Citigroup Raises CDW (NASDAQ:CDW) Price Target to $295.00

CDW (NASDAQ:CDW - Free Report) had its target price lifted by Citigroup from $255.00 to $295.00 in a research note published on Thursday morning, Benzinga reports. Citigroup currently has a buy rating on the information technology services provider's stock.

Several other equities analysts have also issued reports on CDW. Evercore ISI boosted their target price on CDW from $250.00 to $300.00 and gave the stock an outperform rating in a research report on Friday, March 22nd. JPMorgan Chase & Co. boosted their target price on CDW from $253.00 to $267.00 and gave the company an overweight rating in a research note on Thursday, February 8th. Morgan Stanley downgraded CDW from an overweight rating to an equal weight rating and set a $216.00 target price for the company. in a report on Tuesday, December 12th. Finally, Barclays boosted their price target on CDW from $219.00 to $261.00 and gave the company an equal weight rating in a research note on Thursday, February 8th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $237.60.

CDW Trading Down 1.3 %

CDW stock traded down $3.22 during midday trading on Thursday, reaching $252.54. The stock had a trading volume of 657,974 shares, compared to its average volume of 706,758. The business has a fifty day simple moving average of $244.72 and a two-hundred day simple moving average of $224.20. The company has a quick ratio of 1.11, a current ratio of 1.23 and a debt-to-equity ratio of 2.46. The firm has a market cap of $33.89 billion, a price-to-earnings ratio of 31.18, a PEG ratio of 2.85 and a beta of 1.09. CDW has a twelve month low of $160.66 and a twelve month high of $263.37.

CDW (NASDAQ:CDW - Get Free Report) last announced its quarterly earnings data on Wednesday, February 7th. The information technology services provider reported $2.57 EPS for the quarter, topping analysts' consensus estimates of $2.56 by $0.01. The firm had revenue of $5.02 billion during the quarter, compared to analyst estimates of $5.32 billion. CDW had a return on equity of 73.93% and a net margin of 5.17%. The company's revenue was down 7.7% on a year-over-year basis. During the same period last year, the company earned $2.40 earnings per share. As a group, research analysts expect that CDW will post 9.88 EPS for the current fiscal year.

CDW declared that its Board of Directors has authorized a share repurchase program on Wednesday, February 7th that permits the company to buyback $750.00 million in outstanding shares. This buyback authorization permits the information technology services provider to purchase up to 2.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

CDW Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Monday, February 26th were given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date of this dividend was Friday, February 23rd. CDW's payout ratio is 30.62%.

Institutional Investors Weigh In On CDW

A number of institutional investors and hedge funds have recently bought and sold shares of CDW. OFI Invest Asset Management bought a new position in CDW in the 3rd quarter valued at $25,000. VisionPoint Advisory Group LLC bought a new position in CDW in the 3rd quarter valued at $28,000. TFC Financial Management Inc. grew its stake in CDW by 61.1% in the 3rd quarter. TFC Financial Management Inc. now owns 145 shares of the information technology services provider's stock valued at $29,000 after purchasing an additional 55 shares during the period. Larson Financial Group LLC bought a new position in CDW in the 4th quarter valued at $30,000. Finally, Altshuler Shaham Ltd bought a new position in shares of CDW during the 4th quarter worth $33,000. 93.15% of the stock is owned by hedge funds and other 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.