Resources Management Corp CT ADV Takes Position in Automatic Data Processing (NASDAQ:ADP)

Resources Management Corp CT ADV acquired a new position in Automatic Data Processing (NASDAQ:ADP) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 29,329 shares of the business services provider’s stock, valued at approximately $4,734,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Squarepoint Ops LLC boosted its position in shares of Automatic Data Processing by 38.8% in the 3rd quarter. Squarepoint Ops LLC now owns 105,650 shares of the business services provider’s stock valued at $17,054,000 after purchasing an additional 29,532 shares during the period. Voloridge Investment Management LLC purchased a new position in shares of Automatic Data Processing in the third quarter worth approximately $283,000. Worldquant Millennium Advisors LLC purchased a new position in shares of Automatic Data Processing in the third quarter worth approximately $3,059,000. IHT Wealth Management LLC raised its holdings in shares of Automatic Data Processing by 2.6% during the third quarter. IHT Wealth Management LLC now owns 5,369 shares of the business services provider’s stock valued at $867,000 after acquiring an additional 138 shares during the period. Finally, Cleararc Capital Inc. raised its holdings in shares of Automatic Data Processing by 1.0% during the third quarter. Cleararc Capital Inc. now owns 6,539 shares of the business services provider’s stock valued at $1,056,000 after acquiring an additional 64 shares during the period. 80.19% of the stock is currently owned by institutional investors.

Shares of NASDAQ ADP traded up $1.44 during mid-day trading on Wednesday, reaching $168.57. The company had a trading volume of 1,853,757 shares, compared to its average volume of 1,939,679. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market capitalization of $72.94 billion, a price-to-earnings ratio of 30.93, a PEG ratio of 2.13 and a beta of 0.88. The stock has a fifty day moving average of $165.73 and a two-hundred day moving average of $164.76. 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 announced its quarterly earnings data on Wednesday, October 30th. The business services provider reported $1.34 EPS for the quarter, beating the Zacks’ consensus estimate of $1.33 by $0.01. Automatic Data Processing had a net margin of 16.52% and a return on equity of 46.94%. The firm had revenue of $3.50 billion for the quarter, compared to the consensus estimate of $3.52 billion. During the same period in the previous year, the firm posted $1.20 earnings per share. The firm’s revenue was up 5.6% on a year-over-year basis. Sell-side analysts forecast that Automatic Data Processing will post 6.17 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be paid a $0.91 dividend. The ex-dividend date of this dividend is Thursday, December 12th. This is an increase from Automatic Data Processing’s previous quarterly dividend of $0.79. This represents a $3.64 dividend on an annualized basis and a dividend yield of 2.16%. Automatic Data Processing’s dividend payout ratio is 57.98%.

Automatic Data Processing declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, November 12th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the business services provider to buy up to 6.8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

A number of research firms recently commented on ADP. Wolfe Research lowered shares of Automatic Data Processing from an “outperform” rating to a “market perform” rating in a research note on Thursday, October 31st. Bank of America downgraded shares of Automatic Data Processing from a “buy” rating to a “neutral” rating in a research note on Wednesday, September 11th. Credit Suisse Group reissued a “buy” rating and set a $185.00 target price on shares of Automatic Data Processing in a research note on Monday, November 4th. ValuEngine upgraded Automatic Data Processing from a “sell” rating to a “hold” rating in a report on Tuesday. Finally, Morgan Stanley raised their target price on Automatic Data Processing from $150.00 to $174.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 15th. Nine analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Automatic Data Processing currently has a consensus rating of “Hold” and an average target price of $179.56.

In related news, CEO Carlos A. Rodriguez sold 49,392 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The stock was 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 owns 132,338 shares of the company’s stock, valued at approximately $21,399,054.60. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Carlos A. Rodriguez sold 48,571 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $168.51, for a total value of $8,184,699.21. Following the completion of the sale, the chief executive officer now directly owns 144,899 shares of the company’s stock, valued at approximately $24,416,930.49. The disclosure for this sale can be found here. Corporate insiders own 0.31% 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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Institutional Ownership by Quarter for Automatic Data Processing (NASDAQ:ADP)

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