CDK Global Inc (CDK) Stake Boosted by Schwab Charles Investment Management Inc.
Schwab Charles Investment Management Inc. lifted its stake in CDK Global Inc (NASDAQ:CDK) by 4.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 600,326 shares of the software maker’s stock after purchasing an additional 24,390 shares during the quarter. Schwab Charles Investment Management Inc.’s holdings in CDK Global were worth $39,052,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently bought and sold shares of CDK. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in CDK Global by 8.3% in the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 48,019 shares of the software maker’s stock worth $3,124,000 after buying an additional 3,679 shares during the last quarter. Hsbc Holdings PLC raised its position in CDK Global by 57.4% in the 1st quarter. Hsbc Holdings PLC now owns 726,803 shares of the software maker’s stock worth $46,035,000 after buying an additional 264,969 shares during the last quarter. Rossmore Private Capital purchased a new position in CDK Global in the 2nd quarter worth about $782,000. State of Alaska Department of Revenue raised its position in CDK Global by 21.4% in the 2nd quarter. State of Alaska Department of Revenue now owns 21,076 shares of the software maker’s stock worth $1,370,000 after buying an additional 3,720 shares during the last quarter. Finally, Legacy Financial Advisors Inc. raised its position in CDK Global by 91.0% in the 2nd quarter. Legacy Financial Advisors Inc. now owns 1,899 shares of the software maker’s stock worth $128,000 after buying an additional 905 shares during the last quarter. 81.77% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have weighed in on CDK shares. ValuEngine lowered CDK Global from a “hold” rating to a “sell” rating in a research report on Tuesday, May 22nd. Barrington Research raised CDK Global from a “market perform” rating to an “outperform” rating and set a $80.00 target price for the company in a research report on Tuesday, May 29th. Zacks Investment Research lowered CDK Global from a “hold” rating to a “sell” rating in a research report on Monday, June 11th. BidaskClub raised shares of CDK Global from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 16th. Finally, Morgan Stanley reduced their price target on shares of CDK Global from $75.00 to $68.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 15th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. CDK Global currently has an average rating of “Hold” and an average price target of $75.00.
CDK Global (NASDAQ:CDK) last released its quarterly earnings results on Tuesday, August 14th. The software maker reported $0.87 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.07. CDK Global had a net margin of 16.75% and a negative return on equity of 235.59%. The firm had revenue of $569.20 million during the quarter, compared to analyst estimates of $578.99 million. During the same quarter in the prior year, the firm earned $0.55 EPS. The business’s revenue for the quarter was up .7% compared to the same quarter last year. sell-side analysts forecast that CDK Global Inc will post 3.72 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Tuesday, September 4th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 0.96%. The ex-dividend date of this dividend is Friday, August 31st. CDK Global’s payout ratio is currently 19.74%.
In other news, VP Jennifer A. Williams sold 4,114 shares of the company’s stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $61.65, for a total transaction of $253,628.10. Following the completion of the sale, the vice president now owns 5,012 shares of the company’s stock, valued at approximately $308,989.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.39% of the stock is owned by corporate insiders.
CDK Global Profile
CDK Global, Inc provides software and technology solutions for automotive retailers in the United States and internationally. The company operates through Retail Solutions North America, Advertising North America, and CDK International segments. The company offers Dealer Management System (DMS), a portfolio of layered software applications and services for automotive retailers, original equipment manufacturers (OEMs), consumers, and other industry participants manage the acquisition, sale, financing, insuring, parts supply, and repair and maintenance of vehicles.
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