Short Interest in CDW Co. (NASDAQ:CDW) Drops By 13.0%

CDW Co. (NASDAQ:CDW) saw a significant decrease in short interest during the month of March. As of March 15th, there was short interest totalling 3,010,000 shares, a decrease of 13.0% from the February 28th total of 3,460,000 shares. Based on an average daily volume of 1,330,000 shares, the days-to-cover ratio is currently 2.3 days. Approximately 2.3% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

CDW has been the subject of several research analyst reports. UBS Group reduced their target price on CDW from $233.00 to $220.00 and set a “buy” rating for the company in a research note on Tuesday, January 7th. Morgan Stanley upped their price objective on CDW from $193.00 to $201.00 and gave the company an “equal weight” rating in a report on Thursday, February 6th. Finally, Barclays upped their price target on CDW from $201.00 to $223.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 6th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $235.50.

CDW Stock Up 1.5 %

Shares of NASDAQ CDW opened at $164.47 on Thursday. The stock has a market cap of $21.79 billion, a PE ratio of 20.64, a price-to-earnings-growth ratio of 3.21 and a beta of 1.01. CDW has a 52-week low of $154.65 and a 52-week high of $263.37. The business has a 50-day moving average price of $180.64 and a 200 day moving average price of $190.34. The company has a quick ratio of 1.24, a current ratio of 1.35 and a debt-to-equity ratio of 2.38.

CDW (NASDAQ:CDW) last issued its earnings results on Wednesday, February 5th. The information technology services provider reported $2.40 earnings per share for the quarter, beating the consensus estimate of $2.33 by $0.07. CDW had a net margin of 5.13% and a return on equity of 55.42%. Equities research analysts forecast that CDW will post 9.41 earnings per share for the current year.

CDW Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 11th. Investors of record on Tuesday, February 25th were paid a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date of this dividend was Tuesday, February 25th. CDW’s payout ratio is currently 31.37%.

CDW announced that its board has initiated a stock buyback program on Wednesday, February 5th that authorizes the company to repurchase $750.00 million in outstanding shares. This repurchase authorization authorizes the information technology services provider to repurchase up to 2.7% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in CDW. Orion Capital Management LLC purchased a new stake in CDW during the 4th quarter worth $30,000. Allworth Financial LP lifted its position in CDW by 39.7% in the 4th quarter. Allworth Financial LP now owns 183 shares of the information technology services provider’s stock valued at $32,000 after purchasing an additional 52 shares during the last quarter. OFI Invest Asset Management bought a new stake in CDW during the 4th quarter valued at $32,000. Parkside Financial Bank & Trust raised its position in shares of CDW by 38.9% during the 4th quarter. Parkside Financial Bank & Trust now owns 207 shares of the information technology services provider’s stock worth $36,000 after buying an additional 58 shares in the last quarter. Finally, Optiver Holding B.V. lifted its holdings in shares of CDW by 107.2% in the fourth quarter. Optiver Holding B.V. now owns 230 shares of the information technology services provider’s stock valued at $40,000 after buying an additional 119 shares during the period. 93.15% of the stock is owned by hedge funds and other institutional investors.

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.