Essex Financial Services Inc. decreased its stake in shares of CDK Global, Inc. (NASDAQ:CDK) by 16.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,391 shares of the software maker’s stock after selling 666 shares during the period. Essex Financial Services Inc.’s holdings in CDK Global were worth $220,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently made changes to their positions in CDK. Southpoint Capital Advisors LP increased its stake in shares of CDK Global by 17.4% in the fourth quarter. Southpoint Capital Advisors LP now owns 2,400,000 shares of the software maker’s stock valued at $143,256,000 after buying an additional 355,398 shares during the period. Whalerock Point Partners LLC increased its stake in shares of CDK Global by 1.5% in the fourth quarter. Whalerock Point Partners LLC now owns 7,608 shares of the software maker’s stock valued at $454,000 after buying an additional 116 shares during the period. Norges Bank purchased a new stake in shares of CDK Global during the fourth quarter valued at approximately $65,428,000. Asset Management One Co. Ltd. increased its stake in shares of CDK Global by 1,610.7% in the fourth quarter. Asset Management One Co. Ltd. now owns 219,854 shares of the software maker’s stock valued at $13,138,000 after buying an additional 207,002 shares during the period. Finally, Renaissance Technologies LLC increased its stake in shares of CDK Global by 22.3% in the fourth quarter. Renaissance Technologies LLC now owns 706,400 shares of the software maker’s stock valued at $42,165,000 after buying an additional 128,700 shares during the period. 84.05% of the stock is currently owned by institutional investors.

Institutional Ownership by Quarter for CDK Global (NASDAQ:CDK)

Shares of CDK Global, Inc. (NASDAQ:CDK) traded up 1.10% during mid-day trading on Friday, hitting $61.70. 1,290,192 shares of the stock were exchanged. CDK Global, Inc. has a 12 month low of $52.43 and a 12 month high of $67.49. The stock has a market cap of $8.96 billion, a PE ratio of 31.56 and a beta of 0.73. The stock’s 50 day moving average is $61.85 and its 200-day moving average is $62.77.

CDK Global (NASDAQ:CDK) last issued its quarterly earnings results on Tuesday, May 2nd. The software maker reported $0.65 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.08. CDK Global had a return on equity of 126.04% and a net margin of 13.44%. The business had revenue of $556.30 million for the quarter, compared to analyst estimates of $556.98 million. During the same quarter in the previous year, the firm earned $0.42 earnings per share. The company’s revenue was up 3.5% on a year-over-year basis. On average, analysts anticipate that CDK Global, Inc. will post $2.43 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Tuesday, June 20th will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Friday, June 16th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.91%. CDK Global’s payout ratio is 28.57%.

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A number of analysts have recently issued reports on CDK shares. Zacks Investment Research downgraded shares of CDK Global from a “buy” rating to a “hold” rating in a report on Monday, February 27th. TheStreet raised shares of CDK Global from a “d+” rating to a “c” rating in a report on Monday, May 8th.

In other CDK Global news, insider Brian P. Macdonald purchased 5,000 shares of the company’s stock in a transaction dated Friday, May 26th. The shares were acquired at an average price of $60.47 per share, for a total transaction of $302,350.00. Following the completion of the purchase, the insider now owns 96,877 shares of the company’s stock, valued at $5,858,152.19. The acquisition was disclosed in a legal filing with the SEC, 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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