CDK Global, Inc. (CDK) Position Reduced by M&T Bank Corp
M&T Bank Corp lowered its position in shares of CDK Global, Inc. (NASDAQ:CDK) by 4.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 62,296 shares of the software maker’s stock after selling 3,173 shares during the period. M&T Bank Corp’s holdings in CDK Global were worth $3,866,000 as of its most recent SEC filing.
Other large investors have also recently modified their holdings of the company. BlackRock Inc. grew its stake in CDK Global by 4.0% in the 2nd quarter. BlackRock Inc. now owns 13,718,146 shares of the software maker’s stock worth $851,347,000 after buying an additional 521,564 shares in the last quarter. Vanguard Group Inc. grew its stake in CDK Global by 3.6% in the 2nd quarter. Vanguard Group Inc. now owns 12,646,904 shares of the software maker’s stock worth $784,867,000 after buying an additional 434,687 shares in the last quarter. Credit Suisse AG grew its stake in CDK Global by 2.6% in the 1st quarter. Credit Suisse AG now owns 3,532,673 shares of the software maker’s stock worth $229,659,000 after buying an additional 88,269 shares in the last quarter. Principal Financial Group Inc. grew its stake in CDK Global by 4.0% in the 2nd quarter. Principal Financial Group Inc. now owns 2,528,901 shares of the software maker’s stock worth $156,943,000 after buying an additional 98,417 shares in the last quarter. Finally, FMR LLC grew its stake in CDK Global by 0.5% in the 2nd quarter. FMR LLC now owns 2,249,300 shares of the software maker’s stock worth $139,592,000 after buying an additional 10,322 shares in the last quarter. 85.01% of the stock is owned by institutional investors.
CDK has been the subject of a number of research reports. TheStreet cut shares of CDK Global from a “c” rating to a “d+” rating in a research note on Tuesday, August 1st. Evercore ISI raised shares of CDK Global from an “in-line” rating to an “outperform” rating and set a $72.00 price target for the company in a research note on Monday, July 10th. BidaskClub cut shares of CDK Global from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. Zacks Investment Research raised shares of CDK Global from a “sell” rating to a “hold” rating in a research note on Wednesday, August 2nd. Finally, Wells Fargo & Company raised shares of CDK Global from a “market perform” rating to an “outperform” rating and set a $75.00 price target for the company in a research note on Wednesday, June 21st. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $71.75.
Shares of CDK Global, Inc. (CDK) opened at 63.12 on Monday. CDK Global, Inc. has a one year low of $53.46 and a one year high of $67.49. The stock has a 50 day moving average of $62.40 and a 200-day moving average of $63.27. The company has a market capitalization of $8.84 billion, a price-to-earnings ratio of 31.72 and a beta of 0.75.
CDK Global (NASDAQ:CDK) last announced its quarterly earnings data on Tuesday, August 1st. The software maker reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.01. CDK Global had a net margin of 13.31% and a return on equity of 204.80%. The business had revenue of $565.40 million during the quarter, compared to analyst estimates of $556.68 million. During the same period last year, the firm posted $0.49 EPS. The company’s revenue was up 4.3% on a year-over-year basis. On average, equities analysts expect that CDK Global, Inc. will post $2.95 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders 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 yield of 0.89%. The ex-dividend date is Friday, September 8th. CDK Global’s dividend payout ratio (DPR) is currently 28.00%.
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CDK Global 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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