CDW CORP
In the published model solve dated 2026-Q2, anchored at $147.88, CDW CORP (CDW) is priced for +2.0% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 25, 2026 from SEC EDGAR filings.
• CDW turns about 7.1% of sales into operating profit, close to double what INSIGHT ENTERPRISES (NSIT) manages at 4.2% and nearly triple TD SYNNEX (SNX) at 2.6%, and part of the reason is that on agency arrangements the 10-K says ⟦"the Company is acting as an agent and recognizes the revenue on a net basis"⟧, so the software volume never inflates the denominator. • The mix is currently working the wrong way: first-quarter net sales grew 9% while gross profit grew 6% [Source: Q1 2026 earnings rel
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727 institutional managers reported holding CDW in 13F filings for the quarter ended 2026-03-31. Together they hold about 95% of the company; the top 10 hold 48%. 94 opened new positions that quarter. Held by Vanguard Group, BlackRock, State Street, among others. On the short side, 9.7M shares were sold short as of the 2026-06-15 count, about 7% of shares outstanding (4.5 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
CDW has cut its share count 7.7% over the past five years, spending $2.62B on repurchases. It pays a dividend, and has for 13 years running, raised 12 years straight; the current rate is $2.50 a share annually. Cash returned over the past three years: $904.00M in dividends and $1.46B in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at CDW over the trailing three years: 2024: 2 buys totaling $487k; 2026: 1 buy totaling $2.01M. 19 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
CDW's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-03 | +6.4% | +1.9% |
| 2023-11-02 | +3.1% | +4.1% |
| 2024-02-27 | +5.8% | -1.0% |
| 2024-05-02 | -9.7% | -0.1% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
CDW's latest 8-K filings: 2026-08-05 (items 5.02, 7.01, 9.01); 2026-08-05 (items 2.02, 8.01, 9.01); 2026-05-26 (items 5.03, 5.07, 9.01); 2026-05-13 (items 7.01, 8.01, 9.01); 2026-05-06 (items 2.02, 8.01, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 25, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.