Cibc World Markets Corp Acquires 223,700 Shares of CDK Global, Inc. (CDK)
Cibc World Markets Corp lifted its holdings in CDK Global, Inc. (NASDAQ:CDK) by 149.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 373,700 shares of the software maker’s stock after buying an additional 223,700 shares during the quarter. Cibc World Markets Corp owned approximately 0.26% of CDK Global worth $23,192,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in the company. BlackRock Inc. grew its position in shares of 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 during the period. Vanguard Group Inc. grew its position in CDK Global by 3.6% during the 2nd quarter. Vanguard Group Inc. now owns 12,646,904 shares of the software maker’s stock valued at $784,867,000 after purchasing an additional 434,687 shares during the last quarter. Credit Suisse AG grew its position in CDK Global by 2.6% during the 1st quarter. Credit Suisse AG now owns 3,532,673 shares of the software maker’s stock valued at $229,659,000 after purchasing an additional 88,269 shares during the last quarter. Principal Financial Group Inc. grew its position in CDK Global by 4.0% during the 2nd quarter. Principal Financial Group Inc. now owns 2,528,901 shares of the software maker’s stock valued at $156,943,000 after purchasing an additional 98,417 shares during the last quarter. Finally, FMR LLC grew its position in CDK Global by 0.5% during the 2nd quarter. FMR LLC now owns 2,249,300 shares of the software maker’s stock valued at $139,592,000 after purchasing an additional 10,322 shares during the last quarter. 85.01% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages recently commented on CDK. BidaskClub raised shares of CDK Global from a “hold” rating to a “buy” rating in a research report on Saturday, August 19th. Zacks Investment Research raised shares of CDK Global from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd. Wells Fargo & Company raised shares of CDK Global from a “market perform” rating to an “outperform” rating and set a $75.00 price objective on the stock in a research report on Wednesday, June 21st. TheStreet downgraded shares of CDK Global from a “c” rating to a “d+” rating in a research report on Tuesday, August 1st. Finally, Evercore ISI raised shares of CDK Global from an “in-line” rating to an “outperform” rating and set a $72.00 price objective on the stock in a research report on Monday, July 10th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $71.75.
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Shares of CDK Global, Inc. (NASDAQ CDK) traded up 1.33% during mid-day trading on Friday, reaching $63.12. 1,014,944 shares of the company traded hands. The firm has a 50 day moving average of $62.40 and a 200-day moving average of $63.27. CDK Global, Inc. has a 52 week low of $53.46 and a 52 week high of $67.49. The stock has a market capitalization of $8.84 billion, a PE ratio of 31.72 and a beta of 0.75.
CDK Global (NASDAQ:CDK) last announced its earnings results on Tuesday, August 1st. The software maker reported $0.55 EPS for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.01. The business had revenue of $565.40 million during the quarter, compared to the consensus estimate of $556.68 million. CDK Global had a net margin of 13.31% and a return on equity of 204.80%. The firm’s revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.49 earnings per share. On average, equities research analysts expect that CDK Global, Inc. will post $2.95 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Monday, September 11th will be issued a $0.14 dividend. The ex-dividend date is Friday, September 8th. This represents a $0.56 dividend on an annualized basis and a yield of 0.89%. CDK Global’s dividend payout ratio is presently 28.00%.
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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