CDW (NASDAQ:CDW) Shares Gap Up – Here’s What Happened

CDW Corporation (NASDAQ:CDW)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $123.57, but opened at $127.38. CDW shares last traded at $130.0490, with a volume of 125,272 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Barclays reduced their target price on shares of CDW from $144.00 to $123.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 7th. UBS Group dropped their price target on shares of CDW from $162.00 to $147.00 and set a “buy” rating on the stock in a research note on Thursday, May 7th. Raymond James Financial set a $150.00 price objective on shares of CDW in a report on Wednesday, May 6th. Weiss Ratings raised shares of CDW from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, June 11th. Finally, Citigroup lowered their target price on CDW from $150.00 to $123.00 and set a “neutral” rating for the company in a research note on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, CDW currently has an average rating of “Moderate Buy” and an average price target of $144.12.

CDW Stock Performance

The stock has a 50-day simple moving average of $124.16 and a 200-day simple moving average of $127.98. The company has a market capitalization of $16.62 billion, a price-to-earnings ratio of 15.85, a price-to-earnings-growth ratio of 1.72 and a beta of 1.00. The company has a current ratio of 1.16, a quick ratio of 1.06 and a debt-to-equity ratio of 1.81.

CDW (NASDAQ:CDW) last released its earnings results on Wednesday, May 6th. The information technology services provider reported $2.28 EPS for the quarter, meeting the consensus estimate of $2.28. CDW had a return on equity of 49.67% and a net margin of 4.70%.The company had revenue of $5.68 billion during the quarter, compared to analysts’ expectations of $5.48 billion. During the same period in the prior year, the business posted $2.15 EPS. The business’s revenue was up 9.2% on a year-over-year basis. On average, analysts anticipate that CDW Corporation will post 10.09 earnings per share for the current year.

CDW Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Monday, May 25th were paid a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Friday, May 22nd. CDW’s dividend payout ratio is 30.66%.

Insider Buying and Selling

In related news, Director David W. Nelms acquired 18,000 shares of the firm’s stock in a transaction on Wednesday, May 27th. The stock was bought at an average cost of $111.43 per share, with a total value of $2,005,740.00. Following the acquisition, the director directly owned 51,025 shares in the company, valued at approximately $5,685,715.75. The trade was a 54.50% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.82% of the stock is owned by company insiders.

Hedge Funds Weigh In On CDW

Several large investors have recently modified their holdings of CDW. Hollencrest Capital Management grew its stake in CDW by 909.1% in the first quarter. Hollencrest Capital Management now owns 222 shares of the information technology services provider’s stock worth $27,000 after purchasing an additional 200 shares in the last quarter. Root Financial Partners LLC raised its stake in CDW by 54.7% during the first quarter. Root Financial Partners LLC now owns 263 shares of the information technology services provider’s stock valued at $32,000 after buying an additional 93 shares in the last quarter. eCIO Inc. acquired a new stake in CDW during the fourth quarter valued at approximately $61,000. Covestor Ltd lifted its holdings in CDW by 53.4% during the 4th quarter. Covestor Ltd now owns 741 shares of the information technology services provider’s stock worth $101,000 after buying an additional 258 shares during the last quarter. Finally, American National Bank & Trust bought a new position in CDW during the 4th quarter worth approximately $110,000. Institutional investors own 93.15% of the company’s stock.

CDW Company Profile

CDW (NASDAQ: CDW) is a leading provider of information technology products and integrated solutions for business, government, education and healthcare customers. The company sources and resells hardware and software from major technology vendors and packages those products with professional services, managed services and lifecycle support. Its offerings span IT infrastructure, cloud and data center solutions, cybersecurity, networking, unified communications, endpoint devices, and software licensing and procurement services designed to simplify IT operations for customers.

CDW combines a broad product portfolio with consultative sales, implementation and technical support capabilities.