JPMorgan Chase & Co. Boosts CDW (NASDAQ:CDW) Price Target to $280.00

CDW (NASDAQ:CDW) had its price objective lifted by research analysts at JPMorgan Chase & Co. from $267.00 to $280.00 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 points to a potential upside of 15.27% from the stock’s current price.

A number of other brokerages have also issued reports on CDW. 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. Citigroup lifted their price objective on shares of CDW from $255.00 to $295.00 and gave the company a “buy” rating in a report on Thursday, April 4th. Finally, Barclays upped their target price on shares of CDW from $219.00 to $261.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 8th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, CDW presently has a consensus rating of “Moderate Buy” and an average target price of $238.90.

CDW Trading Down 2.1 %

CDW stock opened at $242.91 on Thursday. CDW has a twelve month low of $160.66 and a twelve month high of $263.37. The stock has a market capitalization of $32.60 billion, a price-to-earnings ratio of 29.99, a price-to-earnings-growth ratio of 2.80 and a beta of 1.09. The company has a quick ratio of 1.11, a current ratio of 1.23 and a debt-to-equity ratio of 2.46. The firm’s fifty day simple moving average is $247.19 and its two-hundred day simple moving average is $226.01.

CDW (NASDAQ:CDW) last released its earnings results on Wednesday, February 7th. The information technology services provider reported $2.57 EPS for the quarter, beating analysts’ consensus estimates 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 quarter in the prior year, the firm posted $2.40 earnings per share. The company’s quarterly revenue was down 7.7% on a year-over-year basis. As a group, analysts anticipate that CDW will post 9.88 earnings per share for the current year.

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

Institutional Trading of CDW

Institutional investors have recently modified their holdings of the company. OFI Invest Asset Management purchased a new stake in CDW in the third quarter valued at about $25,000. VisionPoint Advisory Group LLC acquired a new stake in CDW in the 3rd quarter worth approximately $28,000. TFC Financial Management Inc. grew its position in CDW by 61.1% during the 3rd quarter. TFC Financial Management Inc. now owns 145 shares of the information technology services provider’s stock worth $29,000 after purchasing an additional 55 shares during the last quarter. Larson Financial Group LLC acquired a new position in CDW during the 4th quarter valued at approximately $30,000. Finally, Altshuler Shaham Ltd purchased a new position in shares of CDW in the fourth quarter worth $33,000. 93.15% of the stock is currently 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.