CDW Co. (NASDAQ:CDW) Sees Significant Growth in Short Interest

CDW Co. (NASDAQ:CDW) was the recipient of a significant increase in short interest in the month of January. As of January 15th, there was short interest totalling 2,880,000 shares, an increase of 8.7% from the December 31st total of 2,650,000 shares. Currently, 2.2% of the shares of the stock are sold short. Based on an average daily volume of 1,320,000 shares, the days-to-cover ratio is currently 2.2 days.

Wall Street Analyst Weigh In

CDW has been the subject of several analyst reports. Morgan Stanley upped their price target on shares of CDW from $190.00 to $193.00 and gave the company an “equal weight” rating in a research report on Monday, December 16th. Redburn Atlantic initiated coverage on shares of CDW in a report on Friday, November 15th. They issued a “buy” rating and a $230.00 price objective for the company. UBS Group lowered their target price on CDW from $233.00 to $220.00 and set a “buy” rating on the stock in a report on Tuesday, January 7th. JPMorgan Chase & Co. lowered shares of CDW from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $260.00 to $235.00 in a research report on Monday, October 28th. Finally, Barclays decreased their target price on CDW from $229.00 to $201.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $239.33.

CDW Price Performance

NASDAQ CDW traded down $0.70 during mid-day trading on Monday, hitting $198.44. The stock had a trading volume of 1,763,406 shares, compared to its average volume of 1,313,608. 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 company has a 50 day simple moving average of $182.06 and a 200 day simple moving average of $202.83. CDW has a 52-week low of $168.43 and a 52-week high of $263.37. The company has a market cap of $26.44 billion, a price-to-earnings ratio of 24.26, a P/E/G ratio of 5.39 and a beta of 1.01.

CDW Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 25th were given a $0.625 dividend. The ex-dividend date was Monday, November 25th. This represents a $2.50 annualized dividend and a dividend yield of 1.26%. This is a positive change from CDW’s previous quarterly dividend of $0.62. CDW’s dividend payout ratio is presently 30.56%.

Institutional Trading of CDW

Hedge funds have recently made changes to their positions in the company. Allworth Financial LP increased its position in CDW by 39.7% in the fourth quarter. Allworth Financial LP now owns 183 shares of the information technology services provider’s stock worth $32,000 after buying an additional 52 shares during the period. Canoe Financial LP bought a new stake in CDW during the third quarter worth approximately $37,000. Fortitude Family Office LLC lifted its holdings in shares of CDW by 350.0% during the third quarter. Fortitude Family Office LLC now owns 171 shares of the information technology services provider’s stock valued at $39,000 after purchasing an additional 133 shares during the last quarter. Ashton Thomas Securities LLC acquired a new position in CDW in the 3rd quarter worth approximately $43,000. Finally, Covestor Ltd raised its position in CDW by 80.1% during the third quarter. Covestor Ltd now owns 245 shares of the information technology services provider’s stock valued at $55,000 after buying an additional 109 shares during the period. 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.