Geode Capital Management LLC cut its holdings in CDK Global Inc (NASDAQ:CDK) by 11.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,070,192 shares of the software maker’s stock after selling 133,970 shares during the period. Geode Capital Management LLC owned approximately 0.80% of CDK Global worth $76,234,000 at the end of the most recent reporting period.
Several other large investors have also recently modified their holdings of CDK. Schroder Investment Management Group raised its stake in CDK Global by 16,000.0% in the fourth quarter. Schroder Investment Management Group now owns 322,000 shares of the software maker’s stock worth $22,952,000 after buying an additional 320,000 shares in the last quarter. Frontier Capital Management Co. LLC grew its holdings in CDK Global by 11.9% in the fourth quarter. Frontier Capital Management Co. LLC now owns 1,579,837 shares of the software maker’s stock worth $112,611,000 after purchasing an additional 167,520 shares during the period. Beacon Investment Advisory Services Inc. purchased a new stake in CDK Global in the third quarter worth about $8,076,000. Middleton & Co Inc MA purchased a new stake in CDK Global in the fourth quarter worth about $9,062,000. Finally, TD Asset Management Inc. purchased a new stake in CDK Global in the third quarter worth about $5,970,000. 85.65% of the stock is owned by hedge funds and other institutional investors.
In related news, EVP Scott L. Mathews sold 5,514 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $68.91, for a total value of $379,969.74. Following the sale, the executive vice president now owns 48,520 shares in the company, valued at $3,343,513.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Rajiv K. Amar sold 1,968 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $69.85, for a total transaction of $137,464.80. Following the completion of the sale, the insider now owns 11,072 shares in the company, valued at approximately $773,379.20. The disclosure for this sale can be found here. Company insiders own 0.39% of the company’s stock.
CDK Global (NASDAQ:CDK) last posted its quarterly earnings results on Tuesday, January 30th. The software maker reported $0.87 EPS for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.17. CDK Global had a net margin of 14.29% and a negative return on equity of 5,261.95%. The firm had revenue of $561.70 million for the quarter, compared to analysts’ expectations of $564.94 million. During the same quarter in the prior year, the company posted $0.55 earnings per share. The business’s revenue for the quarter was up 2.5% on a year-over-year basis. sell-side analysts forecast that CDK Global Inc will post 3.26 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 1st will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 0.85%. The ex-dividend date is Wednesday, February 28th. CDK Global’s dividend payout ratio is currently 26.55%.
CDK has been the topic of a number of recent research reports. BidaskClub cut shares of CDK Global from a “sell” rating to a “strong sell” rating in a report on Wednesday, February 21st. Morgan Stanley upped their price objective on shares of CDK Global from $76.00 to $77.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 31st. Wells Fargo & Co restated an “outperform” rating and issued a $80.00 price objective (up previously from $75.00) on shares of CDK Global in a report on Wednesday, January 31st. Zacks Investment Research upgraded shares of CDK Global from a “hold” rating to a “buy” rating and set a $80.00 price target on the stock in a report on Wednesday, January 31st. Finally, Barrington Research cut shares of CDK Global from an “outperform” rating to a “market perform” rating and set a $75.00 price target on the stock. in a report on Wednesday, January 17th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $76.80.
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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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