PNC Financial Services Group Inc. Cuts Position in CDK Global Inc. (CDK)
PNC Financial Services Group Inc. lowered its stake in CDK Global Inc. (NASDAQ:CDK) by 1.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 389,004 shares of the company’s stock after selling 4,648 shares during the period. PNC Financial Services Group Inc. owned 0.26% of CDK Global worth $22,314,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. LS Investment Advisors LLC raised its position in CDK Global by 48.3% in the second quarter. LS Investment Advisors LLC now owns 12,752 shares of the company’s stock valued at $708,000 after buying an additional 4,152 shares during the period. Bedrijfstakpensioenfonds Voor DE Media PNO purchased a new position in CDK Global during the second quarter worth about $1,382,000. Albert D Mason Inc. raised its position in CDK Global by 0.7% in the second quarter. Albert D Mason Inc. now owns 23,067 shares of the company’s stock worth $1,280,000 after buying an additional 160 shares during the last quarter. Charter Trust Co. raised its position in CDK Global by 10.0% in the second quarter. Charter Trust Co. now owns 21,551 shares of the company’s stock worth $1,196,000 after buying an additional 1,958 shares during the last quarter. Finally, Stewart & Patten Co. LLC purchased a new position in CDK Global during the second quarter worth about $204,000. 83.09% of the stock is owned by institutional investors.
CDK Global Inc. (NASDAQ:CDK) remained flat at $58.91 during mid-day trading on Tuesday. The stock had a trading volume of 141,431 shares. CDK Global Inc. has a 52 week low of $39.67 and a 52 week high of $60.09. The stock has a market capitalization of $8.81 billion, a PE ratio of 35.77 and a beta of 0.70. The company’s 50 day moving average price is $55.91 and its 200 day moving average price is $56.42.
CDK Global (NASDAQ:CDK) last released its earnings results on Wednesday, November 2nd. The company reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.07. CDK Global had a net margin of 11.96% and a return on equity of 59.26%. The business earned $550.70 million during the quarter, compared to analysts’ expectations of $538.63 million. During the same period last year, the business earned $0.38 earnings per share. The firm’s revenue was up 7.0% on a year-over-year basis. On average, analysts predict that CDK Global Inc. will post $2.34 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Tuesday, December 20th will be paid 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 annualized dividend and a dividend yield of 0.95%. CDK Global’s dividend payout ratio (DPR) is currently 32.73%.
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A number of research firms have issued reports on CDK. Zacks Investment Research raised shares of CDK Global from a “hold” rating to a “buy” rating and set a $63.00 target price for the company in a research note on Friday, November 4th. TheStreet raised shares of CDK Global from a “hold” rating to a “buy” rating in a research note on Wednesday, November 2nd. Finally, William Blair began coverage on shares of CDK Global in a research note on Wednesday, October 12th. They set a “market perform” rating for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. CDK Global currently has an average rating of “Hold” and a consensus target price of $55.75.
About CDK Global
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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