Rockland Trust Co. Lowers Position in Automatic Data Processing (NASDAQ:ADP)

Rockland Trust Co. lessened its stake in Automatic Data Processing (NASDAQ:ADP) by 2.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,274 shares of the business services provider’s stock after selling 200 shares during the quarter. Rockland Trust Co.’s holdings in Automatic Data Processing were worth $1,461,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the company. Krane Funds Advisors LLC bought a new position in Automatic Data Processing during the second quarter valued at $25,000. Mackey Komara & Dankovich LLC increased its position in Automatic Data Processing by 428.8% during the second quarter. Mackey Komara & Dankovich LLC now owns 1,084 shares of the business services provider’s stock valued at $35,000 after acquiring an additional 879 shares during the last quarter. Virtus ETF Advisers LLC bought a new position in Automatic Data Processing during the second quarter valued at $41,000. MRA Associates USA LLC bought a new position in Automatic Data Processing during the second quarter valued at $42,000. Finally, Gradient Investments LLC increased its position in Automatic Data Processing by 126.2% during the third quarter. Gradient Investments LLC now owns 276 shares of the business services provider’s stock valued at $45,000 after acquiring an additional 154 shares during the last quarter. 80.30% of the stock is currently owned by hedge funds and other institutional investors.

A number of research analysts have weighed in on the stock. Zacks Investment Research upgraded shares of Automatic Data Processing from a “hold” rating to a “buy” rating and set a $179.00 price objective on the stock in a research report on Friday, June 21st. Robert W. Baird upped their price target on shares of Automatic Data Processing from $167.00 to $178.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. JPMorgan Chase & Co. upped their price target on shares of Automatic Data Processing from $170.00 to $177.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Jefferies Financial Group upped their price target on shares of Automatic Data Processing to $176.00 and gave the stock a “hold” rating in a report on Wednesday, July 31st. Finally, ValuEngine cut shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Ten research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $175.67.

In related news, CEO Carlos A. Rodriguez sold 49,392 shares of the company’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $161.70, for a total value of $7,986,686.40. Following the completion of the sale, the chief executive officer now directly owns 132,338 shares of the company’s stock, valued at $21,399,054.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Brock Albinson sold 6,683 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $167.87, for a total transaction of $1,121,875.21. Following the completion of the sale, the vice president now directly owns 6,302 shares of the company’s stock, valued at $1,057,916.74. The disclosure for this sale can be found here. 0.31% of the stock is owned by corporate insiders.

NASDAQ ADP opened at $162.52 on Friday. The company’s 50-day moving average price is $163.27 and its 200-day moving average price is $163.50. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.37. The stock has a market cap of $68.72 billion, a PE ratio of 29.82, a PEG ratio of 1.98 and a beta of 0.90. Automatic Data Processing has a 12 month low of $121.40 and a 12 month high of $174.50.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings data on Wednesday, July 31st. The business services provider reported $1.14 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.13 by $0.01. Automatic Data Processing had a net margin of 16.17% and a return on equity of 47.48%. The company had revenue of $3.50 billion during the quarter, compared to analyst estimates of $3.50 billion. During the same period in the prior year, the firm earned $0.99 earnings per share. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Automatic Data Processing will post 6.16 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were paid a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date was Thursday, September 12th. Automatic Data Processing’s dividend payout ratio (DPR) is presently 57.98%.

About Automatic Data Processing

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

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