Municipal Employees Retirement System of Michigan Sells 16,210 Shares of CDK Global, Inc. (CDK)
Municipal Employees Retirement System of Michigan trimmed its position in shares of CDK Global, Inc. (NASDAQ:CDK) by 28.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 39,840 shares of the software maker’s stock after selling 16,210 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in CDK Global were worth $2,514,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in CDK. Alpha Windward LLC boosted its holdings in CDK Global by 2.3% in the second quarter. Alpha Windward LLC now owns 1,618 shares of the software maker’s stock valued at $100,000 after purchasing an additional 36 shares in the last quarter. D.A. Davidson & CO. boosted its holdings in CDK Global by 5.6% in the second quarter. D.A. Davidson & CO. now owns 3,130 shares of the software maker’s stock valued at $194,000 after purchasing an additional 167 shares in the last quarter. Pinnacle Financial Partners Inc. acquired a new position in CDK Global in the second quarter valued at approximately $198,000. North American Management Corp boosted its holdings in CDK Global by 6.3% in the second quarter. North American Management Corp now owns 3,342 shares of the software maker’s stock valued at $207,000 after purchasing an additional 199 shares in the last quarter. Finally, TrimTabs Asset Management LLC boosted its holdings in CDK Global by 105.0% in the second quarter. TrimTabs Asset Management LLC now owns 3,766 shares of the software maker’s stock valued at $234,000 after purchasing an additional 1,929 shares in the last quarter. Hedge funds and other institutional investors own 83.96% of the company’s stock.
CDK Global, Inc. (NASDAQ:CDK) traded down $0.14 during mid-day trading on Tuesday, hitting $63.26. The stock had a trading volume of 656,800 shares, compared to its average volume of 885,131. The firm has a market capitalization of $8,719.91, a P/E ratio of 25.16, a P/E/G ratio of 1.43 and a beta of 0.72. CDK Global, Inc. has a 1-year low of $55.54 and a 1-year high of $67.49. The company has a debt-to-equity ratio of 297.80, a current ratio of 2.37 and a quick ratio of 2.37.
CDK Global (NASDAQ:CDK) last posted its quarterly earnings data on Tuesday, October 31st. The software maker reported $0.68 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.68. CDK Global had a return on equity of 515.77% and a net margin of 13.42%. The business had revenue of $565.70 million during the quarter, compared to the consensus estimate of $569.28 million. During the same period in the prior year, the company earned $0.60 earnings per share. The company’s revenue was up 2.7% compared to the same quarter last year. equities research analysts expect that CDK Global, Inc. will post 2.96 EPS for the current fiscal year.
In related news, VP Jennifer A. Williams sold 1,984 shares of the stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $62.58, for a total transaction of $124,158.72. Following the completion of the sale, the vice president now directly owns 5,560 shares of the company’s stock, valued at $347,944.80. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.39% of the stock is owned by company insiders.
A number of brokerages recently issued reports on CDK. BidaskClub downgraded CDK Global from a “buy” rating to a “hold” rating in a report on Thursday, November 2nd. Zacks Investment Research raised CDK Global from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. Barrington Research set a $75.00 price objective on CDK Global and gave the company a “buy” rating in a report on Tuesday, October 31st. Finally, TheStreet downgraded CDK Global from a “c” rating to a “d+” rating in a report on Tuesday, August 1st. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $72.60.
CDK Global Company Profile
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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