CDK Global Inc. (CDK) Shares Sold by Westpac Banking Corp
Westpac Banking Corp cut its position in CDK Global Inc. (NASDAQ:CDK) by 45.0% during the second quarter, Holdings Channel reports. The fund owned 75,189 shares of the company’s stock after selling 61,502 shares during the period. Westpac Banking Corp’s holdings in CDK Global were worth $4,172,000 as of its most recent filing with the SEC.
A number of other large investors have also modified their holdings of the company. Strs Ohio boosted its stake in shares of CDK Global by 21.7% in the second quarter. Strs Ohio now owns 3,394 shares of the company’s stock worth $188,000 after buying an additional 606 shares during the period. Envestnet Asset Management Inc. boosted its stake in shares of CDK Global by 24.0% in the first quarter. Envestnet Asset Management Inc. now owns 3,575 shares of the company’s stock worth $166,000 after buying an additional 692 shares during the period. Stewart & Patten Co. LLC purchased a new stake in shares of CDK Global during the second quarter worth approximately $204,000. FirstMerit Bank N A Trustee purchased a new stake in shares of CDK Global during the second quarter worth approximately $209,000. Finally, Papp L Roy & Associates purchased a new stake in shares of CDK Global during the second quarter worth approximately $215,000. Institutional investors and hedge funds own 85.36% of the company’s stock.
CDK Global Inc. (NASDAQ:CDK) opened at 58.19 on Friday. CDK Global Inc. has a 12 month low of $39.67 and a 12 month high of $60.09. The stock has a market cap of $8.74 billion, a PE ratio of 38.54 and a beta of 0.65. The company’s 50 day moving average price is $57.77 and its 200 day moving average price is $53.34.
CDK Global (NASDAQ:CDK) last issued its earnings results on Wednesday, August 3rd. The company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.03. The company earned $542.20 million during the quarter, compared to analysts’ expectations of $533.84 million. CDK Global had a return on equity of 45.25% and a net margin of 11.32%. CDK Global’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.28 EPS. Equities analysts forecast that CDK Global Inc. will post $2.32 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 16th will be given a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a yield of 0.93%. The ex-dividend date is Wednesday, September 14th. CDK Global’s payout ratio is 35.76%.
Separately, Zacks Investment Research raised CDK Global from a “hold” rating to a “buy” rating and set a $63.00 price objective for the company in a research note on Monday, June 13th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $55.75.
About CDK Global
CDK Global, Inc is a provider of integrated information technology and digital marketing/advertising solutions to the automotive retail industry. The Company’s segments are Automotive Retail North America (ARNA), Automotive Retail International (ARI) and Digital Marketing (DM). The Company’s solutions automate workflow processes from pre-sale targeted advertising and marketing campaigns to the sale, financing, insurance, parts supply, and repair and maintenance of vehicles.
Want to see what other hedge funds are holding CDK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CDK Global Inc. (NASDAQ:CDK).
Receive News & Ratings for CDK Global Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CDK Global Inc. and related companies with MarketBeat.com's FREE daily email newsletter.