JPMorgan Chase & Co. Cuts CDW (NASDAQ:CDW) Price Target to $265.00

CDW (NASDAQ:CDW) had its price objective reduced by research analysts at JPMorgan Chase & Co. from $280.00 to $265.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the information technology services provider’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 22.67% from the stock’s current price.

Several other analysts have also issued reports on the company. Barclays cut their target price on CDW from $261.00 to $232.00 and set an “equal weight” rating for the company in a research note on Thursday. Evercore ISI boosted their price objective on shares of CDW from $250.00 to $300.00 and gave the company an “outperform” rating in a research report on Friday, March 22nd. Finally, Citigroup raised their price target on CDW from $255.00 to $295.00 and gave the stock a “buy” rating in a research note on Thursday, April 4th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, CDW presently has a consensus rating of “Moderate Buy” and a consensus target price of $237.78.

CDW Stock Performance

CDW stock traded up $1.41 during mid-day trading on Thursday, reaching $216.02. The company’s stock had a trading volume of 409,566 shares, compared to its average volume of 710,885. The firm’s fifty day moving average price is $246.81 and its two-hundred day moving average price is $229.16. The company has a market capitalization of $29.03 billion, a P/E ratio of 26.64, a PEG ratio of 2.74 and a beta of 1.09. The company has a debt-to-equity ratio of 2.46, a quick ratio of 1.11 and a current ratio of 1.23. CDW has a 12-month low of $162.59 and a 12-month high of $263.37.

CDW (NASDAQ:CDW) last announced its quarterly earnings results on Wednesday, February 7th. The information technology services provider reported $2.57 earnings per share for the quarter, beating the consensus estimate of $2.56 by $0.01. CDW had a return on equity of 73.93% and a net margin of 5.17%. The firm had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $5.32 billion. During the same period in the prior year, the business posted $2.40 earnings per share. The company’s revenue was down 7.7% on a year-over-year basis. Sell-side analysts predict that CDW will post 9.89 EPS for the current fiscal year.

CDW announced that its board has authorized a share repurchase program on Wednesday, February 7th that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the information technology services provider to repurchase up to 2.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On CDW

A number of institutional investors and hedge funds have recently modified their holdings of CDW. Aaron Wealth Advisors LLC grew its holdings in shares of CDW by 2.8% during the first quarter. Aaron Wealth Advisors LLC now owns 1,540 shares of the information technology services provider’s stock valued at $394,000 after buying an additional 42 shares during the last quarter. Massmutual Trust Co. FSB ADV raised its position in shares of CDW by 5.9% in the first quarter. Massmutual Trust Co. FSB ADV now owns 767 shares of the information technology services provider’s stock worth $196,000 after acquiring an additional 43 shares during the period. Tokio Marine Asset Management Co. Ltd. boosted its stake in shares of CDW by 1.4% during the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 3,446 shares of the information technology services provider’s stock worth $881,000 after acquiring an additional 47 shares in the last quarter. Prestige Wealth Management Group LLC increased its stake in shares of CDW by 6.4% in the 4th quarter. Prestige Wealth Management Group LLC now owns 811 shares of the information technology services provider’s stock valued at $184,000 after purchasing an additional 49 shares in the last quarter. Finally, Scotia Capital Inc. increased its stake in shares of CDW by 1.5% in the 3rd quarter. Scotia Capital Inc. now owns 3,495 shares of the information technology services provider’s stock valued at $705,000 after purchasing an additional 50 shares in the last quarter. 93.15% of the stock is owned by institutional investors.

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.