CDW (NASDAQ:CDW) PT Lowered to $260.00 at Citigroup

CDW (NASDAQ:CDW) had its price objective lowered by Citigroup from $295.00 to $260.00 in a research note released on Thursday morning, Benzinga reports. The firm currently has a buy rating on the information technology services provider’s stock.

Several other equities research analysts have also weighed in on CDW. Stifel Nicolaus cut 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. Barclays cut their price target on CDW from $261.00 to $232.00 and set an equal weight rating on the stock in a research report on Thursday. JPMorgan Chase & Co. cut their price target on CDW from $280.00 to $265.00 and set an overweight rating on the stock in a research report on Thursday. Finally, Evercore ISI lifted their price target on CDW from $250.00 to $300.00 and gave the stock an outperform rating in a research report on Friday, March 22nd. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, CDW has a consensus rating of Moderate Buy and an average price target of $247.50.

CDW Trading Up 0.5 %

CDW stock traded up $1.15 during midday trading on Thursday, reaching $219.56. 805,670 shares of the stock traded hands, compared to its average volume of 768,724. The company has a 50-day simple moving average of $245.67 and a two-hundred day simple moving average of $229.30. CDW has a 12-month low of $162.59 and a 12-month high of $263.37. The firm has a market cap of $29.51 billion, a PE ratio of 27.41, a price-to-earnings-growth ratio of 2.49 and a beta of 1.09. The company has a current ratio of 1.26, a quick ratio of 1.11 and a debt-to-equity ratio of 2.35.

CDW (NASDAQ:CDW) last announced its earnings results on Wednesday, February 7th. The information technology services provider reported $2.57 EPS for the quarter, beating analysts’ consensus estimates of $2.56 by $0.01. The company had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $5.32 billion. CDW had a return on equity of 67.56% and a net margin of 5.16%. CDW’s revenue for the quarter was down 7.7% on a year-over-year basis. During the same period last year, the business posted $2.40 EPS. Research analysts expect that CDW will post 9.89 earnings per share for the current fiscal year.

CDW declared that its board has approved a stock buyback plan on Wednesday, February 7th that allows the company to repurchase $750.00 million in shares. This repurchase authorization allows the information technology services provider to purchase up to 2.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

CDW Announces Dividend

The firm 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 $0.62 dividend. The ex-dividend date of this dividend is Thursday, May 23rd. This represents a $2.48 annualized dividend and a yield of 1.13%. CDW’s payout ratio is currently 30.96%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Aaron Wealth Advisors LLC lifted its position in CDW by 2.8% during the first quarter. Aaron Wealth Advisors LLC now owns 1,540 shares of the information technology services provider’s stock valued at $394,000 after buying an additional 42 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its position in shares of CDW by 5.9% during the first quarter. Massmutual Trust Co. FSB ADV now owns 767 shares of the information technology services provider’s stock worth $196,000 after purchasing an additional 43 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. lifted its position in shares of CDW by 1.4% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 3,446 shares of the information technology services provider’s stock worth $881,000 after purchasing an additional 47 shares in the last quarter. Prestige Wealth Management Group LLC lifted its position in shares of CDW by 6.4% during the fourth quarter. Prestige Wealth Management Group LLC now owns 811 shares of the information technology services provider’s stock worth $184,000 after purchasing an additional 49 shares in the last quarter. Finally, Scotia Capital Inc. lifted its position in shares of CDW by 1.5% during the third quarter. Scotia Capital Inc. now owns 3,495 shares of the information technology services provider’s stock worth $705,000 after purchasing an additional 50 shares in the last quarter. Hedge funds and other institutional investors own 93.15% of the company’s stock.

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.