Bank of America Corp DE lowered its position in CDW Corporation (NASDAQ:CDW) by 17.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,735,910 shares of the information technology services provider’s stock after selling 357,525 shares during the period. Bank of America Corp DE’s holdings in CDW Corporation were worth $100,179,000 as of its most recent filing with the SEC.
Other hedge funds have also modified their holdings of the company. Catalyst Capital Advisors LLC increased its stake in shares of 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 worth $120,000 after buying an additional 235 shares during the last quarter. James Investment Research Inc. acquired a new stake in shares of CDW Corporation during the first quarter worth $153,000. Creative Planning increased its stake in shares of CDW Corporation by 179.2% in the first quarter. Creative Planning now owns 3,256 shares of the information technology services provider’s stock worth $188,000 after buying an additional 2,090 shares during the last quarter. Commerce Bank acquired a new stake in shares of CDW Corporation during the first quarter worth $211,000. Finally, Brown Advisory Securities LLC acquired a new stake in shares of CDW Corporation during the first quarter worth $212,000. Hedge funds and other institutional investors own 90.84% of the company’s stock.
CDW Corporation (CDW) traded down 0.19% during trading on Friday, hitting $61.94. 1,175,078 shares of the company’s stock traded hands. CDW Corporation has a 12 month low of $38.89 and a 12 month high of $63.20. The stock has a market cap of $9.73 billion, a P/E ratio of 25.20 and a beta of 1.08. The company’s 50 day moving average is $59.73 and its 200-day moving average is $56.76.
CDW Corporation (NASDAQ:CDW) last issued its quarterly earnings data on Wednesday, May 3rd. The information technology services provider reported $0.75 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.04. The company had revenue of $3.32 billion for the quarter, compared to the consensus estimate of $3.24 billion. CDW Corporation had a net margin of 2.85% and a return on equity of 55.44%. The firm’s revenue for the quarter was up 6.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.67 earnings per share. On average, analysts predict that CDW Corporation will post $3.83 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, June 12th. Shareholders of record on Thursday, May 25th were given a $0.16 dividend. The ex-dividend date was Tuesday, May 23rd. This represents a $0.64 annualized dividend and a yield of 1.03%. CDW Corporation’s payout ratio is presently 26.23%.
Several brokerages have recently commented on CDW. Robert W. Baird restated a “buy” rating on shares of CDW Corporation in a research note on Saturday, May 13th. Royal Bank of Canada restated an “outperform” rating and issued a $64.00 target price on shares of CDW Corporation in a research note on Monday, March 6th. Needham & Company LLC raised their target price on CDW Corporation from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Friday, March 3rd. Zacks Investment Research downgraded CDW Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, April 11th. Finally, Northcoast Research began coverage on CDW Corporation in a research note on Monday, April 24th. They issued a “buy” rating and a $70.00 target price for the company. Three equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $61.17.
In other CDW Corporation news, insider Christina M. Corley sold 4,000 shares of the stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $60.21, for a total value of $240,840.00. Following the transaction, the insider now directly owns 67,843 shares in the company, valued at $4,084,827.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Christine A. Leahy sold 12,000 shares of the stock in a transaction that occurred on Wednesday, May 17th. The stock was sold at an average price of $59.22, for a total transaction of $710,640.00. Following the completion of the transaction, the insider now owns 210,130 shares in the company, valued at $12,443,898.60. The disclosure for this sale can be found here. Insiders sold 33,400 shares of company stock worth $1,990,448 over the last quarter. Insiders own 2.20% of the company’s stock.
CDW Corporation 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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