CDK Global, Inc. (CDK) Stake Held by Palisade Asset Management LLC
Palisade Asset Management LLC held its position in shares of CDK Global, Inc. (NASDAQ:CDK) during the second quarter, Holdings Channel reports. The institutional investor owned 7,467 shares of the software maker’s stock at the end of the second quarter. Palisade Asset Management LLC’s holdings in CDK Global were worth $463,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. raised its position in shares of CDK Global by 5,907.6% in the first quarter. BlackRock Inc. now owns 13,196,582 shares of the software maker’s stock valued at $857,910,000 after buying an additional 12,976,917 shares during the period. Vanguard Group Inc. raised its position in shares of CDK Global by 1.9% in the first quarter. Vanguard Group Inc. now owns 12,212,217 shares of the software maker’s stock valued at $793,916,000 after buying an additional 222,582 shares during the period. Credit Suisse AG raised its position in shares of CDK Global by 2.6% in the first quarter. Credit Suisse AG now owns 3,532,673 shares of the software maker’s stock valued at $229,659,000 after buying an additional 88,269 shares during the period. FMR LLC raised its position in shares of CDK Global by 14.4% in the first quarter. FMR LLC now owns 2,238,978 shares of the software maker’s stock valued at $145,556,000 after buying an additional 282,363 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of CDK Global by 11.8% in the first quarter. Bank of New York Mellon Corp now owns 1,948,504 shares of the software maker’s stock valued at $126,673,000 after buying an additional 205,612 shares during the period. 83.30% of the stock is owned by institutional investors.
Shares of CDK Global, Inc. (NASDAQ CDK) opened at 61.87 on Thursday. CDK Global, Inc. has a 12 month low of $53.46 and a 12 month high of $67.49. The firm has a market cap of $8.83 billion, a PE ratio of 31.09 and a beta of 0.74. The stock’s 50 day moving average is $63.31 and its 200 day moving average is $63.73.
CDK Global (NASDAQ:CDK) last issued its earnings results on Tuesday, August 1st. The software maker reported $0.55 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.01. CDK Global had a return on equity of 204.80% and a net margin of 13.31%. The business had revenue of $565.40 million during the quarter, compared to analysts’ expectations of $556.68 million. During the same quarter in the previous year, the business earned $0.49 EPS. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, analysts anticipate that CDK Global, Inc. will post $2.95 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Monday, September 11th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date is Friday, September 8th. CDK Global’s payout ratio is currently 28.00%.
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Several research analysts have weighed in on CDK shares. Zacks Investment Research raised shares of CDK Global from a “sell” rating to a “hold” rating in a research note on Wednesday, August 2nd. BidaskClub raised shares of CDK Global from a “hold” rating to a “buy” rating in a research note on Tuesday, July 25th. TheStreet lowered shares of CDK Global from a “c” rating to a “d+” rating in a research note on Tuesday, August 1st. Wells Fargo & Company raised shares of CDK Global from a “market perform” rating to an “outperform” rating and set a $75.00 target price for the company in a research note on Wednesday, June 21st. Finally, Evercore ISI raised shares of CDK Global from an “in-line” rating to an “outperform” rating and set a $72.00 target price for the company in a research note on Monday, July 10th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $71.75.
In other news, insider Brian P. Macdonald bought 5,000 shares of the firm’s stock in a transaction dated Friday, May 26th. The stock was acquired at an average price of $60.47 per share, for a total transaction of $302,350.00. Following the acquisition, the insider now owns 96,877 shares of the company’s stock, valued at $5,858,152.19. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.34% of the stock is currently owned by insiders.
About CDK Global
CDK Global, Inc provides integrated information technology and digital marketing solutions. The Company’s segments include Retail Solutions North America, Advertising North America and CDK International. Through its Retail Solutions North America segment, the Company provides technology-based solutions, including automotive Website platforms, that help automotive retailers, original equipment manufacturers (OEMs) and other industry participants manage the acquisition, sale, financing, insuring, parts supply, repair and maintenance of vehicles.
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