Cibc World Markets Corp buys $115.5 Million stake in CDK Global Inc (CDK)

CDK Global Inc (CDK) : Cibc World Markets Corp scooped up 1,470,000 additional shares in CDK Global Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 12, 2016. The investment management firm now holds a total of 2,237,000 shares of CDK Global Inc which is valued at $115.5 Million.CDK Global Inc makes up approximately 3.86% of Cibc World Markets Corp’s portfolio.

Other Hedge Funds, Including , Mitsubishi Ufj Trust Banking Corp boosted its stake in CDK in the latest quarter, The investment management firm added 2,530 additional shares and now holds a total of 273,782 shares of CDK Global Inc which is valued at $14.1 Million. CDK Global Inc makes up approx 0.03% of Mitsubishi Ufj Trust Banking Corp’s portfolio.Mutual Of America Capital Management boosted its stake in CDK in the latest quarter, The investment management firm added 735 additional shares and now holds a total of 106,678 shares of CDK Global Inc which is valued at $5.5 Million. CDK Global Inc makes up approx 0.12% of Mutual Of America Capital Management’s portfolio. First Mercantile Trust Co added CDK to its portfolio by purchasing 458 company shares during the most recent quarter which is valued at $21,787.Russell Frank Co reduced its stake in CDK by selling 11,727 shares or 48.09% in the most recent quarter. The Hedge Fund company now holds 12,659 shares of CDK which is valued at $602,189.

CDK Global Inc opened for trading at $51.99 and hit $53 on the upside on Friday, eventually ending the session at $52.9, with a gain of 2.36% or 1.22 points. The heightened volatility saw the trading volume jump to 9,64,975 shares. Company has a market cap of $8,217,274 M.

On the company’s financial health, CDK Global Inc reported $0.42 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on May 5, 2016. Analyst had a consensus of $0.41. The company had revenue of $537.70 million for the quarter, compared to analysts expectations of $542.08 million. The company’s revenue was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.35 EPS.

Many Wall Street Analysts have commented on CDK Global Inc. Company shares were Upgraded by JP Morgan on Apr 6, 2016 to ” Neutral”, Firm has raised the Price Target to $ 49 from a previous price target of $43 .

CDK Global Inc. is a global provider both integrated technology and digital marketing/advertising solutions to the automotive retail industry. The Company’s solutions automate and integrate critical workflow processes from pre-sale targeted advertising and marketing campaigns to the sale financing insurance parts supply repair and maintenance of vehicles with an increasing focus on utilizing big data analytics and predictive intelligence. The Company’s solutions address the entire automotive retailers’ value chain. The Company operates in three segments: Automotive Retail Solutions North America (North American Automotive Retail) Automotive Retail Solutions International (International Automotive Retail) and Digital Marketing Solutions (Digital Marketing).

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