CDW (NASDAQ:CDW) Cut to Neutral at JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of CDW (NASDAQ:CDW) from an overweight rating to a neutral rating in a report released on Monday morning, Marketbeat reports. They currently have $235.00 price objective on the information technology services provider’s stock, down from their prior price objective of $260.00.

Other research analysts have also issued reports about the stock. Stifel Nicolaus raised their target price on shares of CDW from $250.00 to $260.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Barclays decreased their price objective on CDW from $232.00 to $229.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 1st. Finally, Citigroup downgraded CDW from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $250.00 to $245.00 in a research report on Tuesday, October 1st. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $246.71.

CDW Stock Performance

NASDAQ:CDW opened at $188.23 on Monday. The stock has a 50-day moving average price of $220.86 and a 200 day moving average price of $223.97. The company has a current ratio of 1.13, a quick ratio of 1.02 and a debt-to-equity ratio of 2.03. CDW has a 12-month low of $185.04 and a 12-month high of $263.37. The stock has a market capitalization of $25.14 billion, a P/E ratio of 23.01, a P/E/G ratio of 3.42 and a beta of 1.03.

CDW (NASDAQ:CDW) last issued its earnings results on Wednesday, July 31st. The information technology services provider reported $2.34 earnings per share for the quarter, missing analysts’ consensus estimates of $2.39 by ($0.05). CDW had a return on equity of 62.22% and a net margin of 5.29%. The company had revenue of $5.42 billion for the quarter, compared to the consensus estimate of $5.43 billion. During the same quarter in the prior year, the company posted $2.43 EPS. CDW’s revenue was down 3.6% compared to the same quarter last year. Equities research analysts forecast that CDW will post 9.4 EPS for the current fiscal year.

CDW Increases Dividend

The company 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 of this dividend is Monday, November 25th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.33%. This is a positive change from CDW’s previous quarterly dividend of $0.62. CDW’s dividend payout ratio is currently 30.56%.

Hedge Funds Weigh In On CDW

Several institutional investors have recently bought and sold shares of the company. Aviance Capital Partners LLC purchased a new position in CDW in the first quarter valued at approximately $308,000. Congress Wealth Management LLC DE raised its stake in CDW by 5.3% during the 1st quarter. Congress Wealth Management LLC DE now owns 13,001 shares of the information technology services provider’s stock worth $3,326,000 after acquiring an additional 649 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in CDW by 28.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 9,317 shares of the information technology services provider’s stock valued at $2,383,000 after acquiring an additional 2,076 shares during the last quarter. State of Michigan Retirement System boosted its stake in CDW by 0.3% in the first quarter. State of Michigan Retirement System now owns 36,745 shares of the information technology services provider’s stock valued at $9,399,000 after acquiring an additional 100 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its stake in CDW by 0.4% in the first quarter. State of Alaska Department of Revenue now owns 14,533 shares of the information technology services provider’s stock valued at $3,717,000 after acquiring an additional 65 shares in the last quarter. 93.15% of the stock is owned by institutional investors and hedge funds.

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.