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

CDW (NASDAQ:CDW) had its price objective dropped by JPMorgan Chase & Co. from $280.00 to $265.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the information technology services provider’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 22.67% from the company’s current price.

Other analysts have also issued research reports about the company. Barclays reduced their price target on CDW from $261.00 to $232.00 and set an “equal weight” rating for the company in a research report on Thursday. Evercore ISI upped their price objective on CDW from $250.00 to $300.00 and gave the stock an “outperform” rating in a research note on Friday, March 22nd. Finally, Citigroup lifted their target price on CDW from $255.00 to $295.00 and gave the company a “buy” rating in a research note on Thursday, April 4th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, CDW has an average rating of “Moderate Buy” and a consensus price target of $237.78.

CDW Stock Performance

Shares of CDW stock traded up $1.41 during trading hours on Thursday, reaching $216.02. The company had a trading volume of 409,566 shares, compared to its average volume of 710,885. The company has a debt-to-equity ratio of 2.46, a quick ratio of 1.11 and a current ratio of 1.23. CDW has a one year low of $162.59 and a one year high of $263.37. The firm has a market cap of $29.03 billion, a PE ratio of 26.64, a price-to-earnings-growth ratio of 2.74 and a beta of 1.09. The business has a fifty day moving average price of $246.81 and a 200-day moving average price of $229.16.

CDW (NASDAQ:CDW) last issued its quarterly earnings data on Wednesday, February 7th. The information technology services provider reported $2.57 earnings per share for the quarter, topping the consensus estimate of $2.56 by $0.01. The firm had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $5.32 billion. CDW had a net margin of 5.17% and a return on equity of 73.93%. The business’s quarterly revenue was down 7.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.40 EPS. Sell-side analysts predict that CDW will post 9.89 earnings per share for the current fiscal year.

CDW announced that its Board of Directors has authorized a stock buyback plan on Wednesday, February 7th that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the information technology services provider to repurchase up to 2.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On CDW

A number of large investors have recently made changes to their positions in CDW. Wellington Management Group LLP lifted its stake in shares of CDW by 29.1% during the fourth quarter. Wellington Management Group LLP now owns 3,464,886 shares of the information technology services provider’s stock worth $787,638,000 after buying an additional 781,421 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in CDW by 4.9% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,380,123 shares of the information technology services provider’s stock worth $299,901,000 after buying an additional 64,140 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of CDW by 1.6% in the 3rd quarter. Northern Trust Corp now owns 1,331,127 shares of the information technology services provider’s stock valued at $268,568,000 after acquiring an additional 20,345 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its position in CDW by 3.3% during the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 1,315,983 shares of the information technology services provider’s stock valued at $265,513,000 after purchasing an additional 41,472 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of CDW by 3.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,135,792 shares of the information technology services provider’s stock worth $258,196,000 after buying an additional 33,235 shares during the last quarter. 93.15% of the stock is owned by institutional investors and hedge funds.

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.