JPMorgan Chase & Co. Cuts CDW (NASDAQ:CDW) Price Target to $175.00

CDW (NASDAQ:CDW - Free Report) had its target price cut by JPMorgan Chase & Co. from $222.00 to $175.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have a neutral rating on the information technology services provider's stock.

Other equities research analysts have also recently issued research reports about the company. Citigroup lowered their target price on CDW from $220.00 to $160.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. UBS Group dropped their price objective on CDW from $233.00 to $220.00 and set a "buy" rating for the company in a research report on Tuesday, January 7th. Morgan Stanley raised their price target on shares of CDW from $193.00 to $201.00 and gave the stock an "equal weight" rating in a research note on Thursday, February 6th. Finally, Barclays upped their price objective on shares of CDW from $201.00 to $223.00 and gave the company an "equal weight" rating in a research note on Thursday, February 6th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $217.38.

CDW Stock Up 1.8 %

Shares of CDW stock traded up $2.70 on Thursday, reaching $151.47. 1,166,889 shares of the company were exchanged, compared to its average volume of 1,170,152. The stock's 50 day moving average price is $167.67 and its 200-day moving average price is $183.44. The company has a debt-to-equity ratio of 2.38, a current ratio of 1.35 and a quick ratio of 1.24. The company has a market cap of $19.96 billion, a P/E ratio of 19.01, a price-to-earnings-growth ratio of 3.21 and a beta of 0.97. CDW has a 1-year low of $137.31 and a 1-year high of $248.12.

CDW (NASDAQ:CDW - Get Free Report) last posted its quarterly earnings results on Wednesday, February 5th. The information technology services provider reported $2.40 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.33 by $0.07. CDW had a net margin of 5.13% and a return on equity of 55.42%. As a group, equities analysts forecast that CDW will post 9.41 EPS for the current year.

CDW announced that its board has initiated a stock buyback plan on Wednesday, February 5th that permits the company to buyback $750.00 million in outstanding shares. This buyback authorization permits the information technology services provider to purchase up to 2.7% of its shares through open market purchases. Shares buyback plans are often an indication that the company's management believes its stock is undervalued.

CDW Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 11th. Shareholders of record on Tuesday, February 25th were issued a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date was Tuesday, February 25th. CDW's dividend payout ratio is presently 31.37%.

Institutional Trading of CDW

Several hedge funds have recently made changes to their positions in the stock. D. E. Shaw & Co. Inc. boosted its stake in CDW by 906.9% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 2,024,887 shares of the information technology services provider's stock valued at $352,411,000 after purchasing an additional 1,823,788 shares in the last quarter. Alyeska Investment Group L.P. boosted its stake in CDW by 17,349.6% during the fourth quarter. Alyeska Investment Group L.P. now owns 1,380,787 shares of the information technology services provider's stock valued at $240,312,000 after buying an additional 1,372,874 shares in the last quarter. Norges Bank acquired a new position in CDW during the fourth quarter worth about $144,826,000. Madison Investment Advisors LLC bought a new stake in CDW in the fourth quarter worth about $130,996,000. Finally, Proficio Capital Partners LLC lifted its holdings in CDW by 18,259.3% in the 4th quarter. Proficio Capital Partners LLC now owns 687,189 shares of the information technology services provider's stock valued at $119,598,000 after acquiring an additional 683,446 shares during the last quarter. 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.