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

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Wellington Management Group LLP increased its stake in shares of 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 buying an additional 781,421 shares during the period. Vanguard Group Inc. increased its position in CDW by 4.6% in the first 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 period. Lazard Asset Management LLC increased its position in CDW by 225.9% in the first quarter. Lazard Asset Management LLC now owns 881,586 shares of the information technology services provider’s stock worth $225,491,000 after purchasing an additional 611,054 shares during the period. First Trust Advisors LP raised its holdings in CDW by 627.3% during the 4th quarter. First Trust Advisors LP now owns 625,781 shares of the information technology services provider’s stock worth $142,252,000 after purchasing an additional 539,745 shares during the last quarter. Finally, Norges Bank acquired a new position in CDW during the 4th quarter valued at about $111,736,000. Institutional investors and hedge funds own 93.15% of the company’s stock.

CDW Stock Performance

Shares of NASDAQ:CDW opened at $218.11 on Thursday. The business has a fifty day moving average of $226.12 and a 200-day moving average of $233.73. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.13 and a current ratio of 1.26. CDW has a twelve month low of $180.38 and a twelve month high of $263.37. The firm has a market cap of $29.31 billion, a PE ratio of 27.23, a price-to-earnings-growth ratio of 3.23 and a beta of 1.04.

CDW (NASDAQ:CDW) last issued its quarterly earnings data on Wednesday, May 1st. The information technology services provider reported $1.89 EPS 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 the consensus estimate of $4.94 billion. On average, equities research analysts predict that CDW will post 9.67 EPS for the current fiscal year.

CDW Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 11th. Investors of record on Friday, May 24th were issued a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date was Thursday, May 23rd. CDW’s dividend payout ratio is currently 30.96%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CDW. Northcoast Research raised CDW from a “neutral” rating to a “buy” rating and set a $270.00 price objective on the stock in a report on Friday, June 7th. Stifel Nicolaus decreased their price target on CDW from $265.00 to $250.00 and set a “buy” rating on the stock in a research note on Thursday, May 2nd. Barclays dropped their price objective on CDW from $261.00 to $232.00 and set an “equal weight” rating for the company in a research note on Thursday, May 2nd. Evercore ISI boosted their target price on shares of CDW from $250.00 to $300.00 and gave the company an “outperform” rating in a research note on Friday, March 22nd. Finally, Citigroup lowered their target price on shares of CDW from $295.00 to $260.00 and set a “buy” rating on the stock in a report on Thursday, May 2nd. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $250.00.

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.