CDW (NASDAQ:CDW) Given New $223.00 Price Target at Barclays

CDW (NASDAQ:CDW) had its price objective hoisted by Barclays from $201.00 to $223.00 in a research note released on Thursday,Benzinga reports. Barclays currently has an equal weight rating on the information technology services provider’s stock.

CDW has been the topic of a number of other research reports. UBS Group dropped their target price on CDW from $233.00 to $220.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. JPMorgan Chase & Co. lowered CDW from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $260.00 to $235.00 in a research report on Monday, October 28th. Redburn Atlantic initiated coverage on CDW in a research report on Friday, November 15th. They set a “buy” rating and a $230.00 price target on the stock. Finally, Morgan Stanley boosted their price target on CDW from $190.00 to $193.00 and gave the stock an “equal weight” rating in a research report on Monday, December 16th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $242.67.

CDW Price Performance

CDW stock opened at $199.86 on Thursday. The company has a quick ratio of 1.28, a current ratio of 1.40 and a debt-to-equity ratio of 2.39. CDW has a 12-month low of $168.43 and a 12-month high of $263.37. The stock has a market cap of $26.63 billion, a price-to-earnings ratio of 24.43, a P/E/G ratio of 5.39 and a beta of 1.01. The business’s 50-day simple moving average is $183.54 and its 200 day simple moving average is $202.63.

CDW (NASDAQ:CDW) last released its quarterly earnings results on Wednesday, February 5th. The information technology services provider reported $2.40 EPS for the quarter, topping analysts’ consensus estimates of $2.33 by $0.07. CDW had a return on equity of 58.31% and a net margin of 5.33%. As a group, research analysts anticipate that CDW will post 8.99 earnings per share for the current year.

CDW Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 11th. Stockholders of record on Tuesday, February 25th will be issued a dividend of $0.625 per share. The ex-dividend date is Tuesday, February 25th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.25%. CDW’s dividend payout ratio (DPR) is currently 30.56%.

CDW declared that its board has approved a stock repurchase plan on Wednesday, February 5th that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the information technology services provider to repurchase up to 2.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On CDW

Several large investors have recently bought and sold shares of CDW. Massachusetts Financial Services Co. MA bought a new position in CDW in the third quarter valued at about $416,111,000. Janus Henderson Group PLC raised its position in shares of CDW by 7,029.1% during the third quarter. Janus Henderson Group PLC now owns 1,466,597 shares of the information technology services provider’s stock worth $331,891,000 after acquiring an additional 1,446,025 shares during the last quarter. Holocene Advisors LP bought a new position in shares of CDW during the third quarter worth about $172,217,000. Perpetual Ltd bought a new position in shares of CDW during the third quarter worth about $158,300,000. Finally, Proficio Capital Partners LLC raised its position in shares of CDW by 18,259.3% during the fourth quarter. Proficio Capital Partners LLC now owns 687,189 shares of the information technology services provider’s stock worth $119,598,000 after acquiring an additional 683,446 shares during the last quarter. 93.15% of the stock is currently owned by institutional investors.

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.