Short Interest in CDW Co. (NASDAQ:CDW) Declines By 35.2%

CDW Co. (NASDAQ:CDW) saw a significant decline in short interest in 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. Approximately 1.8% of the shares of the stock are short sold. Based on an average trading volume of 1,090,000 shares, the short-interest ratio is presently 2.2 days.

Analyst Upgrades and Downgrades

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

Institutional Trading of CDW

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Franklin Resources Inc. lifted its holdings in CDW by 3.4% in the third quarter. Franklin Resources Inc. now owns 108,009 shares of the information technology services provider’s stock worth $24,138,000 after buying an additional 3,567 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in shares of CDW during the third quarter valued at approximately $973,000. Sanctuary Advisors LLC lifted its holdings in shares of CDW by 5.0% during the third quarter. Sanctuary Advisors LLC now owns 5,568 shares of the information technology services provider’s stock valued at $1,260,000 after purchasing an additional 265 shares during the last quarter. Pine Valley Investments Ltd Liability Co lifted its holdings in shares of CDW by 18.6% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 2,528 shares of the information technology services provider’s stock valued at $572,000 after purchasing an additional 397 shares during the last quarter. Finally, Fulcrum Equity Management lifted its holdings in shares of CDW by 4.3% during the third quarter. Fulcrum Equity Management now owns 1,442 shares of the information technology services provider’s stock valued at $326,000 after purchasing an additional 60 shares during the last quarter. 93.15% of the stock is currently owned by hedge funds and other institutional investors.

CDW Trading Down 0.5 %

Shares of NASDAQ:CDW traded down $0.82 during midday trading on Friday, hitting $175.93. 958,009 shares of the stock traded hands, compared to its average volume of 1,600,769. The company has a quick ratio of 1.28, a current ratio of 1.40 and a debt-to-equity ratio of 2.39. The stock has a market capitalization of $23.44 billion, a PE ratio of 21.51, a P/E/G ratio of 4.94 and a beta of 1.05. CDW has a one year low of $172.95 and a one year high of $263.37. The business’s 50 day moving average is $204.87 and its two-hundred day moving average is $216.89.

CDW (NASDAQ:CDW) last posted its earnings results on Wednesday, October 30th. The information technology services provider reported $2.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.68 by ($0.05). The business 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 firm’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same period in the previous year, the business earned $2.60 earnings per share. As a group, research analysts forecast 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 will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 25th will be issued a $0.625 dividend. The ex-dividend date is Monday, November 25th. This is a positive change from CDW’s previous quarterly dividend of $0.62. This represents a $2.50 annualized dividend and a yield of 1.42%. CDW’s dividend payout ratio (DPR) is 30.56%.

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.