Short Interest in CDW Co. (NASDAQ:CDW) Increases By 24.0%

CDW Co. (NASDAQ:CDW) was the target of a large growth in short interest in the month of February. As of February 28th, there was short interest totalling 3,460,000 shares, a growth of 24.0% from the February 13th total of 2,790,000 shares. Approximately 2.6% of the shares of the company are sold short. Based on an average daily volume of 1,330,000 shares, the days-to-cover ratio is currently 2.6 days.

CDW Trading Down 0.3 %

NASDAQ:CDW traded down $0.45 during trading hours on Tuesday, hitting $170.19. The company had a trading volume of 258,686 shares, compared to its average volume of 1,024,886. The company has a 50-day moving average of $185.39 and a 200 day moving average of $194.50. The company has a current ratio of 1.35, a quick ratio of 1.24 and a debt-to-equity ratio of 2.38. The company has a market cap of $22.55 billion, a P/E ratio of 21.37, a P/E/G ratio of 3.21 and a beta of 1.01. CDW has a 1 year low of $162.84 and a 1 year high of $263.37.

CDW (NASDAQ:CDW) last posted its earnings results on Wednesday, February 5th. The information technology services provider reported $2.40 earnings per share for the quarter, beating the consensus estimate of $2.33 by $0.07. CDW had a net margin of 5.13% and a return on equity of 55.42%. Sell-side analysts expect that CDW will post 9.41 earnings per share for the current year.

CDW Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 11th. Shareholders of record on Tuesday, February 25th were given a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.47%. The ex-dividend date of this dividend was Tuesday, February 25th. CDW’s dividend payout ratio is presently 31.37%.

CDW declared that its board has authorized a share buyback program on Wednesday, February 5th that authorizes the company to buyback $750.00 million in shares. This buyback authorization authorizes the information technology services provider to buy up to 2.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

CDW has been the topic of a number of recent analyst reports. Morgan Stanley raised their price target on shares of CDW from $193.00 to $201.00 and gave the company an “equal weight” rating in a research report on Thursday, February 6th. Barclays upped their price target on CDW from $201.00 to $223.00 and gave the stock an “equal weight” rating in a report on Thursday, February 6th. Finally, UBS Group cut their price objective on CDW from $233.00 to $220.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, CDW currently has a consensus rating of “Moderate Buy” and an average target price of $242.67.

Institutional Trading of CDW

Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of CDW by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 16,673,784 shares of the information technology services provider’s stock worth $2,901,905,000 after buying an additional 99,947 shares during the period. State Street Corp grew its position in CDW by 1.1% in the 3rd quarter. State Street Corp now owns 5,719,348 shares of the information technology services provider’s stock valued at $1,294,288,000 after acquiring an additional 64,702 shares in the last quarter. Geode Capital Management LLC grew its position in CDW by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 3,535,405 shares of the information technology services provider’s stock valued at $614,220,000 after acquiring an additional 54,341 shares in the last quarter. Wellington Management Group LLP increased its stake in CDW by 29.2% during the fourth quarter. Wellington Management Group LLP now owns 2,538,775 shares of the information technology services provider’s stock worth $441,848,000 after purchasing an additional 574,444 shares during the period. Finally, Invesco Ltd. lifted its position in shares of CDW by 27.6% during the fourth quarter. Invesco Ltd. now owns 2,426,746 shares of the information technology services provider’s stock worth $422,351,000 after purchasing an additional 524,559 shares in the last quarter. Institutional investors and hedge funds own 93.15% of the company’s stock.

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.