Wedbush Securities Inc. decreased its stake in Automatic Data Processing (NASDAQ:ADP) by 17.6% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 3,988 shares of the business services provider’s stock after selling 850 shares during the quarter. Wedbush Securities Inc.’s holdings in Automatic Data Processing were worth $601,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Atlantic Trust LLC purchased a new position in Automatic Data Processing in the second quarter valued at about $104,000. Integrated Investment Consultants LLC purchased a new position in Automatic Data Processing in the second quarter valued at about $111,000. Fort L.P. purchased a new position in Automatic Data Processing in the second quarter valued at about $119,000. Willingdon Wealth Management boosted its holdings in Automatic Data Processing by 328.5% in the third quarter. Willingdon Wealth Management now owns 857 shares of the business services provider’s stock valued at $129,000 after purchasing an additional 657 shares during the last quarter. Finally, Almanack Investment Partners LLC. purchased a new position in Automatic Data Processing in the third quarter valued at about $136,000. 77.93% of the stock is owned by institutional investors.
Shares of NASDAQ ADP opened at $139.33 on Friday. Automatic Data Processing has a 52-week low of $107.61 and a 52-week high of $153.51. The company has a market cap of $62.67 billion, a price-to-earnings ratio of 32.03, a PEG ratio of 2.17 and a beta of 0.89. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.03 and a current ratio of 1.03.
Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings data on Wednesday, October 31st. The business services provider reported $1.20 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.11 by $0.09. Automatic Data Processing had a return on equity of 50.96% and a net margin of 12.71%. The firm had revenue of $3.32 billion for the quarter, compared to analysts’ expectations of $3.28 billion. During the same quarter in the prior year, the firm posted $0.94 earnings per share. Automatic Data Processing’s revenue for the quarter was up 8.0% compared to the same quarter last year. As a group, equities research analysts predict that Automatic Data Processing will post 5.27 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 1st. Stockholders of record on Friday, December 14th will be given a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.27%. This is a boost from Automatic Data Processing’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Thursday, December 13th. Automatic Data Processing’s dividend payout ratio is presently 63.45%.
ADP has been the subject of a number of analyst reports. Credit Suisse Group initiated coverage on Automatic Data Processing in a report on Friday, August 10th. They issued an “outperform” rating and a $160.00 price target for the company. Argus increased their price target on Automatic Data Processing from $145.00 to $150.00 and gave the company a “buy” rating in a report on Monday, August 13th. Zacks Investment Research cut Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Tuesday, August 14th. BidaskClub upgraded Automatic Data Processing from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 15th. Finally, Guggenheim initiated coverage on Automatic Data Processing in a research note on Monday, August 20th. They set a “buy” rating and a $175.00 price objective on the stock. Eight research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $151.19.
In other news, CEO Carlos A. Rodriguez sold 62,228 shares of the stock in a transaction that occurred on Friday, November 16th. The stock was sold at an average price of $145.59, for a total transaction of $9,059,774.52. Following the sale, the chief executive officer now directly owns 137,177 shares in the company, valued at approximately $19,971,599.43. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Carlos A. Rodriguez sold 101,620 shares of the stock in a transaction that occurred on Thursday, November 8th. The stock was sold at an average price of $147.46, for a total value of $14,984,885.20. Following the sale, the chief executive officer now owns 199,405 shares in the company, valued at $29,404,261.30. The disclosure for this sale can be found here. Insiders have sold a total of 172,948 shares of company stock worth $25,409,660 over the last quarter. Insiders own 0.33% of the company’s stock.
Automatic Data Processing Company Profile
Automatic Data Processing, Inc provides business process outsourcing services worldwide. It operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) outsourcing and technology-based human capital management solutions.
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