Profund Advisors LLC reduced its holdings in shares of CDK Global Inc (NASDAQ:CDK) by 4.6% in the fourth quarter, Holdings Channel reports. The fund owned 15,620 shares of the software maker’s stock after selling 757 shares during the quarter. Profund Advisors LLC’s holdings in CDK Global were worth $1,113,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of CDK. Macquarie Group Ltd. bought a new stake in shares of CDK Global during the 3rd quarter worth approximately $145,000. Bredin Investment LLC bought a new stake in CDK Global during the 4th quarter valued at $203,000. Overbrook Management Corp bought a new stake in CDK Global during the 4th quarter valued at $203,000. BB&T Corp bought a new stake in CDK Global during the 4th quarter valued at $208,000. Finally, Retirement Income Solutions Inc bought a new stake in CDK Global during the 4th quarter valued at $209,000. 85.65% of the stock is owned by hedge funds and other institutional investors.
In other news, insider Rajiv K. Amar sold 1,968 shares of CDK Global stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $69.85, for a total value of $137,464.80. Following the transaction, the insider now directly owns 11,072 shares in the company, valued at approximately $773,379.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott L. Mathews sold 5,514 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $68.91, for a total value of $379,969.74. Following the transaction, the executive vice president now owns 48,520 shares in the company, valued at $3,343,513.20. The disclosure for this sale can be found here. Company insiders own 0.39% of the company’s stock.
CDK Global (NASDAQ:CDK) last announced its quarterly earnings results on Tuesday, January 30th. The software maker reported $0.87 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.17. CDK Global had a negative return on equity of 5,261.95% and a net margin of 14.29%. The business had revenue of $561.70 million for the quarter, compared to the consensus estimate of $564.94 million. During the same period last year, the business posted $0.55 EPS. The business’s revenue was up 2.5% compared to the same quarter last year. sell-side analysts anticipate that CDK Global Inc will post 3.26 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Thursday, March 1st will be issued a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, February 28th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.85%. CDK Global’s dividend payout ratio is presently 26.55%.
A number of equities research analysts have weighed in on CDK shares. BidaskClub lowered CDK Global from a “hold” rating to a “sell” rating in a research report on Tuesday, January 23rd. Barrington Research lowered CDK Global from an “outperform” rating to a “market perform” rating and set a $75.00 target price for the company. in a research report on Wednesday, January 17th. They noted that the move was a valuation call. Wells Fargo & Co reaffirmed an “outperform” rating and set a $80.00 target price (up from $75.00) on shares of CDK Global in a research report on Wednesday, January 31st. Morgan Stanley lifted their target price on CDK Global from $76.00 to $77.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. Finally, Zacks Investment Research raised CDK Global from a “hold” rating to a “buy” rating and set a $80.00 target price for the company in a research report on Wednesday, January 31st. One analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price 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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