Short Interest in CDW Co. (NASDAQ:CDW) Expands By 14.3%

CDW Co. (NASDAQ:CDW) was the target of a large growth in short interest in the month of March. As of March 31st, there was short interest totalling 3,030,000 shares, a growth of 14.3% from the March 15th total of 2,650,000 shares. Based on an average daily trading volume, of 696,800 shares, the days-to-cover ratio is presently 4.3 days. Currently, 2.3% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

CDW has been the topic of several analyst reports. Citigroup raised their target price on shares of CDW from $255.00 to $295.00 and gave the company a “buy” rating in a report on Thursday, April 4th. Evercore ISI raised their price objective on shares of CDW from $250.00 to $300.00 and gave the company an “outperform” rating in a report on Friday, March 22nd. JPMorgan Chase & Co. boosted their target price on shares of CDW from $267.00 to $280.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Finally, Barclays increased their target price on CDW from $219.00 to $261.00 and gave the company an “equal weight” rating in a report on Thursday, February 8th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, CDW currently has an average rating of “Moderate Buy” and a consensus price target of $238.90.

Institutional Investors Weigh In On CDW

Several institutional investors and hedge funds have recently made changes to their positions in CDW. Vanguard Group Inc. increased its position in CDW by 1.3% during the first quarter. Vanguard Group Inc. now owns 15,723,027 shares of the information technology services provider’s stock worth $2,812,692,000 after buying an additional 196,216 shares in the last quarter. State Street Corp increased its position in CDW by 3.0% during the 1st quarter. State Street Corp now owns 5,281,252 shares of the information technology services provider’s stock worth $1,029,263,000 after purchasing an additional 156,066 shares in the last quarter. Wellington Management Group LLP raised its stake in CDW by 29.1% in the 4th quarter. Wellington Management Group LLP now owns 3,464,886 shares of the information technology services provider’s stock valued at $787,638,000 after purchasing an additional 781,421 shares during the last quarter. Geode Capital Management LLC lifted its holdings in CDW by 2.3% in the 1st quarter. Geode Capital Management LLC now owns 2,881,054 shares of the information technology services provider’s stock valued at $560,247,000 after purchasing an additional 63,457 shares in the last quarter. Finally, Morgan Stanley boosted its stake in shares of CDW by 130.7% during the 4th quarter. Morgan Stanley now owns 2,442,301 shares of the information technology services provider’s stock worth $436,146,000 after purchasing an additional 1,383,869 shares during the last quarter. 93.15% of the stock is currently owned by hedge funds and other institutional investors.

CDW Price Performance

Shares of NASDAQ CDW traded down $1.37 during midday trading on Tuesday, hitting $240.01. The company had a trading volume of 651,700 shares, compared to its average volume of 706,331. The firm has a market capitalization of $32.25 billion, a price-to-earnings ratio of 29.63, a price-to-earnings-growth ratio of 2.75 and a beta of 1.09. CDW has a twelve month low of $160.66 and a twelve month high of $263.37. The business has a 50-day simple moving average of $247.59 and a two-hundred day simple moving average of $226.92. The company has a quick ratio of 1.11, a current ratio of 1.23 and a debt-to-equity ratio of 2.46.

CDW (NASDAQ:CDW) last posted 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. The company had revenue of $5.02 billion during the quarter, compared to the consensus estimate of $5.32 billion. CDW had a net margin of 5.17% and a return on equity of 73.93%. The company’s revenue for the quarter was down 7.7% on a year-over-year basis. During the same period last year, the firm earned $2.40 EPS. Equities research analysts anticipate that CDW will post 9.88 earnings per share for the current year.

CDW declared that its board has initiated a stock repurchase program on Wednesday, February 7th that permits the company to buyback $750.00 million in shares. This buyback authorization permits the information technology services provider to reacquire up to 2.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

CDW Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Monday, February 26th were issued a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 1.03%. The ex-dividend date of this dividend was Friday, February 23rd. CDW’s dividend payout ratio (DPR) is 30.62%.

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.