Lake Street Financial LLC lessened its holdings in Automatic Data Processing (NASDAQ:ADP) by 6.9% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,262 shares of the business services provider’s stock after selling 93 shares during the period. Lake Street Financial LLC’s holdings in Automatic Data Processing were worth $204,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of ADP. Krane Funds Advisors LLC bought a new stake in Automatic Data Processing during the second quarter worth about $25,000. Mackey Komara & Dankovich LLC grew its stake in shares of 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 purchasing an additional 879 shares during the last quarter. Virtus ETF Advisers LLC bought a new stake in shares of Automatic Data Processing during the second quarter valued at approximately $41,000. MRA Associates USA LLC bought a new stake in shares of Automatic Data Processing during the second quarter valued at approximately $42,000. Finally, Gradient Investments LLC grew its stake in shares of 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 purchasing an additional 154 shares during the last quarter. 80.38% of the stock is owned by hedge funds and other institutional investors.
Shares of ADP stock opened at $163.54 on Friday. Automatic Data Processing has a 52-week low of $121.40 and a 52-week high of $174.50. The stock has a market cap of $71.05 billion, a PE ratio of 30.01, a PEG ratio of 2.04 and a beta of 0.90. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.05 and a current ratio of 1.05. The firm’s 50 day moving average price is $162.83 and its two-hundred day moving average price is $163.73.
Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings data on Wednesday, July 31st. The business services provider reported $1.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $3.50 billion for the quarter, compared to analysts’ expectations of $3.50 billion. During the same period last year, the firm earned $0.99 earnings per share. The business’s revenue for the quarter was up 5.5% on a year-over-year basis. As a group, sell-side analysts predict that Automatic Data Processing will post 6.16 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were paid a $0.79 dividend. The ex-dividend date of this dividend was Thursday, September 12th. This represents a $3.16 dividend on an annualized basis and a yield of 1.93%. Automatic Data Processing’s payout ratio is presently 57.98%.
Several research firms have recently commented on ADP. Morgan Stanley increased their price target on shares of Automatic Data Processing from $150.00 to $174.00 and gave the company an “equal weight” rating in a research note on Thursday, August 15th. Barclays increased their price target on shares of Automatic Data Processing from $180.00 to $190.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. Robert W. Baird increased their price target on shares of Automatic Data Processing from $167.00 to $178.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. ValuEngine cut shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Cowen began coverage on shares of Automatic Data Processing in a research note on Wednesday, September 11th. They set an “outperform” rating and a $195.00 price target on the stock. Nine research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $175.67.
In other Automatic Data Processing news, VP Brock Albinson sold 6,683 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $167.87, for a total value of $1,121,875.21. Following the transaction, the vice president now directly owns 6,302 shares of the company’s stock, valued at $1,057,916.74. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Carlos A. Rodriguez sold 49,392 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $161.70, for a total transaction of $7,986,686.40. Following the completion of the transaction, the chief executive officer now directly owns 132,338 shares in the company, valued at $21,399,054.60. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by company insiders.
Automatic Data Processing 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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