CDK Global, Inc. (CDK) Position Trimmed by Choate Investment Advisors
Choate Investment Advisors decreased its holdings in shares of CDK Global, Inc. (NASDAQ:CDK) by 0.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,838 shares of the software maker’s stock after selling 16 shares during the quarter. Choate Investment Advisors’ holdings in CDK Global were worth $611,000 at the end of the most recent quarter.
A number of other large investors have also made changes to their positions in CDK. BlackRock Inc. boosted its stake in CDK Global by 5,907.6% during the 1st quarter. BlackRock Inc. now owns 13,196,582 shares of the software maker’s stock valued at $857,910,000 after purchasing an additional 12,976,917 shares during the period. Findlay Park Partners LLP bought a new stake in CDK Global during the 1st quarter valued at approximately $50,383,000. AQR Capital Management LLC boosted its stake in CDK Global by 191.3% during the 1st quarter. AQR Capital Management LLC now owns 1,065,874 shares of the software maker’s stock valued at $69,292,000 after purchasing an additional 699,914 shares during the period. Morgan Stanley boosted its stake in CDK Global by 82.9% during the 1st quarter. Morgan Stanley now owns 1,383,037 shares of the software maker’s stock valued at $89,913,000 after purchasing an additional 627,062 shares during the period. Finally, Manning & Napier Advisors LLC bought a new stake in CDK Global during the 2nd quarter valued at approximately $29,659,000. Hedge funds and other institutional investors own 85.06% of the company’s stock.
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Shares of CDK Global, Inc. (CDK) traded up 0.48% during mid-day trading on Friday, hitting $61.15. The company’s stock had a trading volume of 3,364,881 shares. CDK Global, Inc. has a 1-year low of $53.46 and a 1-year high of $67.49. The company has a market cap of $8.57 billion, a price-to-earnings ratio of 30.73 and a beta of 0.75. The company has a 50-day moving average of $62.63 and a 200 day moving average of $63.39.
CDK Global (NASDAQ:CDK) last issued its quarterly earnings data on Tuesday, August 1st. The software maker reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.01. CDK Global had a return on equity of 204.80% and a net margin of 13.31%. The company 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 company posted $0.49 earnings per share. The business’s revenue was up 4.3% on a year-over-year basis. On average, analysts expect that CDK Global, Inc. will post $2.95 EPS for the current year.
The company also recently disclosed 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 0.92%. The ex-dividend date of this dividend is Friday, September 8th. CDK Global’s dividend payout ratio is presently 28.00%.
Several analysts recently weighed in on CDK shares. TheStreet downgraded CDK Global from a “c” rating to a “d+” rating in a research note on Tuesday, August 1st. Evercore ISI upgraded 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. BidaskClub downgraded CDK Global from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. Zacks Investment Research upgraded CDK Global from a “sell” rating to a “hold” rating in a research note on Wednesday, August 2nd. Finally, Wells Fargo & Company upgraded CDK Global from a “market perform” rating to an “outperform” rating and set a $75.00 price objective for the company in a research report on Wednesday, June 21st. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. CDK Global has a consensus rating of “Hold” and an average target price of $71.75.
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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