Parsons Capital Management Inc. RI reduced its stake in CDK Global Inc. (NASDAQ:CDK) by 6.0% during the third quarter, Holdings Channel reports. The firm owned 7,523 shares of the company’s stock after selling 476 shares during the period. Parsons Capital Management Inc. RI’s holdings in CDK Global were worth $432,000 at the end of the most recent reporting period.
A number of other large investors have also made changes to their positions in CDK. WFG Advisors LP boosted its position in CDK Global by 0.8% in the second quarter. WFG Advisors LP now owns 1,803 shares of the company’s stock worth $100,000 after buying an additional 15 shares during the period. Advisor Partners LLC boosted its position in CDK Global by 0.8% in the third quarter. Advisor Partners LLC now owns 3,704 shares of the company’s stock worth $212,000 after buying an additional 31 shares during the last quarter. Creative Planning boosted its position in CDK Global by 0.4% in the second quarter. Creative Planning now owns 9,520 shares of the company’s stock worth $528,000 after buying an additional 35 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD boosted its position in CDK Global by 0.8% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 9,422 shares of the company’s stock worth $522,000 after buying an additional 75 shares during the last quarter. Finally, First Citizens Bank & Trust Co. boosted its position in CDK Global by 1.6% in the third quarter. First Citizens Bank & Trust Co. now owns 4,935 shares of the company’s stock worth $283,000 after buying an additional 78 shares during the last quarter. Institutional investors own 83.09% of the company’s stock.
Shares of CDK Global Inc. (NASDAQ:CDK) traded down 0.12% on Monday, reaching $58.83. The company’s stock had a trading volume of 135,394 shares. The company has a 50 day moving average of $55.83 and a 200 day moving average of $56.30. CDK Global Inc. has a 1-year low of $39.67 and a 1-year high of $60.09. The stock has a market capitalization of $8.80 billion, a P/E ratio of 35.72 and a beta of 0.70.
CDK Global (NASDAQ:CDK) last announced its quarterly earnings data on Wednesday, November 2nd. The company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.07. The business had revenue of $550.70 million for the quarter, compared to analysts’ expectations of $538.63 million. CDK Global had a net margin of 11.96% and a return on equity of 59.26%. The firm’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period last year, the firm posted $0.38 earnings per share. Equities research analysts expect that CDK Global Inc. will post $2.34 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Tuesday, December 20th will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date is Friday, December 16th. This is a boost from CDK Global’s previous quarterly dividend of $0.14. CDK Global’s payout ratio is presently 32.73%.
Several analysts have commented on CDK shares. Zacks Investment Research raised shares of CDK Global from a “hold” rating to a “buy” rating and set a $63.00 price objective for the company in a research report on Friday, November 4th. TheStreet raised shares of CDK Global from a “hold” rating to a “buy” rating in a research report on Wednesday, November 2nd. Finally, William Blair started coverage on shares of CDK Global in a research report on Wednesday, October 12th. They issued a “market perform” rating for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. The company 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.