Berkshire Asset Management LLC PA bought a new stake in shares of CDK Global Inc (NASDAQ:CDK) in the first quarter, HoldingsChannel.com reports. The fund bought 3,915 shares of the software maker’s stock, valued at approximately $230,000.
Several other hedge funds and other institutional investors have also made changes to their positions in the business. LSV Asset Management bought a new stake in shares of CDK Global during the fourth quarter valued at approximately $2,922,000. MetLife Investment Advisors LLC increased its position in shares of CDK Global by 1.9% during the third quarter. MetLife Investment Advisors LLC now owns 79,248 shares of the software maker’s stock valued at $4,958,000 after acquiring an additional 1,496 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its position in shares of CDK Global by 5.9% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 16,777 shares of the software maker’s stock valued at $803,000 after acquiring an additional 940 shares in the last quarter. Cerebellum GP LLC increased its position in shares of CDK Global by 85.6% during the fourth quarter. Cerebellum GP LLC now owns 5,438 shares of the software maker’s stock valued at $260,000 after acquiring an additional 2,508 shares in the last quarter. Finally, Arizona State Retirement System increased its position in shares of CDK Global by 7.7% during the fourth quarter. Arizona State Retirement System now owns 126,553 shares of the software maker’s stock valued at $6,059,000 after acquiring an additional 9,075 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.
Shares of CDK stock opened at $60.31 on Wednesday. CDK Global Inc has a 12-month low of $44.01 and a 12-month high of $67.97. The company has a market capitalization of $7.47 billion, a P/E ratio of 19.84 and a beta of 0.72.
CDK Global (NASDAQ:CDK) last issued its earnings results on Tuesday, February 5th. The software maker reported $0.98 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.12. CDK Global had a net margin of 16.36% and a negative return on equity of 135.00%. The company had revenue of $590.40 million for the quarter, compared to analysts’ expectations of $578.91 million. During the same quarter last year, the company posted $0.87 earnings per share. The firm’s quarterly revenue was up 5.1% on a year-over-year basis. As a group, analysts expect that CDK Global Inc will post 3.64 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 0.99%. The ex-dividend date was Thursday, February 28th. CDK Global’s dividend payout ratio is currently 19.74%.
Several equities research analysts recently weighed in on the stock. BidaskClub raised shares of CDK Global from a “hold” rating to a “buy” rating in a research report on Tuesday. Zacks Investment Research downgraded shares of CDK Global from a “buy” rating to a “hold” rating in a research report on Tuesday, April 9th. ValuEngine raised shares of CDK Global from a “sell” rating to a “hold” rating in a research report on Monday, March 25th. Finally, Oppenheimer set a $67.00 price target on shares of CDK Global and gave the company a “buy” rating in a research report on Tuesday, February 5th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. CDK Global has a consensus rating of “Hold” and an average price target of $67.25.
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CDK Global Profile
CDK Global, Inc provides software and technology solutions for automotive retailers in the United States and internationally. The company operates through Retail Solutions North America, Advertising North America, and CDK International segments. The company offers Dealer Management System (DMS), a portfolio of layered software applications and services for automotive retailers, original equipment manufacturers (OEMs), consumers, and other industry participants manage the acquisition, sale, financing, insuring, parts supply, and repair and maintenance of vehicles.
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