CDW (NASDAQ:CDW) Price Target Lowered to $260.00 at Citigroup

CDW (NASDAQ:CDW) had its price objective reduced by Citigroup from $295.00 to $260.00 in a research report sent to investors on Thursday morning, Benzinga reports. They currently have a buy rating on the information technology services provider’s stock.

CDW has been the topic of a number of other research reports. JPMorgan Chase & Co. lowered their target price on CDW from $280.00 to $265.00 and set an overweight rating on the stock in a report on Thursday. Barclays dropped their price objective on shares of CDW from $261.00 to $232.00 and set an equal weight rating on the stock in a report on Thursday. Stifel Nicolaus reduced their target price on shares of CDW from $265.00 to $250.00 and set a buy rating for the company in a report on Thursday. Finally, Evercore ISI increased their price target on shares of CDW from $250.00 to $300.00 and gave the stock an outperform rating in a research report on Friday, March 22nd. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, CDW currently has a consensus rating of Moderate Buy and a consensus target price of $235.50.

CDW Stock Up 0.5 %

CDW stock traded up $1.15 during midday trading on Thursday, hitting $219.56. The company’s stock had a trading volume of 805,670 shares, compared to its average volume of 722,308. The firm’s 50-day moving average is $245.67 and its 200-day moving average is $229.16. The company has a current ratio of 1.26, a quick ratio of 1.11 and a debt-to-equity ratio of 2.35. CDW has a 12 month low of $162.59 and a 12 month high of $263.37. The company has a market cap of $29.50 billion, a PE ratio of 27.11, a P/E/G ratio of 2.43 and a beta of 1.09.

CDW (NASDAQ:CDW) last announced its quarterly earnings results 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. CDW had a return on equity of 67.56% and a net margin of 5.16%. The firm had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $5.32 billion. During the same period in the prior year, the company posted $2.40 earnings per share. The company’s quarterly revenue was down 7.7% on a year-over-year basis. On average, equities research analysts forecast that CDW will post 9.89 earnings per share for the current fiscal year.

CDW Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 11th. Investors of record on Friday, May 24th will be issued 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 of this dividend is Thursday, May 23rd. CDW’s payout ratio is 30.62%.

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

Institutional Trading of CDW

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