CDW (NASDAQ:CDW) Price Target Cut to $265.00 by Analysts at JPMorgan Chase & Co.

CDW (NASDAQ:CDW) had its price target lowered by JPMorgan Chase & Co. from $280.00 to $265.00 in a research report released on Thursday morning, Benzinga reports. The brokerage currently has an overweight rating on the information technology services provider’s stock.

CDW has been the subject of a number of other reports. Evercore ISI lifted their price target on CDW from $250.00 to $300.00 and gave the stock an outperform rating in a research note on Friday, March 22nd. Barclays decreased their target price on CDW from $261.00 to $232.00 and set an equal weight rating for the company in a research report on Thursday. Finally, Citigroup upped their price target on CDW from $255.00 to $295.00 and gave the company a buy rating in a research report on Thursday, April 4th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $235.50.

CDW Stock Up 0.5 %

Shares of 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 market cap of $29.51 billion, a price-to-earnings ratio of 27.41, a P/E/G ratio of 2.47 and a beta of 1.09. CDW has a 1-year low of $162.59 and a 1-year high of $263.37. The stock has a 50-day moving average price of $245.67 and a 200-day moving average price of $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 (NASDAQ:CDW) last released its quarterly earnings results on Wednesday, February 7th. The information technology services provider reported $2.57 EPS for the quarter, topping the consensus estimate of $2.56 by $0.01. CDW had a return on equity of 67.56% and a net margin of 5.16%. The business had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $5.32 billion. During the same quarter in the previous year, the firm posted $2.40 earnings per share. The company’s revenue was down 7.7% compared to the same quarter last year. Research analysts expect that CDW will post 9.89 earnings per share for the current year.

CDW Announces Dividend

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

CDW announced that its board has authorized a share buyback program 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 buy up to 2.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On CDW

A number of hedge funds have recently made changes to their positions in the business. Raymond James Financial Services Advisors Inc. lifted its holdings in CDW by 16.1% in the fourth 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 position in 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 acquiring an additional 4,511 shares in the last quarter. Pacer Advisors Inc. lifted its stake 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 during the last quarter. JGP Wealth Management LLC bought a new stake in CDW during the fourth quarter worth approximately $1,559,000. Finally, California Public Employees Retirement System grew its position 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 buying an additional 7,854 shares during 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.