CDW (NASDAQ:CDW) Price Target Lowered to $148.00 at Barclays

CDW (NASDAQ:CDW) had its price target reduced by Barclays from $150.00 to $148.00 in a research note published on Monday,Benzinga reports. Barclays currently has an equal weight rating on the information technology services provider’s stock.

Several other research firms have also recently issued reports on CDW. Weiss Ratings upgraded shares of CDW from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 25th. JPMorgan Chase & Co. upgraded CDW from a “neutral” rating to an “overweight” rating and set a $130.00 price objective on the stock in a research report on Wednesday, May 27th. Royal Bank Of Canada raised CDW to an “outperform” rating and set a $130.00 price objective for the company in a research note on Wednesday, May 27th. Citigroup upped their target price on CDW from $123.00 to $145.00 and gave the stock a “neutral” rating in a research note on Monday, July 13th. Finally, Morgan Stanley lifted their price target on CDW from $170.00 to $171.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, CDW has an average rating of “Moderate Buy” and a consensus target price of $150.12.

CDW Stock Performance

NASDAQ CDW opened at $146.41 on Monday. The company’s 50 day moving average is $142.10 and its 200-day moving average is $131.14. CDW has a 12-month low of $97.12 and a 12-month high of $167.00. The company has a quick ratio of 1.05, a current ratio of 1.17 and a debt-to-equity ratio of 1.97. The firm has a market cap of $18.30 billion, a P/E ratio of 17.60, a price-to-earnings-growth ratio of 1.92 and a beta of 0.95.

CDW (NASDAQ:CDW) last announced its quarterly earnings results on Wednesday, August 5th. The information technology services provider reported $2.91 EPS for the quarter, beating analysts’ consensus estimates of $2.80 by $0.11. CDW had a net margin of 4.60% and a return on equity of 50.61%. The company had revenue of $6.57 billion for the quarter, compared to analysts’ expectations of $6.21 billion. During the same period in the prior year, the company posted $2.60 EPS. CDW’s revenue was up 10.0% compared to the same quarter last year. Sell-side analysts predict that CDW will post 10.33 earnings per share for the current year.

CDW Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Tuesday, August 25th were issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date was Tuesday, August 25th. CDW’s dividend payout ratio is currently 30.29%.

Insiders Place Their Bets

In other CDW news, insider Elizabeth Connelly sold 26,695 shares of the firm’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $137.62, for a total value of $3,673,765.90. Following the sale, the insider owned 34,215 shares of the company’s stock, valued at $4,708,668.30. This trade represents a 43.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.82% of the stock is owned by insiders.

Institutional Trading of CDW

A number of institutional investors have recently modified their holdings of the company. BlackRock Inc. purchased a new position in CDW during the 2nd quarter valued at about $2,143,082,000. Pzena Investment Management LLC bought a new stake in shares of CDW in the 2nd quarter worth approximately $371,135,000. Jupiter Topco LLC bought a new stake in shares of CDW in the 2nd quarter worth approximately $300,073,000. Alyeska Investment Group L.P. increased its stake in shares of CDW by 197.1% during the second quarter. Alyeska Investment Group L.P. now owns 1,854,952 shares of the information technology services provider’s stock valued at $260,880,000 after buying an additional 1,230,517 shares during the period. Finally, Bank of America Corp DE purchased a new position in shares of CDW during the second quarter valued at approximately $255,058,000. 93.15% of the stock is currently owned by hedge funds and other institutional investors.

CDW Company Profile

CDW Corporation (NASDAQ: CDW) is a provider of technology products and services for businesses, government agencies, educational institutions and healthcare organizations. The company helps customers design, acquire, configure and manage information technology environments.

Its offerings include computers, servers, networking equipment, software, data storage, cybersecurity products, cloud solutions and collaboration tools. CDW also provides professional, managed and lifecycle services, including solution design, implementation, security support, cloud management and IT asset management.

Founded in 1984, CDW serves customers primarily in the United States, Canada and the United Kingdom through a combination of sales specialists, technology partners and digital commerce platforms.