CDW Co. (NASDAQ:CDW) Short Interest Up 8.2% in November

CDW Co. (NASDAQ:CDW) was the recipient of a significant increase in short interest in the month of November. As of November 30th, there was short interest totalling 2,650,000 shares, an increase of 8.2% from the November 15th total of 2,450,000 shares. Currently, 2.0% of the company’s shares are sold short. Based on an average daily volume of 1,150,000 shares, the days-to-cover ratio is presently 2.3 days.

CDW Stock Performance

NASDAQ CDW traded down $1.79 on Tuesday, hitting $176.00. 561,364 shares of the company traded hands, compared to its average volume of 924,059. The business’s 50 day moving average price is $195.27 and its 200-day moving average price is $213.06. CDW has a 52-week low of $172.95 and a 52-week high of $263.37. The company has a current ratio of 1.40, a quick ratio of 1.28 and a debt-to-equity ratio of 2.39. The company has a market capitalization of $23.45 billion, a price-to-earnings ratio of 21.73, a P/E/G ratio of 5.01 and a beta of 1.02.

CDW (NASDAQ:CDW) last posted its quarterly earnings results 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 firm had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.72 billion. CDW had a return on equity of 58.31% and a net margin of 5.33%. The business’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.60 earnings per share. Equities analysts expect that CDW will post 8.99 earnings per share for the current year.

CDW Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 25th were issued a dividend of $0.625 per share. This is a positive change from CDW’s previous quarterly dividend of $0.62. This represents a $2.50 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date was Monday, November 25th. CDW’s dividend payout ratio (DPR) is 30.56%.

Hedge Funds Weigh In On CDW

Several institutional investors have recently bought and sold shares of the stock. Quest Partners LLC purchased a new stake in shares of CDW during the 2nd quarter worth approximately $35,000. ORG Partners LLC purchased a new stake in CDW during the second quarter valued at $34,000. Canoe Financial LP bought a new position in CDW during the third quarter valued at $37,000. Fortitude Family Office LLC grew 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 worth $39,000 after buying an additional 133 shares in the last quarter. Finally, Summit Securities Group LLC bought a new stake in shares of CDW in the 2nd quarter worth about $40,000. 93.15% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CDW has been the subject of several recent research reports. Redburn Atlantic began coverage on CDW in a research report on Friday, November 15th. They set a “buy” rating and a $230.00 price objective for the company. 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 research report on Monday, October 28th. Barclays lowered their price objective on CDW from $229.00 to $201.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Morgan Stanley increased their target price on CDW from $190.00 to $193.00 and gave the stock an “equal weight” rating in a research note on Monday. Finally, Citigroup downgraded CDW from a “buy” rating to a “neutral” rating and reduced their price target for the company from $250.00 to $245.00 in a report on Tuesday, October 1st. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $241.75.

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.