Barclays Trims CDW (NASDAQ:CDW) Target Price to $232.00

CDW (NASDAQ:CDW) had its target price reduced by Barclays from $261.00 to $232.00 in a report published on Thursday morning, Benzinga reports. They currently have an equal weight rating on the information technology services provider’s stock.

Other equities research analysts have also issued research reports about the company. Citigroup boosted their price target on CDW from $255.00 to $295.00 and gave the stock a buy rating in a research note on Thursday, April 4th. Evercore ISI boosted their target price on CDW from $250.00 to $300.00 and gave the stock an outperform rating in a research report on Friday, March 22nd. Finally, JPMorgan Chase & Co. raised their price target on CDW from $267.00 to $280.00 and gave the company an overweight rating in a research report on Thursday, April 11th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $247.50.

CDW Price Performance

CDW stock traded up $1.15 during midday trading on Thursday, reaching $219.56. The company’s stock had a trading volume of 805,670 shares, compared to its average volume of 768,724. The firm has a market capitalization of $29.51 billion, a PE ratio of 27.41, a P/E/G ratio of 2.49 and a beta of 1.09. CDW has a fifty-two week low of $162.59 and a fifty-two week high of $263.37. The stock’s 50 day simple moving average is $245.67 and its 200 day simple moving average is $229.30. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.11 and a current ratio of 1.26.

CDW (NASDAQ:CDW) last announced its quarterly earnings data on Wednesday, February 7th. The information technology services provider reported $2.57 EPS for the quarter, beating 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%. The business’s revenue for the quarter was down 7.7% compared to the same quarter last year. During the same quarter last year, the business earned $2.40 earnings per share. On average, equities research analysts forecast that CDW will post 9.89 earnings per share for the current year.

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

CDW Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 11th. Shareholders of record on Friday, May 24th will be paid a dividend of $0.62 per share. The ex-dividend date is Thursday, May 23rd. This represents a $2.48 annualized dividend and a dividend yield of 1.13%. CDW’s dividend payout ratio is currently 30.96%.

Institutional Trading of CDW

Hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP grew its holdings in CDW by 29.1% in the 4th quarter. Wellington Management Group LLP now owns 3,464,886 shares of the information technology services provider’s stock valued at $787,638,000 after buying an additional 781,421 shares during the period. First Trust Advisors LP grew its holdings in CDW by 627.3% in the fourth quarter. First Trust Advisors LP now owns 625,781 shares of the information technology services provider’s stock valued at $142,252,000 after purchasing an additional 539,745 shares during the period. Norges Bank acquired a new position in CDW during the fourth quarter worth approximately $111,736,000. The Manufacturers Life Insurance Company raised its stake in CDW by 91.8% during the third quarter. The Manufacturers Life Insurance Company now owns 728,446 shares of the information technology services provider’s stock worth $146,971,000 after purchasing an additional 348,749 shares during the period. Finally, Lazard Asset Management LLC boosted its holdings in shares of CDW by 459.5% in the 3rd quarter. Lazard Asset Management LLC now owns 252,272 shares of the information technology services provider’s stock valued at $50,898,000 after purchasing an additional 207,184 shares during the last quarter. Institutional investors and hedge funds 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.