Morgan Stanley Increases CDW (NASDAQ:CDW) Price Target to $193.00

CDW (NASDAQ:CDW - Free Report) had its target price hoisted by Morgan Stanley from $190.00 to $193.00 in a research report released on Monday,Benzinga reports. They currently have an equal weight rating on the information technology services provider's stock.

Several other research firms also recently commented on CDW. Citigroup downgraded shares of CDW from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $250.00 to $245.00 in a report on Tuesday, October 1st. JPMorgan Chase & Co. cut CDW from an "overweight" rating to a "neutral" rating and decreased their price objective for the company from $260.00 to $235.00 in a report on Monday, October 28th. Barclays reduced their price target on CDW from $229.00 to $201.00 and set an "equal weight" rating for the company in a research report on Thursday, October 31st. Finally, Redburn Atlantic began coverage on CDW in a research report on Friday, November 15th. They issued a "buy" rating and a $230.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $241.75.

CDW Stock Up 1.0 %

Shares of CDW traded up $1.73 during trading hours on Monday, hitting $177.79. The company had a trading volume of 1,197,129 shares, compared to its average volume of 925,801. The company's fifty day moving average price is $195.27 and its two-hundred day moving average price is $213.06. CDW has a one year low of $172.95 and a one year high of $263.37. The company has a current ratio of 1.40, a quick ratio of 1.28 and a debt-to-equity ratio of 2.39. The company has a market capitalization of $23.69 billion, a PE ratio of 21.73, a price-to-earnings-growth ratio of 5.01 and a beta of 1.02.

CDW (NASDAQ:CDW - Get Free Report) last announced its earnings results on Wednesday, October 30th. The information technology services provider reported $2.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.68 by ($0.05). The business had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.72 billion. CDW had a net margin of 5.33% and a return on equity of 58.31%. The company's quarterly revenue was down 2.0% on a year-over-year basis. During the same period in the prior year, the company earned $2.60 earnings per share. As a group, equities analysts forecast that CDW will post 8.99 earnings per share for the current fiscal year.

CDW Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 25th were issued a dividend of $0.625 per share. The ex-dividend date of this dividend was Monday, November 25th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.41%. This is a boost from CDW's previous quarterly dividend of $0.62. CDW's dividend payout ratio is presently 30.56%.

Hedge Funds Weigh In On CDW

Several hedge funds and other institutional investors have recently modified their holdings of the business. State Street Corp increased its holdings in shares of CDW by 1.1% in the third quarter. State Street Corp now owns 5,719,348 shares of the information technology services provider's stock valued at $1,294,288,000 after purchasing an additional 64,702 shares during the last quarter. Geode Capital Management LLC increased its position in CDW by 0.9% during the third quarter. Geode Capital Management LLC now owns 3,481,064 shares of the information technology services provider's stock worth $785,635,000 after purchasing an additional 31,858 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new position in CDW during the third quarter worth about $416,111,000. Janus Henderson Group PLC grew its stake in shares of CDW by 7,029.1% in the 3rd quarter. Janus Henderson Group PLC now owns 1,466,597 shares of the information technology services provider's stock valued at $331,891,000 after buying an additional 1,446,025 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in CDW by 11.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,292,674 shares of the information technology services provider's stock worth $289,357,000 after acquiring an additional 128,263 shares during the last quarter. 93.15% of the stock is owned by hedge funds and other institutional investors.

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.