Redburn Atlantic Initiates Coverage on CDW (NASDAQ:CDW)

Redburn Atlantic started coverage on shares of CDW (NASDAQ:CDW) in a research report sent to investors on Friday morning, Marketbeat reports. The firm issued a buy rating and a $230.00 target price on the information technology services provider’s stock.

Several other research analysts also recently issued reports on the stock. Barclays dropped their price objective on shares of CDW from $229.00 to $201.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Citigroup lowered CDW from a “buy” rating to a “neutral” rating and lowered their price target for the company from $250.00 to $245.00 in a research note on Tuesday, October 1st. Finally, JPMorgan Chase & Co. downgraded CDW from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $260.00 to $235.00 in a research report on Monday, October 28th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, CDW has a consensus rating of “Moderate Buy” and an average price target of $244.63.

CDW Stock Performance

Shares of CDW stock traded down $3.14 during trading on Friday, reaching $177.63. The company’s stock had a trading volume of 2,703,465 shares, compared to its average volume of 881,102. CDW has a one year low of $175.94 and a one year high of $263.37. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.28 and a current ratio of 1.40. The firm has a market cap of $23.67 billion, a price-to-earnings ratio of 21.72, a price-to-earnings-growth ratio of 5.19 and a beta of 1.05. The business’s fifty day moving average price is $213.49 and its 200-day moving average price is $220.05.

CDW (NASDAQ:CDW) last issued its quarterly earnings results on Wednesday, October 30th. The information technology services provider reported $2.63 EPS for the quarter, missing analysts’ consensus estimates of $2.68 by ($0.05). CDW had a return on equity of 58.31% and a net margin of 5.33%. The business had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.72 billion. During the same quarter last year, the firm earned $2.60 earnings per share. The firm’s quarterly revenue was down 2.0% compared to the same quarter last year. As a group, equities research analysts predict that CDW will post 9.05 earnings per share for the current year.

CDW Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 25th will be issued a $0.625 dividend. The ex-dividend date of this dividend is Monday, November 25th. This is a boost from CDW’s previous quarterly dividend of $0.62. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.41%. CDW’s dividend payout ratio is presently 30.32%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CDW. Acadian Asset Management LLC raised its position in CDW by 211.5% in 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 last quarter. Peak Financial Advisors LLC bought a new position in shares of CDW in the second quarter valued at about $2,854,000. M&G Plc acquired a new position in CDW during the 1st quarter worth about $8,528,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund bought a new stake in CDW during the 3rd quarter worth about $12,761,000. Finally, Virtu Financial LLC increased its position in CDW by 175.9% in the 1st quarter. Virtu Financial LLC now owns 7,115 shares of the information technology services provider’s stock valued at $1,820,000 after acquiring an additional 4,536 shares in the last quarter. 93.15% of the stock is 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.