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

CDW (NASDAQ:CDW) had its price target lowered by Citigroup from $295.00 to $260.00 in a research report sent to investors on Thursday, Benzinga reports. Citigroup currently has a buy rating on the information technology services provider’s stock.

A number of other equities research analysts also recently issued reports on the company. Barclays lowered their price target on CDW from $261.00 to $232.00 and set an equal weight rating for the company in a research report on Thursday. JPMorgan Chase & Co. lowered their price target on CDW from $280.00 to $265.00 and set an overweight rating for the company in a research report on Thursday. Stifel Nicolaus lowered their price target on CDW from $265.00 to $250.00 and set a buy rating for the company in a research report on Thursday. Finally, Evercore ISI boosted their price target on CDW from $250.00 to $300.00 and gave the company an outperform rating in a research report on Friday, March 22nd. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $247.50.

CDW Trading Up 0.5 %

Shares of CDW stock opened at $219.56 on Thursday. The business has a 50 day moving average price of $245.67 and a 200 day moving average price of $229.47. The company has a market capitalization of $29.51 billion, a P/E ratio of 27.41, a P/E/G ratio of 2.49 and a beta of 1.09. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.26 and a quick ratio of 1.11. CDW has a 1 year low of $162.59 and a 1 year high of $263.37.

CDW (NASDAQ:CDW) last released its quarterly earnings results 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 company had revenue of $5.02 billion for 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 firm’s revenue for the quarter was down 7.7% compared to the same quarter last year. During the same period last year, the company earned $2.40 EPS. Sell-side analysts anticipate that CDW will post 9.89 EPS for the current fiscal year.

CDW Dividend Announcement

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

CDW announced that its Board of Directors has approved a stock buyback program 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 buy up to 2.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its shares are undervalued.

Institutional Trading of CDW

A number of hedge funds and other institutional investors have recently modified their holdings of CDW. Aaron Wealth Advisors LLC lifted its stake 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 purchasing an additional 42 shares during the last quarter. Massmutual Trust Co. FSB ADV raised its holdings 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 valued at $196,000 after acquiring an additional 43 shares during the period. Tokio Marine Asset Management Co. Ltd. raised its holdings 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 valued at $881,000 after acquiring an additional 47 shares during the period. Prestige Wealth Management Group LLC raised its holdings 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 valued at $184,000 after acquiring an additional 49 shares during the period. Finally, Scotia Capital Inc. raised its holdings 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 valued at $705,000 after acquiring an additional 50 shares during the period. Institutional investors own 93.15% of the company’s stock.

About CDW

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.