CDW Co. (NASDAQ:CDW) Sees Large Drop in Short Interest

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Quest Partners LLC acquired a new stake in shares of CDW in the 2nd quarter valued at approximately $35,000. ORG Partners LLC bought a new stake in shares of CDW during the second quarter worth $34,000. Canoe Financial LP acquired a new position in shares of CDW during the third quarter worth $37,000. Fortitude Family Office LLC lifted its stake in shares of CDW by 350.0% in the 3rd quarter. Fortitude Family Office LLC now owns 171 shares of the information technology services provider’s stock valued at $39,000 after acquiring an additional 133 shares during the last quarter. Finally, Summit Securities Group LLC acquired a new stake in shares of CDW during the 2nd quarter valued at $40,000. Institutional investors own 93.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Barclays lowered their price target 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. JPMorgan Chase & Co. cut CDW from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $260.00 to $235.00 in a report on Monday, October 28th. Citigroup lowered CDW from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $250.00 to $245.00 in a report on Tuesday, October 1st. Finally, Redburn Atlantic began coverage on CDW in a report on Friday, November 15th. They set a “buy” rating and a $230.00 target price for the company. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $244.63.

CDW Trading Down 0.5 %

CDW opened at $175.93 on Friday. The company has a quick ratio of 1.28, a current ratio of 1.40 and a debt-to-equity ratio of 2.39. CDW has a twelve month low of $172.95 and a twelve month high of $263.37. The stock has a market capitalization of $23.45 billion, a price-to-earnings ratio of 21.51, a P/E/G ratio of 4.97 and a beta of 1.05. The company has a 50-day simple moving average of $204.87 and a 200 day simple moving average of $216.92.

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

CDW Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 25th will be given a dividend of $0.625 per share. This is an increase from CDW’s previous quarterly dividend of $0.62. This represents a $2.50 annualized dividend and a dividend yield of 1.42%. The ex-dividend date is Monday, November 25th. CDW’s dividend payout ratio is currently 30.56%.

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.