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

CDW (NASDAQ:CDW) had its price target lowered by Barclays from $261.00 to $232.00 in a research report released on Thursday, Benzinga reports. The firm currently has an equal weight rating on the information technology services provider’s stock.

A number of other equities research analysts also recently issued reports on the stock. Citigroup upped their price target on shares of CDW from $255.00 to $295.00 and gave the company a buy rating in a research note on Thursday, April 4th. JPMorgan Chase & Co. boosted their price objective on shares of CDW from $267.00 to $280.00 and gave the company an overweight rating in a research report on Thursday, April 11th. Finally, Evercore ISI raised their target price on shares of CDW from $250.00 to $300.00 and gave the stock an outperform rating in a report on Friday, March 22nd. Three research 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, CDW presently has an average rating of Moderate Buy and a consensus target price of $247.50.

CDW Stock Performance

Shares of NASDAQ CDW traded up $1.15 during midday trading on Thursday, hitting $219.56. 805,670 shares of the stock traded hands, compared to its average volume of 768,724. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.11 and a current ratio of 1.26. The firm has a market capitalization of $29.51 billion, a P/E ratio of 27.41, a PEG ratio of 2.49 and a beta of 1.09. CDW has a one year low of $162.59 and a one year high of $263.37. The firm has a 50-day moving average of $245.67 and a two-hundred day moving average of $229.30.

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, beating the consensus estimate of $2.56 by $0.01. The business had revenue of $5.02 billion during the quarter, compared to analyst estimates 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 quarter in the previous year, the company posted $2.40 earnings per share. On average, equities analysts forecast that CDW will post 9.89 EPS for the current fiscal year.

CDW announced that its Board of Directors has authorized a share buyback plan on Wednesday, February 7th that permits the company to buyback $750.00 million in shares. This buyback authorization permits the information technology services provider to purchase up to 2.4% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

CDW Announces Dividend

The company also recently disclosed 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 is Thursday, May 23rd. This represents a $2.48 annualized dividend and a yield of 1.13%. CDW’s dividend payout ratio (DPR) is currently 30.96%.

Hedge Funds Weigh In On CDW

A number of hedge funds and other institutional investors have recently made changes to their positions in CDW. Raymond James Financial Services Advisors Inc. increased its holdings in CDW by 16.1% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 49,011 shares of the information technology services provider’s stock valued at $11,141,000 after buying an additional 6,799 shares during the period. Cerity Partners LLC lifted its stake in shares of CDW by 44.9% during the 4th quarter. Cerity Partners LLC now owns 14,553 shares of the information technology services provider’s stock worth $3,308,000 after purchasing an additional 4,511 shares during the last quarter. Pacer Advisors Inc. boosted its position in CDW by 84.9% during the fourth quarter. Pacer Advisors Inc. now owns 15,924 shares of the information technology services provider’s stock valued at $3,620,000 after purchasing an additional 7,310 shares in the last quarter. JGP Wealth Management LLC purchased a new position in CDW in the fourth quarter valued at about $1,559,000. Finally, California Public Employees Retirement System raised its holdings in CDW by 1.0% in the third quarter. California Public Employees Retirement System now owns 819,011 shares of the information technology services provider’s stock worth $165,244,000 after purchasing an additional 7,854 shares in the last quarter. 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.