Short Interest in CDW Co. (NASDAQ:CDW) Drops By 13.0%

CDW Co. (NASDAQ:CDW - Get Free Report) was the recipient of a significant drop in short interest in March. As of March 15th, there was short interest totalling 3,010,000 shares, a drop of 13.0% from the February 28th total of 3,460,000 shares. Based on an average daily volume of 1,330,000 shares, the days-to-cover ratio is currently 2.3 days. Approximately 2.3% of the shares of the stock are sold short.

Institutional Trading of CDW

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Insight Wealth Strategies LLC lifted its stake in CDW by 4.1% in the first quarter. Insight Wealth Strategies LLC now owns 20,577 shares of the information technology services provider's stock worth $3,298,000 after purchasing an additional 805 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in shares of CDW by 19.2% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 534 shares of the information technology services provider's stock worth $86,000 after buying an additional 86 shares during the period. California State Teachers Retirement System raised its holdings in shares of CDW by 4.8% in the fourth quarter. California State Teachers Retirement System now owns 226,256 shares of the information technology services provider's stock worth $39,378,000 after buying an additional 10,362 shares during the period. 111 Capital bought a new stake in shares of CDW during the 4th quarter worth approximately $750,000. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in CDW by 79.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 11,968 shares of the information technology services provider's stock valued at $2,083,000 after acquiring an additional 5,301 shares during the period. Hedge funds and other institutional investors own 93.15% of the company's stock.

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CDW Price Performance

CDW traded down $7.08 during trading hours on Friday, hitting $144.49. The company's stock had a trading volume of 4,384,228 shares, compared to its average volume of 1,119,728. The stock has a market cap of $19.14 billion, a price-to-earnings ratio of 18.13, a P/E/G ratio of 3.21 and a beta of 1.01. The business's 50-day moving average price is $178.71 and its 200-day moving average price is $189.30. The company has a current ratio of 1.35, a quick ratio of 1.24 and a debt-to-equity ratio of 2.38. CDW has a 12 month low of $141.80 and a 12 month high of $257.33.

CDW (NASDAQ:CDW - Get Free Report) last posted its earnings results on Wednesday, February 5th. The information technology services provider reported $2.40 earnings per share for the quarter, topping 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%. Sell-side analysts expect that CDW will post 9.41 earnings per share for the current fiscal year.

CDW announced that its board has authorized a stock buyback plan on Wednesday, February 5th that authorizes the company to buyback $750.00 million in outstanding shares. This buyback authorization authorizes the information technology services provider to reacquire up to 2.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board believes its stock is undervalued.

CDW Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 11th. Stockholders of record on Tuesday, February 25th were issued a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date was Tuesday, February 25th. CDW's dividend payout ratio (DPR) is 31.37%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on CDW shares. Barclays boosted their price target on CDW from $201.00 to $223.00 and gave the stock an "equal weight" rating in a report on Thursday, February 6th. UBS Group lowered their target price on shares of CDW from $233.00 to $220.00 and set a "buy" rating on the stock in a report on Tuesday, January 7th. Finally, Morgan Stanley raised their target price on shares of CDW from $193.00 to $201.00 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's stock. According to MarketBeat.com, CDW currently has a consensus rating of "Moderate Buy" and a consensus target price of $235.50.

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.