Stock Buyback Program Authorized by CDW (NASDAQ:CDW) Board of Directors

CDW (NASDAQ:CDW) announced that its board has authorized a stock repurchase program on Wednesday, February 5th, RTT News reports. The company plans to repurchase $750.00 million in outstanding shares. This repurchase authorization authorizes the information technology services provider to reacquire up to 2.7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts recently issued reports on CDW shares. JPMorgan Chase & Co. cut 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 note on Monday, October 28th. Redburn Atlantic began coverage on shares of CDW in a research note on Friday, November 15th. They set a “buy” rating and a $230.00 target price on the stock. UBS Group lowered their price objective on shares of CDW from $233.00 to $220.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. Morgan Stanley increased their target price on CDW from $193.00 to $201.00 and gave the company an “equal weight” rating in a report on Thursday. Finally, Barclays upped their target price on shares of CDW from $201.00 to $223.00 and gave the company an “equal weight” rating in a report on Thursday. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $242.67.

CDW Price Performance

NASDAQ:CDW opened at $192.02 on Friday. The stock has a market cap of $25.59 billion, a PE ratio of 23.47, a P/E/G ratio of 5.39 and a beta of 1.01. 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 business’s 50-day simple moving average is $183.54 and its two-hundred day simple moving average is $202.63. CDW has a 52 week low of $168.43 and a 52 week high of $263.37.

CDW (NASDAQ:CDW) last posted its quarterly earnings results on Wednesday, February 5th. The information technology services provider reported $2.40 EPS for the quarter, topping analysts’ consensus estimates of $2.33 by $0.07. CDW had a return on equity of 58.31% and a net margin of 5.33%. As a group, analysts forecast that CDW will post 8.99 EPS for the current fiscal year.

CDW Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 11th. Investors of record on Tuesday, February 25th will be paid a dividend of $0.625 per share. The ex-dividend date of this dividend is Tuesday, February 25th. This represents a $2.50 annualized dividend and a yield of 1.30%. CDW’s payout ratio is 30.56%.

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.