State Board of Administration of Florida Retirement System Sells 7,797 Shares of CDK Global, Inc. (NASDAQ:CDK)

State Board of Administration of Florida Retirement System lowered its stake in shares of CDK Global, Inc. (NASDAQ:CDK) by 4.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 177,715 shares of the software maker’s stock after selling 7,797 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in CDK Global were worth $8,831,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CDK. Xponance Inc. grew its position in CDK Global by 2.0% in the 1st quarter. Xponance Inc. now owns 14,537 shares of the software maker’s stock valued at $786,000 after acquiring an additional 283 shares during the last quarter. Bessemer Group Inc. grew its position in CDK Global by 5.4% in the 1st quarter. Bessemer Group Inc. now owns 6,043 shares of the software maker’s stock valued at $327,000 after acquiring an additional 307 shares during the last quarter. Captrust Financial Advisors grew its position in CDK Global by 17.8% in the 1st quarter. Captrust Financial Advisors now owns 2,758 shares of the software maker’s stock valued at $149,000 after acquiring an additional 417 shares during the last quarter. First Trust Advisors LP grew its position in CDK Global by 2.0% in the 1st quarter. First Trust Advisors LP now owns 26,815 shares of the software maker’s stock valued at $1,577,000 after acquiring an additional 524 shares during the last quarter. Finally, Ropes Wealth Advisors LLC grew its position in CDK Global by 7.1% in the 1st quarter. Ropes Wealth Advisors LLC now owns 8,011 shares of the software maker’s stock valued at $422,000 after acquiring an additional 529 shares during the last quarter. 86.20% of the stock is currently owned by hedge funds and other institutional investors.

Shares of CDK stock opened at $42.05 on Tuesday. The company has a current ratio of 1.53, a quick ratio of 1.53 and a debt-to-equity ratio of 3.21. The stock has a market capitalization of $5.08 billion, a price-to-earnings ratio of 4.99 and a beta of 1.37. CDK Global, Inc. has a twelve month low of $39.78 and a twelve month high of $55.51. The stock has a fifty day simple moving average of $44.67 and a two-hundred day simple moving average of $49.85.

CDK Global (NASDAQ:CDK) last issued its quarterly earnings data on Monday, August 16th. The software maker reported $0.66 earnings per share for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.01). The company had revenue of $420.10 million for the quarter, compared to analysts’ expectations of $428.10 million. CDK Global had a return on equity of 5,754.17% and a net margin of 59.00%. The company’s revenue for the quarter was down 6.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.67 earnings per share. Research analysts predict that CDK Global, Inc. will post 2.43 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 30th. Investors of record on Wednesday, September 1st will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.43%. The ex-dividend date is Tuesday, August 31st. CDK Global’s dividend payout ratio (DPR) is currently 27.03%.

In related news, General Counsel Lee J. Brunz sold 1,447 shares of the company’s stock in a transaction on Monday, September 13th. The stock was sold at an average price of $42.96, for a total transaction of $62,163.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.54% of the company’s stock.

Several brokerages have commented on CDK. Morgan Stanley cut their price objective on CDK Global from $62.00 to $56.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 18th. TheStreet cut CDK Global from a “b-” rating to a “c+” rating in a report on Tuesday, July 13th. Finally, Zacks Investment Research cut CDK Global from a “hold” rating to a “strong sell” rating in a report on Monday, August 23rd. One equities research analyst has rated the stock with a sell rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $62.20.

CDK Global Company Profile

CDK Global, Inc engages in the provision of integrated information technology and digital marketing solutions to the automotive, heavy truck, recreation, and heavy equipment industries. The firm focuses on providing a suite of subscription-based software and technology solutions for automotive retailers in North America.

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Institutional Ownership by Quarter for CDK Global (NASDAQ:CDK)

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