CDW Co. (NASDAQ:CDW) Short Interest Up 8.1% in June

CDW Co. (NASDAQ:CDW) was the recipient of a large increase in short interest in June. As of June 15th, there was short interest totalling 2,280,000 shares, an increase of 8.1% from the May 31st total of 2,110,000 shares. Currently, 1.7% of the company’s stock are sold short. Based on an average daily volume of 789,900 shares, the days-to-cover ratio is currently 2.9 days.

Hedge Funds Weigh In On CDW

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its position in CDW by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 16,407,542 shares of the information technology services provider’s stock worth $4,196,721,000 after purchasing an additional 714,393 shares during the last quarter. Wellington Management Group LLP increased its position in CDW by 29.1% in the 4th quarter. Wellington Management Group LLP now owns 3,464,886 shares of the information technology services provider’s stock valued at $787,638,000 after acquiring an additional 781,421 shares during the period. Mawer Investment Management Ltd. raised its stake in CDW by 0.9% during the 1st quarter. Mawer Investment Management Ltd. now owns 3,101,924 shares of the information technology services provider’s stock valued at $793,410,000 after acquiring an additional 27,753 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in CDW by 3.7% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,431,573 shares of the information technology services provider’s stock worth $366,168,000 after acquiring an additional 51,450 shares during the period. Finally, Dimensional Fund Advisors LP grew 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 purchasing an additional 33,235 shares in the last quarter. Institutional investors own 93.15% of the company’s stock.

CDW Price Performance

CDW opened at $218.11 on Thursday. The company has a quick ratio of 1.13, a current ratio of 1.26 and a debt-to-equity ratio of 2.35. The company’s 50-day moving average price is $226.12 and its 200 day moving average price is $233.73. CDW has a fifty-two week low of $180.38 and a fifty-two week high of $263.37. The firm has a market cap of $29.31 billion, a price-to-earnings ratio of 27.23, a price-to-earnings-growth ratio of 3.23 and a beta of 1.04.

CDW (NASDAQ:CDW) last announced its quarterly earnings results on Wednesday, May 1st. The information technology services provider reported $1.89 earnings per share for the quarter, missing analysts’ consensus estimates of $2.04 by ($0.15). CDW had a return on equity of 67.56% and a net margin of 5.16%. The company had revenue of $4.87 billion for the quarter, compared to analyst estimates of $4.94 billion. As a group, sell-side analysts expect that CDW will post 9.67 earnings per share for the current year.

CDW Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 11th. Stockholders of record on Friday, May 24th were issued a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 1.14%. The ex-dividend date was Thursday, May 23rd. CDW’s dividend payout ratio (DPR) is 30.96%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Stifel Nicolaus cut their target price on CDW from $265.00 to $250.00 and set a “buy” rating on the stock in a research report on Thursday, May 2nd. Citigroup reduced their price objective on shares of CDW from $295.00 to $260.00 and set a “buy” rating on the stock in a research note on Thursday, May 2nd. JPMorgan Chase & Co. dropped their target price on shares of CDW from $280.00 to $265.00 and set an “overweight” rating for the company in a research report on Thursday, May 2nd. Northcoast Research raised shares of CDW from a “neutral” rating to a “buy” rating and set a $270.00 price target on the stock in a research report on Friday, June 7th. Finally, Barclays lowered their price objective on CDW from $261.00 to $232.00 and set an “equal weight” rating for the company in a report on Thursday, May 2nd. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, CDW currently has a consensus rating of “Moderate Buy” and a consensus price target of $250.00.

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.