Citigroup Lowers CDW (NASDAQ:CDW) Price Target to $260.00

CDW (NASDAQ:CDW) had its target price lowered by stock analysts at Citigroup from $295.00 to $260.00 in a report released on Thursday, Benzinga reports. The firm currently has a “buy” rating on the information technology services provider’s stock. Citigroup’s target price would indicate a potential upside of 18.42% from the stock’s previous close.

CDW has been the topic of several other reports. Evercore ISI increased their price target on CDW from $250.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, March 22nd. Stifel Nicolaus decreased their price objective on shares of CDW from $265.00 to $250.00 and set a “buy” rating for the company in a report on Thursday. Barclays dropped their target price on shares of CDW from $261.00 to $232.00 and set an “equal weight” rating on the stock in a research note on Thursday. Finally, JPMorgan Chase & Co. decreased their price target on shares of CDW from $280.00 to $265.00 and set an “overweight” rating for the company in a research note on Thursday. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, CDW has a consensus rating of “Moderate Buy” and an average price target of $235.50.

CDW Price Performance

NASDAQ:CDW opened at $219.56 on Thursday. The firm has a market capitalization of $29.50 billion, a price-to-earnings ratio of 27.11, a PEG ratio of 2.43 and a beta of 1.09. CDW has a 1 year low of $162.59 and a 1 year high of $263.37. The business has a 50 day simple moving average of $245.67 and a 200-day simple moving average of $229.16. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.26 and a quick ratio of 1.11.

CDW (NASDAQ:CDW) last posted its quarterly earnings data on Wednesday, February 7th. The information technology services provider reported $2.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.56 by $0.01. CDW had a return on equity of 67.56% and a net margin of 5.16%. The business had revenue of $5.02 billion during the quarter, compared to analyst estimates of $5.32 billion. During the same period last year, the company earned $2.40 EPS. The company’s revenue for the quarter was down 7.7% on a year-over-year basis. Equities analysts forecast that CDW will post 9.89 EPS for the current year.

CDW declared that its Board of Directors has initiated a share buyback plan on Wednesday, February 7th that authorizes the company to repurchase $750.00 million in outstanding shares. This repurchase authorization authorizes the information technology services provider to repurchase up to 2.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On CDW

Several institutional investors and hedge funds have recently added to or reduced their stakes in CDW. Aaron Wealth Advisors LLC boosted its holdings in shares of CDW by 2.8% in the 1st 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 in the last quarter. Massmutual Trust Co. FSB ADV grew its holdings in 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 purchasing an additional 43 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. increased its position in shares of CDW by 1.4% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 3,446 shares of the information technology services provider’s stock worth $881,000 after purchasing an additional 47 shares in the last quarter. Prestige Wealth Management Group LLC lifted its holdings in shares of CDW by 6.4% during 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 during the last quarter. Finally, Scotia Capital Inc. boosted its position 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 worth $705,000 after purchasing an additional 50 shares in the last quarter. Hedge funds and other institutional investors 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.