JPMorgan Chase & Co. Trims CDW (NASDAQ:CDW) Target Price to $265.00

CDW (NASDAQ:CDW) had its price target trimmed by JPMorgan Chase & Co. from $280.00 to $265.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have an overweight rating on the information technology services provider’s stock.

Other research analysts have also issued reports about the company. Barclays reduced their target price on CDW from $261.00 to $232.00 and set an equal weight rating on the stock in a report on Thursday. Evercore ISI boosted their price target on CDW from $250.00 to $300.00 and gave the company an outperform rating in a report on Friday, March 22nd. Finally, Citigroup increased their target price on shares of CDW from $255.00 to $295.00 and gave the stock a buy rating in a report on Thursday, April 4th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $247.50.

CDW Trading Up 0.5 %

CDW traded up $1.15 during midday trading on Thursday, reaching $219.56. 805,670 shares of the company were exchanged, 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 stock 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. The stock’s 50-day simple moving average is $245.67 and its 200 day simple moving average is $229.30. CDW has a one year low of $162.59 and a one year high of $263.37.

CDW (NASDAQ:CDW) last issued its quarterly earnings data on Wednesday, February 7th. The information technology services provider reported $2.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.56 by $0.01. The firm had revenue of $5.02 billion during 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 business’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 earned $2.40 earnings per share. As a group, analysts forecast that CDW will post 9.89 earnings per share for the current fiscal year.

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

CDW Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 11th. Stockholders of record on Friday, May 24th will be given a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date is Thursday, May 23rd. CDW’s dividend payout ratio (DPR) is presently 30.96%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP lifted its holdings in CDW by 29.1% during the 4th quarter. Wellington Management Group LLP now owns 3,464,886 shares of the information technology services provider’s stock valued at $787,638,000 after purchasing an additional 781,421 shares during the last quarter. First Trust Advisors LP raised its position in shares of CDW by 627.3% in the fourth quarter. First Trust Advisors LP now owns 625,781 shares of the information technology services provider’s stock valued at $142,252,000 after purchasing an additional 539,745 shares during the period. Norges Bank acquired a new stake in shares of CDW during the 4th quarter worth about $111,736,000. The Manufacturers Life Insurance Company boosted its holdings in shares of CDW by 91.8% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 728,446 shares of the information technology services provider’s stock worth $146,971,000 after buying an additional 348,749 shares during the period. Finally, Lazard Asset Management LLC grew its stake in CDW by 459.5% in the 3rd quarter. Lazard Asset Management LLC now owns 252,272 shares of the information technology services provider’s stock valued at $50,898,000 after buying an additional 207,184 shares during the last quarter. 93.15% of the stock is currently owned by institutional investors.

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.