CDK Global (CDK) Bonds Trading 2.5% Higher
An issue of CDK Global Inc (NASDAQ:CDK) debt rose 2.5% against its face value during trading on Monday. The high-yield issue of debt has a 4.875% coupon and is set to mature on June 1, 2027. The debt is now trading at $100.75 and was trading at $100.50 one week ago. Price changes in a company’s debt in credit markets sometimes anticipate parallel changes in its share price.
A number of research firms recently commented on CDK. Zacks Investment Research raised shares of CDK Global from a “hold” rating to a “buy” rating and set a $80.00 price objective for the company in a research note on Wednesday, January 31st. Morgan Stanley raised their price objective on shares of CDK Global from $76.00 to $77.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. Wells Fargo & Co reaffirmed an “outperform” rating and issued a $80.00 price objective (up previously from $75.00) on shares of CDK Global in a research note on Wednesday, January 31st. BidaskClub lowered shares of CDK Global from a “hold” rating to a “sell” rating in a research note on Tuesday, January 23rd. Finally, Barrington Research lowered shares of CDK Global from an “outperform” rating to a “market perform” rating and set a $75.00 price objective for the company. in a research note on Wednesday, January 17th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $76.80.
Shares of CDK Global Inc (NASDAQ:CDK) remained flat at $$70.81 during trading hours on Wednesday. 1,128,000 shares of the company’s stock traded hands, compared to its average volume of 1,352,403. The company has a market cap of $9,528.09, a price-to-earnings ratio of 25.75, a price-to-earnings-growth ratio of 1.45 and a beta of 0.67. CDK Global Inc has a 52 week low of $59.33 and a 52 week high of $76.04. The company has a debt-to-equity ratio of -11.19, a quick ratio of 1.97 and a current ratio of 1.97.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Thursday, March 1st will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date is Wednesday, February 28th. CDK Global’s dividend payout ratio (DPR) is currently 26.55%.
Several large investors have recently modified their holdings of CDK. Amundi Pioneer Asset Management Inc. acquired a new stake in shares of CDK Global in the 4th quarter valued at $24,174,000. Schroder Investment Management Group lifted its stake in shares of CDK Global by 16,000.0% in the 4th quarter. Schroder Investment Management Group now owns 322,000 shares of the software maker’s stock valued at $22,952,000 after purchasing an additional 320,000 shares during the last quarter. Frontier Capital Management Co. LLC lifted its stake in shares of CDK Global by 11.9% in the 4th quarter. Frontier Capital Management Co. LLC now owns 1,579,837 shares of the software maker’s stock valued at $112,611,000 after purchasing an additional 167,520 shares during the last quarter. Beacon Investment Advisory Services Inc. acquired a new stake in shares of CDK Global in the 3rd quarter valued at $8,076,000. Finally, Middleton & Co Inc MA acquired a new stake in shares of CDK Global in the 4th quarter valued at $9,062,000. 89.62% of the stock is owned by institutional investors.
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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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