CDW Corporation (CDW) Lowered to “Underperform” at Raymond James Financial, Inc.

CDW Corporation (NASDAQ:CDW) was downgraded by equities researchers at Raymond James Financial, Inc. from a “market perform” rating to an “underperform” rating in a research note issued on Friday.

A number of other brokerages also recently issued reports on CDW. BidaskClub upgraded CDW Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, September 28th. Royal Bank Of Canada increased their price objective on CDW Corporation from $64.00 to $70.00 and gave the stock an “outperform” rating in a research report on Monday, June 26th. Zacks Investment Research upgraded CDW Corporation from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 8th. Robert W. Baird reiterated an “outperform” rating and issued a $75.00 price objective (up previously from $71.00) on shares of CDW Corporation in a research report on Wednesday, August 9th. Finally, Barclays PLC downgraded CDW Corporation from an “overweight” rating to an “equal weight” rating and set a $64.00 price objective on the stock. in a research report on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $66.95.

CDW Corporation (NASDAQ CDW) traded down 1.28% during trading on Friday, hitting $68.07. The stock had a trading volume of 223,295 shares. The stock has a market capitalization of $10.54 billion, a P/E ratio of 25.84 and a beta of 1.08. CDW Corporation has a 52 week low of $43.64 and a 52 week high of $71.53. The company has a 50-day moving average of $64.11 and a 200-day moving average of $61.58.

CDW Corporation (NASDAQ:CDW) last issued its quarterly earnings data 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 company had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $3.84 billion. During the same quarter last year, the business posted $0.93 earnings per share. The firm’s revenue was up 9.0% compared to the same quarter last year. On average, equities analysts expect that CDW Corporation will post $3.83 earnings per share for the current fiscal year.

CDW Corporation announced that its board has authorized a share buyback plan on Thursday, August 3rd that permits the company to buyback $750.00 million in outstanding shares. This buyback authorization permits the information technology services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

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In other news, insider Neal J. Campbell sold 5,000 shares of the firm’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $63.12, for a total transaction of $315,600.00. Following the transaction, the insider now directly owns 54,417 shares of the company’s stock, valued at $3,434,801.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Thomas E. Richards sold 15,733 shares of the firm’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $63.49, for a total value of $998,888.17. Following the transaction, the insider now directly owns 747,869 shares in the company, valued at $47,482,202.81. The disclosure for this sale can be found here. Insiders have sold 110,571 shares of company stock worth $6,888,441 in the last 90 days. Company insiders own 2.60% of the company’s stock.

Large investors have recently made changes to their positions in the company. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of CDW Corporation by 15.2% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 456,109 shares of the information technology services provider’s stock valued at $28,520,000 after buying an additional 60,173 shares during the last quarter. Xact Kapitalforvaltning AB grew its stake in shares of CDW Corporation by 8.1% during the second quarter. Xact Kapitalforvaltning AB now owns 46,688 shares of the information technology services provider’s stock valued at $2,919,000 after buying an additional 3,505 shares during the last quarter. KCG Holdings Inc. grew its stake in shares of CDW Corporation by 152.7% during the first quarter. KCG Holdings Inc. now owns 12,502 shares of the information technology services provider’s stock valued at $721,000 after buying an additional 7,554 shares during the last quarter. Russell Investments Group Ltd. grew its stake in shares of CDW Corporation by 49.5% during the first quarter. Russell Investments Group Ltd. now owns 16,184 shares of the information technology services provider’s stock valued at $935,000 after buying an additional 5,357 shares during the last quarter. Finally, Nationwide Fund Advisors grew its stake in shares of CDW Corporation by 152.7% during the second quarter. Nationwide Fund Advisors now owns 265,340 shares of the information technology services provider’s stock valued at $16,592,000 after buying an additional 160,340 shares during the last quarter. 90.65% of the stock is currently owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for CDW Corporation (NASDAQ:CDW)

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