Bank of Montreal Can purchased a new position in shares of CDK Global Inc. (NASDAQ:CDK) during the second quarter, Holdings Channel reports. The fund purchased 242,629 shares of the company’s stock, valued at approximately $13,464,000.
Several other hedge funds have also made changes to their positions in the stock. Stewart & Patten Co. LLC purchased a new stake in CDK Global during the second quarter valued at about $204,000. FirstMerit Bank N A Trustee purchased a new stake in CDK Global during the second quarter valued at about $209,000. Marshwinds Advisory Co. purchased a new stake in CDK Global during the second quarter valued at about $220,000. Baxter Bros Inc. purchased a new stake in CDK Global during the second quarter valued at about $223,000. Finally, Boys Arnold & Co. Inc. purchased a new stake in CDK Global during the second quarter valued at about $339,000. Institutional investors own 85.36% of the company’s stock.
Shares of CDK Global Inc. (NASDAQ:CDK) traded up 0.60% during trading on Friday, hitting $57.36. 584,209 shares of the stock were exchanged. The firm has a 50 day moving average of $57.66 and a 200-day moving average of $53.85. The stock has a market cap of $8.61 billion, a PE ratio of 37.99 and a beta of 0.65. CDK Global Inc. has a 52-week low of $39.67 and a 52-week high of $60.09.
CDK Global (NASDAQ:CDK) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. CDK Global had a net margin of 11.32% and a return on equity of 45.25%. The firm earned $542.20 million during the quarter, compared to analyst estimates of $533.84 million. During the same period in the previous year, the business posted $0.28 earnings per share. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. Equities research analysts anticipate that CDK Global Inc. will post $2.32 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Friday, September 16th were given a dividend of $0.135 per share. The ex-dividend date was Wednesday, September 14th. This represents a $0.54 annualized dividend and a yield of 0.94%. CDK Global’s dividend payout ratio (DPR) is 35.76%.
Separately, Zacks Investment Research cut shares of CDK Global from a “buy” rating to a “hold” rating in a research note on Friday, August 12th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average 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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