CDW (NASDAQ:CDW) was the recipient of a large decrease in short interest in July. As of July 31st, there was short interest totalling 2,106,200 shares, a decrease of 12.6% from the June 30th total of 2,409,000 shares. Currently, 1.4% of the shares of the company are short sold. Based on an average daily volume of 784,900 shares, the short-interest ratio is presently 2.7 days.
CDW has been the subject of several research reports. Evercore ISI started coverage on shares of CDW in a research note on Wednesday, June 5th. They issued an “outperform” rating and a $120.00 price objective for the company. ValuEngine cut shares of CDW from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Deutsche Bank began coverage on shares of CDW in a research report on Tuesday, June 11th. They set a “buy” rating and a $113.00 price objective for the company. Morgan Stanley raised their price target on shares of CDW from $97.00 to $106.00 and gave the stock an “equal weight” rating in a report on Friday, July 26th. Finally, Credit Suisse Group raised their price target on shares of CDW from $118.00 to $132.00 and gave the stock an “outperform” rating in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $118.13.
CDW stock traded up $3.08 during midday trading on Friday, reaching $111.80. The company had a trading volume of 13,897 shares, compared to its average volume of 803,607. The company has a debt-to-equity ratio of 3.57, a current ratio of 1.28 and a quick ratio of 1.09. CDW has a 1 year low of $74.32 and a 1 year high of $120.82. The company has a market capitalization of $16.40 billion, a P/E ratio of 21.88, a P/E/G ratio of 1.54 and a beta of 1.10. The firm has a 50-day moving average price of $113.27 and a 200-day moving average price of $103.47.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 26th will be issued a $0.295 dividend. The ex-dividend date is Friday, August 23rd. This represents a $1.18 dividend on an annualized basis and a dividend yield of 1.06%. CDW’s payout ratio is 23.14%.
In other CDW news, insider Thomas E. Richards sold 66,667 shares of the stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $99.67, for a total transaction of $6,644,699.89. Following the transaction, the insider now owns 644,443 shares in the company, valued at approximately $64,231,633.81. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Thomas E. Richards sold 62,222 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $113.66, for a total transaction of $7,072,152.52. Following the transaction, the insider now owns 639,998 shares in the company, valued at approximately $72,742,172.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 203,074 shares of company stock worth $21,578,855. Company insiders own 2.25% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. Prestige Wealth Management Group LLC purchased a new position in shares of CDW in the second quarter valued at $83,000. Bamco Inc. NY raised its stake in shares of CDW by 0.3% during the 2nd quarter. Bamco Inc. NY now owns 455,202 shares of the information technology services provider’s stock worth $50,527,000 after buying an additional 1,478 shares during the period. Voloridge Investment Management LLC raised its stake in shares of CDW by 43.6% during the 2nd quarter. Voloridge Investment Management LLC now owns 79,652 shares of the information technology services provider’s stock worth $8,841,000 after buying an additional 24,176 shares during the period. Worldquant Millennium Advisors LLC raised its stake in shares of CDW by 17.2% during the 2nd quarter. Worldquant Millennium Advisors LLC now owns 8,226 shares of the information technology services provider’s stock worth $913,000 after buying an additional 1,208 shares during the period. Finally, Zacks Investment Management raised its stake in shares of CDW by 0.6% during the 2nd quarter. Zacks Investment Management now owns 23,654 shares of the information technology services provider’s stock worth $2,626,000 after buying an additional 152 shares during the period. Hedge funds and other institutional investors own 93.57% of the company’s stock.
CDW Corporation provides integrated information technology (IT) solutions to business, government, education, and healthcare customers in the United States, Canada, and the United Kingdom. It operates through three segments: Corporate, Small Business, and Public. The company offers discrete hardware and software products, as well as integrated IT solutions, including mobility, security, data center optimization, cloud computing, virtualization, and collaboration.
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