Redburn Atlantic Initiates Coverage on CDW (NASDAQ:CDW)

Redburn Atlantic initiated coverage on shares of CDW (NASDAQ:CDW) in a research note published on Friday, MarketBeat.com reports. The brokerage issued a buy rating and a $230.00 target price on the information technology services provider’s stock.

Other equities analysts have also recently issued reports about the company. Barclays lowered their price target on CDW from $229.00 to $201.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Citigroup cut shares of CDW from a “buy” rating to a “neutral” rating and dropped their price target for the company from $250.00 to $245.00 in a research report on Tuesday, October 1st. Finally, JPMorgan Chase & Co. downgraded shares of CDW from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $260.00 to $235.00 in a research note on Monday, October 28th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, CDW currently has an average rating of “Moderate Buy” and a consensus price target of $244.63.

CDW Price Performance

Shares of CDW stock opened at $178.07 on Friday. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.40 and a quick ratio of 1.28. The company has a market capitalization of $23.73 billion, a PE ratio of 21.77, a price-to-earnings-growth ratio of 4.96 and a beta of 1.05. The firm’s 50-day moving average is $212.76 and its two-hundred day moving average is $219.65. CDW has a 12 month low of $175.94 and a 12 month high of $263.37.

CDW (NASDAQ:CDW) last released its quarterly earnings results on Wednesday, October 30th. The information technology services provider reported $2.63 EPS for the quarter, missing the consensus estimate of $2.68 by ($0.05). The firm had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.72 billion. CDW had a net margin of 5.33% and a return on equity of 58.31%. The firm’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.60 EPS. Analysts predict that CDW will post 9.05 earnings per share for the current year.

CDW Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 25th will be issued a $0.625 dividend. The ex-dividend date is Monday, November 25th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.40%. This is a boost from CDW’s previous quarterly dividend of $0.62. CDW’s payout ratio is 30.32%.

Institutional Trading of CDW

A number of large investors have recently modified their holdings of CDW. Rehmann Capital Advisory Group grew its position in shares of CDW by 4.4% during the third quarter. Rehmann Capital Advisory Group now owns 1,936 shares of the information technology services provider’s stock worth $441,000 after buying an additional 81 shares in the last quarter. Fortem Financial Group LLC acquired a new position in CDW during the 3rd quarter worth approximately $1,061,000. Toronto Dominion Bank increased its position in shares of CDW by 1.0% in the 3rd quarter. Toronto Dominion Bank now owns 75,704 shares of the information technology services provider’s stock valued at $17,132,000 after purchasing an additional 779 shares during the last quarter. Coldstream Capital Management Inc. raised its holdings in shares of CDW by 7.9% in the 3rd quarter. Coldstream Capital Management Inc. now owns 1,594 shares of the information technology services provider’s stock valued at $355,000 after purchasing an additional 117 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of CDW by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 3,481,064 shares of the information technology services provider’s stock worth $785,635,000 after purchasing an additional 31,858 shares during the last quarter. Hedge funds and other 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.