Oppenheimer & Co. Inc. Cuts Position in Automatic Data Processing (ADP)

Oppenheimer & Co. Inc. lowered its position in shares of Automatic Data Processing (NYSE:ADP) by 1.0% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 36,578 shares of the business services provider’s stock after selling 381 shares during the period. Oppenheimer & Co. Inc.’s holdings in Automatic Data Processing were worth $3,746,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in ADP. Coconut Grove Bank boosted its position in shares of Automatic Data Processing by 79.6% in the first quarter. Coconut Grove Bank now owns 1,038 shares of the business services provider’s stock worth $106,000 after buying an additional 460 shares in the last quarter. Grisanti Capital Management LLC boosted its position in shares of Automatic Data Processing by 4.5% in the first quarter. Grisanti Capital Management LLC now owns 1,045 shares of the business services provider’s stock worth $107,000 after buying an additional 45 shares in the last quarter. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Automatic Data Processing during the first quarter worth $113,000. Guardian Life Insurance Co. of America boosted its position in shares of Automatic Data Processing by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 1,740 shares of the business services provider’s stock worth $178,000 after buying an additional 12 shares in the last quarter. Finally, Weatherly Asset Management L. P. purchased a new position in shares of Automatic Data Processing during the first quarter worth $209,000.

Shares of Automatic Data Processing (NYSE:ADP) traded down 0.08% during trading on Friday, reaching $108.81. The company’s stock had a trading volume of 4,639,179 shares. The company has a 50 day moving average of $106.27 and a 200-day moving average of $102.61. The stock has a market cap of $48.35 billion and a price-to-earnings ratio of 28.26. Automatic Data Processing has a 12-month low of $85.48 and a 12-month high of $121.77.

Automatic Data Processing (NYSE:ADP) last issued its quarterly earnings data on Thursday, July 27th. The business services provider reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.67 by $0.02. Automatic Data Processing had a net margin of 17.24% and a return on equity of 59.56%. The company had revenue of $3.06 billion for the quarter, compared to analysts’ expectations of $3.04 billion. During the same quarter last year, the company earned $0.69 earnings per share. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. Analysts forecast that Automatic Data Processing will post $3.82 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 8th will be given a dividend of $0.57 per share. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $2.28 dividend on an annualized basis and a yield of 2.10%.

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A number of equities analysts recently weighed in on the company. BMO Capital Markets reissued a “market perform” rating and set a $105.00 price objective on shares of Automatic Data Processing in a report on Wednesday. Barclays PLC reissued a “buy” rating on shares of Automatic Data Processing in a report on Thursday, April 27th. Robert W. Baird reissued a “neutral” rating and set a $95.00 price objective on shares of Automatic Data Processing in a report on Sunday, July 30th. Evercore ISI cut Automatic Data Processing from an “in-line” rating to an “underperform” rating and set a $85.00 price objective on the stock. in a report on Friday, June 2nd. Finally, Wells Fargo & Company reissued a “market perform” rating on shares of Automatic Data Processing in a report on Wednesday. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company. Automatic Data Processing currently has an average rating of “Hold” and a consensus price target of $104.96.

In other Automatic Data Processing news, CEO Carlos A. Rodriguez sold 36,363 shares of the company’s stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $110.00, for a total transaction of $3,999,930.00. Following the sale, the chief executive officer now directly owns 146,494 shares in the company, valued at $16,114,340. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Donald Weinstein sold 1,933 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $101.98, for a total value of $197,127.34. Following the sale, the vice president now owns 25,737 shares in the company, valued at $2,624,659.26. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 90,620 shares of company stock worth $9,435,757.

Automatic Data Processing Company Profile

Automatic Data Processing, Inc (ADP) is a provider of human capital management (HCM) solutions to employers, offering solutions to businesses of various sizes. The Company also provides business process outsourcing solutions. Its segments include Employer Services and Professional Employer Organization (PEO) Services.

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Institutional Ownership by Quarter for Automatic Data Processing (NYSE:ADP)

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