CDW Co. (NASDAQ:CDW) Short Interest Update

CDW Co. (NASDAQ:CDW) was the recipient of a significant decrease in short interest in the month of November. As of November 15th, there was short interest totalling 2,450,000 shares, a decrease of 35.2% from the October 31st total of 3,780,000 shares. Based on an average daily trading volume, of 1,090,000 shares, the short-interest ratio is presently 2.2 days. Approximately 1.8% of the company’s stock are short sold.

CDW Stock Performance

NASDAQ:CDW opened at $176.75 on Friday. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.40 and a quick ratio of 1.28. The firm has a market cap of $23.55 billion, a price-to-earnings ratio of 21.61, a price-to-earnings-growth ratio of 5.10 and a beta of 1.05. The firm’s fifty day moving average price is $206.88 and its 200 day moving average price is $217.52. CDW has a 1-year low of $172.95 and a 1-year high of $263.37.

CDW (NASDAQ:CDW) last announced its quarterly earnings data on Wednesday, October 30th. The information technology services provider reported $2.63 earnings per share for the quarter, missing analysts’ consensus estimates of $2.68 by ($0.05). The business had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.72 billion. CDW had a net margin of 5.33% and a return on equity of 58.31%. CDW’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.60 EPS. On average, sell-side analysts expect that CDW will post 8.99 EPS for the current year.

CDW Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 25th will be issued a dividend of $0.625 per share. The ex-dividend date is Monday, November 25th. This represents a $2.50 dividend on an annualized basis and a yield of 1.41%. This is an increase from CDW’s previous quarterly dividend of $0.62. CDW’s payout ratio is currently 30.56%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CDW. Citigroup cut CDW from a “buy” rating to a “neutral” rating and cut their price target for the company from $250.00 to $245.00 in a research note on Tuesday, October 1st. Barclays cut their target price on CDW from $229.00 to $201.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. JPMorgan Chase & Co. downgraded CDW from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $260.00 to $235.00 in a report on Monday, October 28th. Finally, Redburn Atlantic initiated coverage on shares of CDW in a report on Friday, November 15th. They set a “buy” rating and a $230.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $244.63.

Institutional Investors Weigh In On CDW

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Peak Financial Advisors LLC purchased a new stake in shares of CDW in the 2nd quarter worth about $2,854,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund purchased a new stake in shares of CDW in the third quarter valued at about $12,761,000. Raymond James & Associates lifted its holdings in shares of CDW by 16.6% in the second quarter. Raymond James & Associates now owns 139,711 shares of the information technology services provider’s stock valued at $31,273,000 after purchasing an additional 19,867 shares in the last quarter. Thrivent Financial for Lutherans grew its position in shares of CDW by 12.8% in the third quarter. Thrivent Financial for Lutherans now owns 599,900 shares of the information technology services provider’s stock valued at $135,758,000 after purchasing an additional 68,023 shares during the last quarter. Finally, Boston Partners raised its position in shares of CDW by 1.9% during the 1st quarter. Boston Partners now owns 807,590 shares of the information technology services provider’s stock worth $206,519,000 after purchasing an additional 15,178 shares during the last quarter. 93.15% of the stock is currently owned by institutional investors and hedge funds.

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.