IBM Retirement Fund cut its stake in shares of CDK Global Inc. (NASDAQ:CDK) by 3.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 15,710 shares of the company’s stock after selling 517 shares during the period. IBM Retirement Fund’s holdings in CDK Global were worth $872,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of CDK. State Street Corp boosted its stake in shares of CDK Global by 2.4% in the first quarter. State Street Corp now owns 6,355,331 shares of the company’s stock worth $295,850,000 after buying an additional 147,065 shares during the last quarter. OMERS ADMINISTRATION Corp boosted its stake in shares of CDK Global by 52.2% in the first quarter. OMERS ADMINISTRATION Corp now owns 21,000 shares of the company’s stock worth $978,000 after buying an additional 7,200 shares during the last quarter. ING Groep NV boosted its stake in shares of CDK Global by 1.2% in the first quarter. ING Groep NV now owns 1,285,271 shares of the company’s stock worth $59,817,000 after buying an additional 14,872 shares during the last quarter. Ropes Wealth Advisors LLC boosted its stake in shares of CDK Global by 3.3% in the first quarter. Ropes Wealth Advisors LLC now owns 7,323 shares of the company’s stock worth $341,000 after buying an additional 231 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of CDK Global by 142.7% in the first quarter. JPMorgan Chase & Co. now owns 479,486 shares of the company’s stock worth $22,320,000 after buying an additional 281,925 shares during the last quarter. Institutional investors and hedge funds own 85.13% of the company’s stock.

CDK Global Inc. (NASDAQ:CDK) traded down 0.14% on Friday, hitting $56.07. 1,933,874 shares of the stock traded hands. The stock has a market cap of $8.42 billion, a price-to-earnings ratio of 37.13 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 company’s 50 day moving average price is $58.01 and its 200-day moving average price is $52.91.

CDK Global (NASDAQ:CDK) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.49 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.03. The company earned $542.20 million during the quarter, compared to the consensus estimate of $533.84 million. CDK Global had a net margin of 11.32% and a return on equity of 45.25%. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.28 earnings per share. On average, analysts forecast that CDK Global Inc. will post $2.32 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 16th will be issued a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 0.96%. The ex-dividend date of this dividend is Wednesday, September 14th. CDK Global’s dividend payout ratio is currently 35.76%.

Separately, Zacks Investment Research cut shares of CDK Global from a “buy” rating to a “hold” rating in a report on Friday, August 12th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $55.75.

CDK Global Company Profile

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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