CDK Global Inc. (CDK) Shares Sold by Essex Financial Services Inc.
Essex Financial Services Inc. decreased its stake in CDK Global Inc. (NASDAQ:CDK) by 7.4% during the second quarter, Holdings Channel reports. The firm owned 4,190 shares of the company’s stock after selling 333 shares during the period. Essex Financial Services Inc.’s holdings in CDK Global were worth $233,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Orbis Allan Gray Ltd acquired a new stake in shares of CDK Global during the first quarter valued at about $253,449,000. Sachem Head Capital Management LP boosted its stake in shares of CDK Global by 3.8% in the first quarter. Sachem Head Capital Management LP now owns 11,523,377 shares of the company’s stock valued at $536,413,000 after buying an additional 426,044 shares in the last quarter. HBK Investments L P acquired a new stake in shares of CDK Global during the first quarter valued at about $917,000. Geode Capital Management LLC boosted its stake in shares of CDK Global by 5.3% in the first quarter. Geode Capital Management LLC now owns 1,016,725 shares of the company’s stock valued at $47,305,000 after buying an additional 51,216 shares in the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in shares of CDK Global during the first quarter valued at about $548,000. Hedge funds and other institutional investors own 85.36% of the company’s stock.
Shares of CDK Global Inc. (NASDAQ:CDK) traded up 0.05% during mid-day trading on Thursday, reaching $55.02. The company’s stock had a trading volume of 185,404 shares. CDK Global Inc. has a 1-year low of $39.67 and a 1-year high of $60.09. The firm’s 50 day moving average price is $57.19 and its 200-day moving average price is $54.44. The company has a market capitalization of $8.26 billion, a price-to-earnings ratio of 36.44 and a beta of 0.65.
CDK Global (NASDAQ:CDK) last issued its earnings results on Wednesday, August 3rd. The company reported $0.49 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.03. CDK Global had a net margin of 11.32% and a return on equity of 45.25%. The company earned $542.20 million during the quarter, compared to analysts’ expectations of $533.84 million. During the same period last year, the company posted $0.28 earnings per share. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. On average, analysts predict that CDK Global Inc. will post $2.32 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Friday, September 16th were issued a $0.135 dividend. The ex-dividend date was Wednesday, September 14th. This represents a $0.54 dividend on an annualized basis and a yield of 0.98%. CDK Global’s dividend payout ratio (DPR) is presently 35.76%.
CDK has been the subject of several analyst reports. Zacks Investment Research cut shares of CDK Global from a “buy” rating to a “hold” rating in a research note on Friday, August 12th. William Blair initiated coverage on shares of CDK Global in a research note on Wednesday. They issued a “market perform” rating for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. CDK Global has an average rating of “Hold” and a consensus price target 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.
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