CDK Global Inc. (CDK) Shares Sold by Seaward Management Limited Partnership
Seaward Management Limited Partnership cut its stake in shares of CDK Global Inc. (NASDAQ:CDK) by 1.1% during the second quarter, Holdings Channel reports. The firm owned 20,381 shares of the company’s stock after selling 217 shares during the period. Seaward Management Limited Partnership’s holdings in CDK Global were worth $1,130,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of CDK. Strs Ohio raised its position in shares of CDK Global by 21.7% in the second quarter. Strs Ohio now owns 3,394 shares of the company’s stock valued at $188,000 after buying an additional 606 shares in the last quarter. Envestnet Asset Management Inc. raised its position in shares of CDK Global by 24.0% in the first quarter. Envestnet Asset Management Inc. now owns 3,575 shares of the company’s stock valued at $166,000 after buying an additional 692 shares in the last quarter. Stewart & Patten Co. LLC bought a new position in shares of CDK Global during the second quarter valued at approximately $204,000. FirstMerit Bank N A Trustee bought a new position in shares of CDK Global during the second quarter valued at approximately $209,000. Finally, Marshwinds Advisory Co. bought a new position in shares of CDK Global during the second quarter valued at approximately $220,000. 85.36% of the stock is currently owned by hedge funds and other institutional investors.
CDK Global Inc. (NASDAQ:CDK) traded up 2.32% during trading on Wednesday, reaching $57.71. 710,851 shares of the company were exchanged. The stock has a market capitalization of $8.66 billion, a PE ratio of 38.22 and a beta of 0.65. CDK Global Inc. has a 52-week low of $39.67 and a 52-week high of $60.09. The firm’s 50 day moving average is $57.78 and its 200 day moving average is $53.30.
CDK Global (NASDAQ:CDK) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported $0.49 EPS for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.03. The firm earned $542.20 million during the quarter, compared to the consensus estimate of $533.84 million. CDK Global had a return on equity of 45.25% and a net margin of 11.32%. The firm’s revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.28 EPS. Analysts expect that CDK Global Inc. will post $2.32 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 16th will be paid a dividend of $0.135 per share. The ex-dividend date is Wednesday, September 14th. This represents a $0.54 dividend on an annualized basis and a yield of 0.94%. CDK Global’s payout ratio is currently 35.76%.
Separately, Zacks Investment Research upgraded shares of CDK Global from a “hold” rating to a “buy” rating and set a $63.00 target price on the stock in a research report on Monday, June 13th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. CDK Global currently has an average rating of “Hold” and a consensus price target of $55.75.
About CDK Global
CDK Global, Inc is a provider of integrated information technology and digital marketing/advertising solutions to the automotive retail industry. The Company’s segments are Automotive Retail North America (ARNA), Automotive Retail International (ARI) and Digital Marketing (DM). The Company’s solutions automate workflow processes from pre-sale targeted advertising and marketing campaigns to the sale, financing, insurance, parts supply, and repair and maintenance of vehicles.
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