CDW Co. (NASDAQ:CDW) Sees Large Growth in Short Interest

CDW Co. (NASDAQ:CDW) was the target of a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 3,710,000 shares, a growth of 15.2% from the August 15th total of 3,220,000 shares. Based on an average daily volume of 974,700 shares, the days-to-cover ratio is currently 3.8 days. Approximately 2.8% of the shares of the company are sold short.

CDW Price Performance

NASDAQ:CDW traded up $1.87 on Tuesday, hitting $223.32. The company had a trading volume of 556,323 shares, compared to its average volume of 825,971. CDW has a 52 week low of $185.04 and a 52 week high of $263.37. The company has a current ratio of 1.13, a quick ratio of 1.02 and a debt-to-equity ratio of 2.03. The stock has a market capitalization of $30.01 billion, a price-to-earnings ratio of 27.70, a PEG ratio of 3.27 and a beta of 1.04. The firm has a 50 day moving average of $221.88 and a two-hundred day moving average of $230.47.

CDW (NASDAQ:CDW) last announced its quarterly earnings results on Wednesday, July 31st. The information technology services provider reported $2.34 EPS for the quarter, missing analysts’ consensus estimates of $2.39 by ($0.05). CDW had a net margin of 5.29% and a return on equity of 62.22%. The firm had revenue of $5.42 billion during the quarter, compared to the consensus estimate of $5.43 billion. During the same quarter in the previous year, the company posted $2.43 earnings per share. The firm’s revenue was down 3.6% on a year-over-year basis. On average, research analysts anticipate that CDW will post 9.4 earnings per share for the current year.

CDW Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 26th were paid a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 1.11%. The ex-dividend date was Monday, August 26th. CDW’s dividend payout ratio is currently 30.96%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on CDW shares. Barclays cut their price objective on shares of CDW from $232.00 to $229.00 and set an “equal weight” rating for the company in a research report on Thursday, August 1st. Stifel Nicolaus upped their price target on shares of CDW from $250.00 to $260.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Finally, Northcoast Research raised shares of CDW from a “neutral” rating to a “buy” rating and set a $270.00 price objective on the stock in a research note on Friday, June 7th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $254.63.

Insider Buying and Selling at CDW

In related news, insider Christine A. Leahy acquired 1,200 shares of the business’s stock in a transaction on Thursday, August 1st. The stock was purchased at an average cost of $216.15 per share, for a total transaction of $259,380.00. Following the completion of the transaction, the insider now directly owns 102,200 shares of the company’s stock, valued at approximately $22,090,530. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider Christine A. Leahy acquired 1,200 shares of the stock in a transaction on Thursday, August 1st. The shares were purchased at an average price of $216.15 per share, for a total transaction of $259,380.00. Following the transaction, the insider now directly owns 102,200 shares of the company’s stock, valued at $22,090,530. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Sona Chawla sold 18,437 shares of the business’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $240.45, for a total transaction of $4,433,176.65. Following the completion of the sale, the insider now directly owns 22,428 shares of the company’s stock, valued at approximately $5,392,812.60. The disclosure for this sale can be found here. Insiders own 0.90% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. UBS Group AG raised its position in CDW by 60.7% during the 4th quarter. UBS Group AG now owns 194,686 shares of the information technology services provider’s stock worth $44,256,000 after purchasing an additional 73,503 shares during the last quarter. Acadian Asset Management LLC increased its position in CDW by 211.5% during the 1st quarter. Acadian Asset Management LLC now owns 44,205 shares of the information technology services provider’s stock valued at $11,302,000 after purchasing an additional 30,012 shares during the period. Rafferty Asset Management LLC increased its position in CDW by 157.3% during the 4th quarter. Rafferty Asset Management LLC now owns 90,362 shares of the information technology services provider’s stock valued at $20,541,000 after purchasing an additional 55,239 shares during the period. Insight Wealth Strategies LLC bought a new position in CDW during the 1st quarter worth approximately $3,940,000. Finally, Madison Asset Management LLC lifted its position in shares of CDW by 2.8% in the 4th quarter. Madison Asset Management LLC now owns 374,505 shares of the information technology services provider’s stock worth $85,132,000 after purchasing an additional 10,183 shares during the period. Institutional investors own 93.15% of the company’s stock.

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.