We report the growth of high-quality single crystals of hole-doped composition Sr0.95K0.05Co2As2 and present an investigation of its structural, electronic, thermal, and magnetic properties. Our results show that hole doping leads to a substantial suppression of ferromagnetic (FM) correlations present in SrCo2As(2) leading to nearly isotropic magnetic susceptibilities chi(ab,c)(T) of Sr0.95K0.05Co2As2. The presence of FM fluctuations is considered one of the detrimental reasons why SrCo2As2 does not achieve a superconducting ground state despite having a precursor for it in the form of stripe-like antiferromagnetic fluctuations. The suppression of FM fluctuations leads to qualitative similarities between the properties of hole-doped SrCo2As2 and the end member of superconducting 122 iron-arsenide family KFe2As2. Our results also infer the presence of strongly correlated electronic states in Sr0.95K0.05Co2As2. Further, they show that the electronic structure of SrCo2As2 as well as this hole-doped composition is exceptionally unstable in the vicinity of Fermi level E-F for small alterations in the structural parameters and sensitively depends upon the details of simulation.