and a return on equity of 50.61%. The company had revenue of $6.57 billion during the quarter, compared to the consensus estimate of $6.21 billion. During the same quarter last year, the company earned $2.60 earnings per share. CDW’s revenue for the quarter was up 10.0% on a year-over-year basis. Sell-side analysts expect that CDW Corporation will post 10.33 earnings per share for the current fiscal year.

CDW Dividend Announcement

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

Insider Transactions at CDW

In other news, insider Elizabeth Connelly sold 26,695 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $137.62, for a total transaction of $3,673,765.90. Following the completion of the transaction, the insider directly owned 34,215 shares in the company, valued at approximately $4,708,668.30. This represents a 43.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.82% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CDW

A number of institutional investors have recently modified their holdings of the stock. Envestnet Portfolio Solutions Inc. raised its position in shares of CDW by 28.7% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 2,417 shares of the information technology services provider’s stock valued at $340,000 after acquiring an additional 539 shares in the last quarter. Sequoia Financial Advisors LLC increased its stake in CDW by 33.5% during the second quarter. Sequoia Financial Advisors LLC now owns 3,543 shares of the information technology services provider’s stock valued at $498,000 after purchasing an additional 889 shares during the last quarter. Tidal Investments LLC boosted its holdings in shares of CDW by 82.5% in the 2nd quarter. Tidal Investments LLC now owns 46,504 shares of the information technology services provider’s stock valued at $6,540,000 after buying an additional 21,019 shares during the period. WINTON GROUP Ltd grew its position in shares of CDW by 1,136.8% during the 2nd quarter. WINTON GROUP Ltd now owns 46,502 shares of the information technology services provider’s stock valued at $6,540,000 after buying an additional 42,742 shares during the last quarter. Finally, Triad Investment Management raised its stake in CDW by 20.3% during the second quarter. Triad Investment Management now owns 30,540 shares of the information technology services provider’s stock worth $4,295,000 after acquiring an additional 5,156 shares during the period. Institutional investors and hedge funds own 93.15% of the company’s stock.

About CDW

CDW Corporation (NASDAQ: CDW) is a provider of technology products and services for businesses, government agencies, educational institutions and healthcare organizations. The company helps customers plan, acquire, implement and manage information technology through a broad portfolio of hardware, software and cloud-based solutions.

Its offerings include computers, servers, networking equipment, data storage, cybersecurity products, collaboration tools and software. CDW also provides professional and managed services, including cloud adoption, data center modernization, security, virtualization, configuration, technical support and lifecycle management.

Founded in 1984 as Computer Discount Warehouse, the company is headquartered in Vernon Hills, Illinois.