First Mercantile Trust Co. Takes Position in CDK Global, Inc. (CDK)
First Mercantile Trust Co. purchased a new position in shares of CDK Global, Inc. (NASDAQ:CDK) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 8,038 shares of the software maker’s stock, valued at approximately $499,000.
A number of other institutional investors also recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in CDK Global by 5,907.6% in the first quarter. BlackRock Inc. now owns 13,196,582 shares of the software maker’s stock worth $857,910,000 after buying an additional 12,976,917 shares during the period. Vanguard Group Inc. increased its position in CDK Global by 1.9% in the first quarter. Vanguard Group Inc. now owns 12,212,217 shares of the software maker’s stock worth $793,916,000 after buying an additional 222,582 shares during the period. Credit Suisse AG increased its position in CDK Global by 2.6% in the first 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 during the period. FMR LLC increased its position in CDK Global by 14.4% in the first quarter. FMR LLC now owns 2,238,978 shares of the software maker’s stock worth $145,556,000 after buying an additional 282,363 shares during the period. Finally, Bank of New York Mellon Corp increased its position in CDK Global by 11.8% in the first quarter. Bank of New York Mellon Corp now owns 1,948,504 shares of the software maker’s stock worth $126,673,000 after buying an additional 205,612 shares during the period. Institutional investors and hedge funds own 81.37% of the company’s stock.
CDK Global, Inc. (NASDAQ CDK) opened at 61.62 on Wednesday. The stock has a market cap of $8.63 billion, a P/E ratio of 30.96 and a beta of 0.74. CDK Global, Inc. has a 52 week low of $53.46 and a 52 week high of $67.49. The stock has a 50 day moving average price of $63.15 and a 200-day moving average price of $63.73.
CDK Global (NASDAQ:CDK) last posted its quarterly earnings results on Tuesday, August 1st. The software maker reported $0.55 EPS for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.01. CDK Global had a net margin of 13.31% and a return on equity of 204.80%. The firm had revenue of $565.40 million for the quarter, compared to analysts’ expectations of $556.68 million. During the same quarter in the prior year, the company posted $0.49 earnings per share. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, equities analysts anticipate that CDK Global, Inc. will post $2.95 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders 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 dividend yield of 0.91%. The ex-dividend date is Friday, September 8th. CDK Global’s payout ratio is 28.00%.
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A number of equities analysts have recently weighed in on CDK shares. Zacks Investment Research upgraded CDK Global from a “sell” rating to a “hold” rating in a research note on Wednesday, August 2nd. BidaskClub upgraded CDK Global from a “hold” rating to a “buy” rating in a research note on Tuesday, July 25th. TheStreet downgraded CDK Global from a “c” rating to a “d+” rating in a research note on Tuesday, August 1st. Wells Fargo & Company upgraded CDK Global from a “market perform” rating to an “outperform” rating and set a $75.00 target price on the stock in a research note on Wednesday, June 21st. Finally, Evercore ISI upgraded CDK Global from an “in-line” rating to an “outperform” rating and set a $72.00 target price on the stock in a research note 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 company currently has an average rating of “Hold” and an average price target of $71.75.
In related news, insider Brian P. Macdonald bought 5,000 shares of the company’s stock in a transaction that occurred on Friday, May 26th. The shares were bought at an average price of $60.47 per share, for a total transaction of $302,350.00. Following the completion of the acquisition, the insider now owns 96,877 shares of the company’s stock, valued at approximately $5,858,152.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.34% of the company’s stock.
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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