Meeder Asset Management Inc. cut its stake in CDK Global, Inc. (NASDAQ:CDK) by 12.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,385 shares of the software maker’s stock after selling 471 shares during the period. Meeder Asset Management Inc.’s holdings in CDK Global were worth $210,000 as of its most recent filing with the SEC.
A number of other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake 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 valued at $857,910,000 after buying an additional 12,976,917 shares in the last quarter. Vanguard Group Inc. raised its stake 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 valued at $793,916,000 after buying an additional 222,582 shares in the last quarter. Credit Suisse AG raised its stake 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 valued at $229,659,000 after buying an additional 88,269 shares in the last quarter. FMR LLC raised its stake in shares of 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 raised its stake in shares of 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. 81.37% of the stock is owned by institutional investors.
CDK Global, Inc. (CDK) traded down 0.56% on Friday, hitting $62.10. The stock had a trading volume of 711,745 shares. CDK Global, Inc. has a 12 month low of $53.46 and a 12 month high of $67.49. The company has a market cap of $8.70 billion, a PE ratio of 31.21 and a beta of 0.74. The company has a 50-day moving average of $63.17 and a 200 day moving average of $63.72.
CDK Global (NASDAQ:CDK) last issued its quarterly earnings results on Tuesday, August 1st. The software maker reported $0.55 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.01. CDK Global had a return on equity of 204.80% and a net margin of 13.31%. The firm had revenue of $565.40 million during the quarter, compared to analysts’ expectations of $556.68 million. During the same period in the previous year, the business earned $0.49 earnings per share. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, analysts predict 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. Investors of record on Monday, September 11th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 0.90%. The ex-dividend date of this dividend is Friday, September 8th. CDK Global’s payout ratio is 28.00%.
A number of equities research analysts have issued reports on CDK shares. Zacks Investment Research lowered shares of CDK Global from a “buy” rating to a “hold” rating in a report on Monday, May 8th. Evercore ISI raised shares of CDK Global from an “in-line” rating to an “outperform” rating and set a $72.00 price objective for the company in a report on Monday, July 10th. TheStreet lowered shares of CDK Global from a “c” rating to a “d+” rating in a report on Tuesday, August 1st. Wells Fargo & Company raised shares of CDK Global from a “market perform” rating to an “outperform” rating and set a $75.00 price objective for the company in a report on Wednesday, June 21st. Finally, BidaskClub raised shares of CDK Global from a “hold” rating to a “buy” rating in a report on Tuesday, July 25th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $71.75.
In other news, insider Brian P. Macdonald purchased 5,000 shares of the company’s stock in a transaction that occurred on Friday, May 26th. The stock was purchased at an average cost of $60.47 per share, for a total transaction of $302,350.00. Following the completion of the transaction, the insider now owns 96,877 shares of the company’s stock, valued at $5,858,152.19. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.34% of the stock is currently owned by insiders.
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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