Norges Bank Buys New Holdings in CDK Global, Inc. (NASDAQ:CDK)

Norges Bank acquired a new position in shares of CDK Global, Inc. (NASDAQ:CDK) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 1,300,186 shares of the software maker’s stock, valued at approximately $67,389,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Sterling Financial Planning Inc. bought a new stake in CDK Global during the 4th quarter valued at $31,000. Hoover Financial Advisors Inc. bought a new stake in CDK Global during the 4th quarter valued at $66,000. Royal London Asset Management Ltd. bought a new stake in CDK Global during the 4th quarter valued at $99,000. Tacita Capital Inc bought a new stake in CDK Global during the 4th quarter valued at $143,000. Finally, Sowell Financial Services LLC raised its holdings in CDK Global by 1,554.4% during the 4th quarter. Sowell Financial Services LLC now owns 3,739 shares of the software maker’s stock valued at $194,000 after acquiring an additional 3,513 shares during the period. 82.20% of the stock is owned by hedge funds and other institutional investors.

CDK Global stock opened at $54.02 on Wednesday. The stock has a market cap of $6.58 billion, a P/E ratio of 36.50 and a beta of 1.38. CDK Global, Inc. has a fifty-two week low of $33.42 and a fifty-two week high of $55.51. The firm’s fifty day moving average price is $52.80 and its 200-day moving average price is $49.77.

CDK Global (NASDAQ:CDK) last released its earnings results on Sunday, February 7th. The software maker reported $0.59 EPS for the quarter, missing the Zacks’ consensus estimate of $0.65 by ($0.06). The firm had revenue of $406.30 million during the quarter, compared to the consensus estimate of $436.06 million. CDK Global had a net margin of 9.25% and a negative return on equity of 62.84%. The firm’s revenue was down 18.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.80 EPS. As a group, equities research analysts forecast that CDK Global, Inc. will post 2.35 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 30th. Investors of record on Monday, March 8th were paid a $0.15 dividend. The ex-dividend date of this dividend was Friday, March 5th. This represents a $0.60 dividend on an annualized basis and a yield of 1.11%. CDK Global’s dividend payout ratio is presently 19.67%.

A number of equities research analysts have issued reports on the stock. Wells Fargo & Company boosted their target price on shares of CDK Global from $60.00 to $65.00 and gave the company an “overweight” rating in a report on Tuesday, February 9th. Oppenheimer upped their price target on shares of CDK Global from $55.00 to $65.00 in a report on Tuesday, February 9th. Zacks Investment Research cut shares of CDK Global from a “hold” rating to a “strong sell” rating in a report on Monday. Finally, Barrington Research reaffirmed a “buy” rating and issued a $72.00 price target on shares of CDK Global in a report on Wednesday, January 6th.

CDK Global Profile

CDK Global, Inc, together with its subsidiaries, provides software and technology solutions for automotive retailers in the United States, Europe, Canada, and internationally. 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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Institutional Ownership by Quarter for CDK Global (NASDAQ:CDK)

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