CDW (NASDAQ:CDW) Price Target Cut to $260.00

CDW (NASDAQ:CDW) had its price target cut by Citigroup from $295.00 to $260.00 in a research note published on Thursday, Benzinga reports. They currently have a buy rating on the information technology services provider’s stock.

Other analysts have also issued research reports about the stock. Barclays reduced their price target on shares of CDW from $261.00 to $232.00 and set an equal weight rating on the stock in a research report on Thursday. Stifel Nicolaus reduced their target price on CDW from $265.00 to $250.00 and set a buy rating on the stock in a research report on Thursday. Evercore ISI upped their price target on CDW from $250.00 to $300.00 and gave the company an outperform rating in a research note on Friday, March 22nd. Finally, JPMorgan Chase & Co. cut their price objective on CDW from $280.00 to $265.00 and set an overweight rating for the company in a research report on Thursday. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $235.50.

CDW Trading Up 0.5 %

Shares of CDW traded up $1.15 during midday trading on Thursday, reaching $219.56. The company had a trading volume of 805,670 shares, compared to its average volume of 722,308. CDW has a 1-year low of $162.59 and a 1-year high of $263.37. The company has a quick ratio of 1.11, a current ratio of 1.26 and a debt-to-equity ratio of 2.35. The firm has a 50 day simple moving average of $245.67 and a 200-day simple moving average of $229.16. The stock has a market cap of $29.50 billion, a PE ratio of 27.11, a price-to-earnings-growth ratio of 2.43 and a beta of 1.09.

CDW (NASDAQ:CDW) last released its quarterly earnings data on Wednesday, February 7th. The information technology services provider reported $2.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.56 by $0.01. The firm had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $5.32 billion. CDW had a net margin of 5.16% and a return on equity of 67.56%. CDW’s revenue was down 7.7% compared to the same quarter last year. During the same period last year, the business earned $2.40 earnings per share. Research analysts forecast that CDW will post 9.89 EPS for the current fiscal year.

CDW Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 11th. Investors of record on Friday, May 24th will be paid a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 1.13%. The ex-dividend date of this dividend is Thursday, May 23rd. CDW’s payout ratio is 30.62%.

CDW announced that its Board of Directors has initiated a share buyback program on Wednesday, February 7th that allows the company to buyback $750.00 million in outstanding shares. This buyback authorization allows the information technology services provider to repurchase up to 2.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On CDW

Several large investors have recently added to or reduced their stakes in CDW. Raymond James Financial Services Advisors Inc. increased its holdings in CDW by 3.4% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 42,212 shares of the information technology services provider’s stock worth $8,517,000 after purchasing an additional 1,406 shares during the period. Stratos Wealth Partners LTD. grew its position in shares of CDW by 2.2% during the third quarter. Stratos Wealth Partners LTD. now owns 13,325 shares of the information technology services provider’s stock worth $2,689,000 after buying an additional 286 shares in the last quarter. Groesbeck Investment Management Corp NJ increased its stake in shares of CDW by 4.9% during the third quarter. Groesbeck Investment Management Corp NJ now owns 14,078 shares of the information technology services provider’s stock worth $2,840,000 after buying an additional 652 shares during the period. Sawyer & Company Inc raised its holdings in CDW by 0.3% in the third quarter. Sawyer & Company Inc now owns 22,484 shares of the information technology services provider’s stock valued at $4,536,000 after acquiring an additional 64 shares in the last quarter. Finally, Verdence Capital Advisors LLC lifted its stake in CDW by 3.5% in the third quarter. Verdence Capital Advisors LLC now owns 16,127 shares of the information technology services provider’s stock worth $3,254,000 after acquiring an additional 547 shares during the last quarter. 93.15% of the stock is owned by hedge funds and other institutional investors.

CDW Company Profile

CDW Corporation provides information technology (IT) solutions in the United States, the United Kingdom, and Canada. It operates through three segments: Corporate, Small Business, and Public. The company offers discrete hardware and software products and services, as well as integrated IT solutions, including on-premise and cloud capabilities across hybrid infrastructure, digital experience, and security.