Automatic Data Processing (NASDAQ:ADP) Shares Acquired by Harvey Investment Co. LLC

Harvey Investment Co. LLC raised its stake in shares of Automatic Data Processing (NASDAQ:ADP) by 6.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,369 shares of the business services provider’s stock after purchasing an additional 500 shares during the quarter. Harvey Investment Co. LLC’s holdings in Automatic Data Processing were worth $1,351,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. CX Institutional boosted its holdings in Automatic Data Processing by 3.0% during the second quarter. CX Institutional now owns 2,472 shares of the business services provider’s stock worth $409,000 after buying an additional 73 shares in the last quarter. Berman Capital Advisors LLC boosted its holdings in Automatic Data Processing by 2.6% during the second quarter. Berman Capital Advisors LLC now owns 2,853 shares of the business services provider’s stock worth $471,000 after buying an additional 73 shares in the last quarter. We Are One Seven LLC boosted its holdings in Automatic Data Processing by 2.9% during the third quarter. We Are One Seven LLC now owns 2,592 shares of the business services provider’s stock worth $418,000 after buying an additional 74 shares in the last quarter. Northern Oak Wealth Management Inc. lifted its holdings in Automatic Data Processing by 7.2% during the second quarter. Northern Oak Wealth Management Inc. now owns 1,179 shares of the business services provider’s stock valued at $195,000 after purchasing an additional 79 shares in the last quarter. Finally, Aft Forsyth & Company Inc. lifted its holdings in Automatic Data Processing by 2.7% during the second quarter. Aft Forsyth & Company Inc. now owns 3,010 shares of the business services provider’s stock valued at $498,000 after purchasing an additional 80 shares in the last quarter. Institutional investors and hedge funds own 80.40% of the company’s stock.

In related news, CEO Carlos A. Rodriguez sold 49,392 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 132,338 shares in the company, valued at $21,399,054.60. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Brock Albinson sold 6,683 shares of the firm’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 sale, the vice president now 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.

Several research firms have issued reports on ADP. JPMorgan Chase & Co. increased their price objective on shares of Automatic Data Processing from $170.00 to $177.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Barclays increased their price objective on shares of Automatic Data Processing from $180.00 to $190.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Bank of America downgraded shares of Automatic Data Processing from a “buy” rating to a “neutral” rating in a report on Wednesday, September 11th. BidaskClub raised shares of Automatic Data Processing from a “hold” rating to a “buy” rating in a report on Tuesday, October 15th. Finally, Cowen began coverage on shares of Automatic Data Processing in a report on Wednesday, September 11th. They set an “outperform” rating and a $195.00 price objective on the stock. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Automatic Data Processing presently has an average rating of “Hold” and a consensus price target of $175.67.

Shares of NASDAQ ADP traded down $1.98 during mid-day trading on Monday, reaching $161.56. The company’s stock had a trading volume of 50,339 shares, compared to its average volume of 1,810,407. The stock has a 50-day moving average of $162.83 and a two-hundred day moving average of $163.73. The stock has a market capitalization of $71.05 billion, a P/E ratio of 29.65, a P/E/G 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. Automatic Data Processing has a 1-year low of $121.40 and a 1-year high of $174.50.

Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, July 31st. The business services provider reported $1.14 EPS for the quarter, beating the Zacks’ consensus estimate of $1.13 by $0.01. The business had revenue of $3.50 billion during the quarter, compared to analysts’ expectations of $3.50 billion. Automatic Data Processing had a net margin of 16.17% and a return on equity of 47.48%. The company’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.99 earnings per share. Analysts predict that Automatic Data Processing will post 6.16 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were given a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date was Thursday, September 12th. Automatic Data Processing’s dividend payout ratio (DPR) is 57.98%.

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

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