Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp Invests $1,995,000 in CDK Global Inc. (CDK)
Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp purchased a new position in CDK Global Inc. (NASDAQ:CDK) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 34,783 shares of the company’s stock, valued at approximately $1,995,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Smith Asset Management Group LP acquired a new position in shares of CDK Global during the second quarter worth about $14,973,000. Bank of Montreal Can acquired a new position in shares of CDK Global during the second quarter worth about $13,464,000. Frontier Capital Management Co. LLC raised its position in shares of CDK Global by 0.4% in the second quarter. Frontier Capital Management Co. LLC now owns 2,359,304 shares of the company’s stock worth $130,918,000 after buying an additional 9,965 shares during the period. Twin Capital Management Inc. acquired a new position in shares of CDK Global during the second quarter worth about $1,742,000. Finally, Ameriprise Financial Inc. raised its position in shares of CDK Global by 2.6% in the second quarter. Ameriprise Financial Inc. now owns 408,572 shares of the company’s stock worth $22,671,000 after buying an additional 10,412 shares during the period. Institutional investors own 83.09% of the company’s stock.
CDK Global Inc. (NASDAQ:CDK) traded up 0.02% during mid-day trading on Monday, hitting $58.91. The stock had a trading volume of 709,612 shares. The stock has a 50 day moving average of $55.91 and a 200-day moving average of $56.42. The firm has a market cap of $8.81 billion, a P/E ratio of 35.77 and a beta of 0.70. CDK Global Inc. has a 1-year low of $39.67 and a 1-year high of $60.09.
CDK Global (NASDAQ:CDK) last issued its earnings results on Wednesday, November 2nd. The company reported $0.60 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.07. CDK Global had a return on equity of 59.26% and a net margin of 11.96%. The business earned $550.70 million during the quarter, compared to analysts’ expectations of $538.63 million. During the same period in the prior year, the firm posted $0.38 EPS. CDK Global’s quarterly revenue was up 7.0% compared to the same quarter last year. Analysts predict that CDK Global Inc. will post $2.34 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 30th. Stockholders of record on Tuesday, December 20th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Friday, December 16th. This is a boost from CDK Global’s previous quarterly dividend of $0.14. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.95%. CDK Global’s dividend payout ratio is presently 32.73%.
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A number of research analysts have issued reports on CDK shares. Zacks Investment Research upgraded CDK Global from a “hold” rating to a “buy” rating and set a $63.00 price target for the company in a research report on Tuesday, October 4th. TheStreet raised CDK Global from a “hold” rating to a “buy” rating in a research note on Wednesday, November 2nd. Finally, William Blair began coverage on CDK Global in a research note on Wednesday, October 12th. They issued a “market perform” rating on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $55.75.
CDK Global Company Profile
CDK Global, Inc is a provider of integrated information technology and digital marketing/advertising solutions to the automotive retail industry. The Company’s segments are Automotive Retail North America (ARNA), Automotive Retail International (ARI) and Digital Marketing (DM). The Company’s solutions automate workflow processes from pre-sale targeted advertising and marketing campaigns to the sale, financing, insurance, parts supply, and repair and maintenance of vehicles.
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