Nomura Asset Management Co. Ltd. purchased a new position in shares of CDK Global, Inc. (NASDAQ:CDK) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 18,455 shares of the software maker’s stock, valued at approximately $1,165,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of CDK. Koch Industries Inc. grew its holdings in shares of CDK Global by 13,261.7% during the second quarter. Koch Industries Inc. now owns 1,136,278 shares of the software maker’s stock worth $1,118,000 after buying an additional 1,127,774 shares in the last quarter. Junto Capital Management LP purchased a new stake in shares of CDK Global during the second quarter worth about $45,226,000. Arrowstreet Capital Limited Partnership grew its holdings in CDK Global by 82.8% in the second quarter. Arrowstreet Capital Limited Partnership now owns 1,290,870 shares of the software maker’s stock valued at $80,111,000 after purchasing an additional 584,720 shares during the period. BlackRock Inc. grew its holdings in CDK Global by 4.0% in the second quarter. BlackRock Inc. now owns 13,718,146 shares of the software maker’s stock valued at $851,347,000 after purchasing an additional 521,564 shares during the period. Finally, Renaissance Technologies LLC grew its holdings in CDK Global by 186.8% in the second quarter. Renaissance Technologies LLC now owns 762,600 shares of the software maker’s stock valued at $47,327,000 after purchasing an additional 496,700 shares during the period. Institutional investors and hedge funds own 87.49% of the company’s stock.
Shares of CDK Global, Inc. (CDK) opened at $70.76 on Friday. CDK Global, Inc. has a twelve month low of $58.52 and a twelve month high of $71.63. The stock has a market cap of $9,732.19, a P/E ratio of 28.08, a P/E/G ratio of 1.59 and a beta of 0.75. The company has a debt-to-equity ratio of 297.80, a current ratio of 2.37 and a quick ratio of 2.37.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be paid a dividend of $0.15 per share. This is an increase from CDK Global’s previous quarterly dividend of $0.14. This represents a $0.60 annualized dividend and a yield of 0.85%. The ex-dividend date is Thursday, November 30th. CDK Global’s payout ratio is currently 29.13%.
In other CDK Global news, VP Jennifer A. Williams sold 1,984 shares of the business’s stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $62.58, for a total transaction of $124,158.72. Following the completion of the sale, the vice president now directly owns 5,560 shares in the company, valued at $347,944.80. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.39% of the stock is owned by insiders.
A number of equities research analysts recently issued reports on the stock. BidaskClub upgraded shares of CDK Global from a “hold” rating to a “buy” rating in a report on Saturday, August 19th. Barrington Research set a $75.00 target price on shares of CDK Global and gave the company a “buy” rating in a report on Tuesday, October 31st. TheStreet upgraded shares of CDK Global from a “c+” rating to a “b-” rating in a report on Thursday, October 19th. Finally, Zacks Investment Research upgraded shares of CDK Global from a “hold” rating to a “buy” rating and set a $71.00 target price for the company in a report on Tuesday, October 3rd. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. CDK Global currently has a consensus rating of “Buy” and a consensus price target of $72.60.
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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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