PNC Financial Services Group Inc. Cuts Position in CDK Global Inc. (CDK)
PNC Financial Services Group Inc. lowered its position in CDK Global Inc. (NASDAQ:CDK) by 1.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 389,004 shares of the company’s stock after selling 4,648 shares during the period. PNC Financial Services Group Inc.’s holdings in CDK Global were worth $22,314,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in the company. WFG Advisors LP boosted its position in CDK Global by 0.8% in the second quarter. WFG Advisors LP now owns 1,803 shares of the company’s stock worth $100,000 after buying an additional 15 shares during the period. Van ECK Associates Corp boosted its position in CDK Global by 37.5% in the second quarter. Van ECK Associates Corp now owns 2,087 shares of the company’s stock worth $116,000 after buying an additional 569 shares during the period. M&R Capital Management Inc. bought a new position in CDK Global during the second quarter worth approximately $182,000. Strs Ohio boosted its position in 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. Finally, Point72 Asia Hong Kong Ltd purchased a new stake in CDK Global during the second quarter worth $196,000. 83.09% of the stock is owned by hedge funds and other institutional investors.
CDK Global Inc. (NASDAQ:CDK) remained flat at $58.91 on Tuesday. 141,431 shares of the stock were exchanged. The company has a 50-day moving average of $55.91 and a 200-day moving average of $56.42. CDK Global Inc. has a 1-year low of $39.67 and a 1-year high of $60.09. The stock has a market capitalization of $8.81 billion, a PE ratio of 35.77 and a beta of 0.70.
CDK Global (NASDAQ:CDK) last announced its quarterly earnings data on Wednesday, November 2nd. The company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.07. The firm earned $550.70 million during the quarter, compared to the consensus estimate of $538.63 million. CDK Global had a return on equity of 59.26% and a net margin of 11.96%. The business’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.38 EPS. On average, equities research analysts anticipate that CDK Global Inc. will post $2.34 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Tuesday, December 20th will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date is Friday, December 16th. This is an increase from CDK Global’s previous quarterly dividend of $0.14. CDK Global’s dividend payout ratio is 32.73%.
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CDK has been the subject of a number of research reports. Zacks Investment Research downgraded CDK Global from a “buy” rating to a “hold” rating in a report on Friday, August 12th. TheStreet raised CDK Global from a “hold” rating to a “buy” rating in a report on Wednesday, November 2nd. Finally, William Blair initiated coverage on CDK Global in a report on Wednesday, October 12th. They set a “market perform” rating for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. The stock 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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