Pinebridge Investments L.P. raised its holdings in shares of CDK Global Inc (NASDAQ:CDK) by 13.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 49,182 shares of the software maker’s stock after buying an additional 5,866 shares during the period. Pinebridge Investments L.P.’s holdings in CDK Global were worth $3,506,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of CDK. Frontier Capital Management Co. LLC raised its holdings in CDK Global by 11.9% during the fourth quarter. Frontier Capital Management Co. LLC now owns 1,579,837 shares of the software maker’s stock valued at $112,611,000 after acquiring an additional 167,520 shares during the period. Beacon Investment Advisory Services Inc. bought a new stake in CDK Global during the third quarter valued at about $8,076,000. Middleton & Co Inc MA bought a new stake in CDK Global during the fourth quarter valued at about $9,062,000. TD Asset Management Inc. bought a new stake in CDK Global during the third quarter valued at about $5,970,000. Finally, Canada Pension Plan Investment Board raised its holdings in CDK Global by 25.7% during the third quarter. Canada Pension Plan Investment Board now owns 418,924 shares of the software maker’s stock valued at $26,430,000 after acquiring an additional 85,700 shares during the period. 89.62% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have recently weighed in on CDK. Barrington Research lowered CDK Global from an “outperform” rating to a “market perform” rating and set a $75.00 price objective for the company. in a research report on Wednesday, January 17th. They noted that the move was a valuation call. BidaskClub lowered CDK Global from a “hold” rating to a “sell” rating in a research report on Tuesday, January 23rd. Morgan Stanley raised their price objective 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. Wells Fargo & Co restated an “outperform” rating and set a $80.00 price objective (up previously from $75.00) on shares of CDK Global in a research report on Wednesday, January 31st. Finally, Zacks Investment Research upgraded CDK Global from a “hold” rating to a “buy” rating and set a $80.00 price objective for the company in a research report on Wednesday, January 31st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $76.80.
CDK Global (NASDAQ:CDK) last issued its quarterly earnings data on Tuesday, January 30th. The software maker reported $0.87 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.17. The firm had revenue of $561.70 million during the quarter, compared to analyst estimates of $564.94 million. CDK Global had a negative return on equity of 5,261.95% and a net margin of 14.29%. The business’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.55 earnings per share. sell-side analysts forecast that CDK Global Inc will post 3.26 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Thursday, March 1st will be given a dividend of $0.15 per share. 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 payout ratio is 26.55%.
CDK Global 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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