Trexquant Investment LP Purchases New Stake in CDK Global, Inc. (CDK)
Trexquant Investment LP purchased a new position in shares of CDK Global, Inc. (NASDAQ:CDK) during the second quarter, Holdings Channel reports. The firm purchased 11,400 shares of the software maker’s stock, valued at approximately $707,000.
Other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in CDK Global by 5,907.6% in the first quarter. BlackRock Inc. now owns 13,196,582 shares of the software maker’s stock worth $857,910,000 after buying an additional 12,976,917 shares during the period. Findlay Park Partners LLP bought a new position in CDK Global during the first quarter worth $50,383,000. AQR Capital Management LLC raised its position in CDK Global by 191.3% in the first quarter. AQR Capital Management LLC now owns 1,065,874 shares of the software maker’s stock worth $69,292,000 after buying an additional 699,914 shares during the period. Morgan Stanley raised its position in CDK Global by 82.9% in the first quarter. Morgan Stanley now owns 1,383,037 shares of the software maker’s stock worth $89,913,000 after buying an additional 627,062 shares during the period. Finally, Wells Fargo & Company MN raised its position in CDK Global by 175.8% in the first quarter. Wells Fargo & Company MN now owns 787,979 shares of the software maker’s stock worth $51,226,000 after buying an additional 502,276 shares during the period. Institutional investors and hedge funds own 83.30% of the company’s stock.
Shares of CDK Global, Inc. (CDK) opened at 61.29 on Friday. The firm’s 50-day moving average price is $63.22 and its 200-day moving average price is $63.72. The firm has a market capitalization of $8.59 billion, a price-to-earnings ratio of 30.80 and a beta of 0.74. CDK Global, Inc. has a 12 month low of $53.46 and a 12 month high of $67.49.
CDK Global (NASDAQ:CDK) last issued its quarterly earnings results on Tuesday, August 1st. The software maker reported $0.55 EPS for the quarter, beating the 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 firm had revenue of $565.40 million during the quarter, compared to analysts’ expectations of $556.68 million. During the same period in the prior year, the firm posted $0.49 earnings per share. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. On average, equities analysts anticipate that CDK Global, Inc. will post $2.95 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Monday, September 11th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Friday, September 8th. This represents a $0.56 annualized dividend and a yield of 0.91%. CDK Global’s dividend payout ratio (DPR) is presently 28.00%.
CDK has been the subject of a number of recent analyst reports. Zacks Investment Research lowered CDK Global from a “buy” rating to a “hold” rating in a research report on Tuesday, April 18th. Evercore ISI upgraded CDK Global from an “in-line” rating to an “outperform” rating and set a $72.00 price target for the company in a research report on Monday, July 10th. Wells Fargo & Company upgraded CDK Global from a “market perform” rating to an “outperform” rating and set a $75.00 price target for the company in a research report on Wednesday, June 21st. TheStreet upgraded CDK Global from a “d+” rating to a “c” rating in a research report on Monday, May 8th. Finally, BidaskClub upgraded CDK Global from a “hold” rating to a “buy” rating in a research report on Tuesday, July 25th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $71.75.
In related news, insider Brian P. Macdonald purchased 5,000 shares of CDK Global stock in a transaction that occurred on Friday, May 26th. The stock was purchased at an average cost of $60.47 per share, with a total value of $302,350.00. Following the completion of the transaction, the insider now owns 96,877 shares of the company’s stock, valued at approximately $5,858,152.19. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.34% of the company’s stock.
CDK Global Company Profile
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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