Summit Securities Group LLC Cuts Stake in CDK Global, Inc. (NASDAQ:CDK)
Summit Securities Group LLC lowered its position in CDK Global, Inc. (NASDAQ:CDK) by 45.6% during the second quarter, Holdings Channel reports. The firm owned 18,326 shares of the software maker’s stock after selling 15,332 shares during the period. Summit Securities Group LLC’s holdings in CDK Global were worth $1,137,000 as of its most recent filing with the SEC.
A number of other large investors have also added to or reduced their stakes in the company. Quadrature Capital Ltd acquired a new stake in CDK Global during the fourth quarter worth about $214,000. Teachers Advisors LLC raised its stake in CDK Global by 2.7% in the fourth quarter. Teachers Advisors LLC now owns 399,899 shares of the software maker’s stock worth $23,870,000 after buying an additional 10,582 shares during the period. Gulf International Bank UK Ltd raised its stake in CDK Global by 1.5% in the first quarter. Gulf International Bank UK Ltd now owns 43,640 shares of the software maker’s stock worth $2,837,000 after buying an additional 650 shares during the period. Bank of Montreal Can raised its stake in CDK Global by 447.7% in the first quarter. Bank of Montreal Can now owns 122,544 shares of the software maker’s stock worth $7,967,000 after buying an additional 100,169 shares during the period. Finally, Capstone Asset Management Co. raised its stake in CDK Global by 3.1% in the first quarter. Capstone Asset Management Co. now owns 14,442 shares of the software maker’s stock worth $939,000 after buying an additional 440 shares during the period. Institutional investors own 83.30% of the company’s stock.
Shares of CDK Global, Inc. (CDK) opened at 61.15 on Friday. CDK Global, Inc. has a 12 month low of $53.46 and a 12 month high of $67.49. The firm has a 50 day moving average of $63.27 and a 200-day moving average of $63.71. The stock has a market capitalization of $8.73 billion, a P/E ratio of 30.73 and a beta of 0.74.
CDK Global (NASDAQ:CDK) last posted its earnings results on Tuesday, August 1st. The software maker reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.01. CDK Global had a net margin of 13.31% and a return on equity of 204.80%. The business had revenue of $565.40 million for the quarter, compared to analysts’ expectations of $556.68 million. During the same period in the previous year, the company posted $0.49 earnings per share. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. Analysts forecast that CDK Global, Inc. will post $2.95 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Monday, September 11th will be given a dividend of $0.14 per share. The ex-dividend date is Friday, September 8th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.92%. CDK Global’s payout ratio is currently 28.00%.
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CDK has been the topic of a number of research reports. Zacks Investment Research lowered shares of CDK Global from a “buy” rating to a “hold” rating in a report on Tuesday, April 18th. TheStreet upgraded shares of CDK Global from a “d+” rating to a “c” rating in a report on Monday, May 8th. Wells Fargo & Company upgraded shares of CDK Global from a “market perform” rating to an “outperform” rating and set a $75.00 target price on the stock in a report on Wednesday, June 21st. Evercore ISI upgraded shares of CDK Global from an “in-line” rating to an “outperform” rating and set a $72.00 target price on the stock in a report on Monday, July 10th. Finally, BidaskClub raised shares of CDK Global from a “hold” rating to a “buy” rating in a research report on Tuesday, July 25th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $71.75.
In other news, insider Brian P. Macdonald bought 5,000 shares of CDK Global stock in a transaction dated Friday, May 26th. The shares were acquired at an average cost of $60.47 per share, with a total value of $302,350.00. Following the completion of the transaction, the insider now owns 96,877 shares in the company, valued at approximately $5,858,152.19. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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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