Rockbridge Investment Management LCC bought a new position in shares of Automatic Data Processing (NASDAQ:ADP) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 554 shares of the business services provider’s stock, valued at approximately $82,000.
Other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. grew its holdings in Automatic Data Processing by 2.9% during the second quarter. BlackRock Inc. now owns 32,146,335 shares of the business services provider’s stock worth $4,786,267,000 after acquiring an additional 912,395 shares during the period. Morgan Stanley grew its holdings in Automatic Data Processing by 6.5% during the first quarter. Morgan Stanley now owns 11,440,067 shares of the business services provider’s stock worth $1,563,628,000 after acquiring an additional 702,522 shares during the period. Bank of New York Mellon Corp boosted its position in Automatic Data Processing by 8.6% during the second quarter. Bank of New York Mellon Corp now owns 10,811,602 shares of the business services provider’s stock worth $1,609,739,000 after purchasing an additional 855,564 shares in the last quarter. Alliancebernstein L.P. boosted its position in Automatic Data Processing by 26.8% during the first quarter. Alliancebernstein L.P. now owns 9,561,003 shares of the business services provider’s stock worth $1,306,798,000 after purchasing an additional 2,021,774 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Automatic Data Processing by 0.4% in the first quarter. Geode Capital Management LLC now owns 7,571,328 shares of the business services provider’s stock valued at $1,033,491,000 after buying an additional 29,608 shares in the last quarter. 78.77% of the stock is owned by institutional investors and hedge funds.
ADP traded up $1.79 during midday trading on Wednesday, hitting $138.76. The company’s stock had a trading volume of 32,294 shares, compared to its average volume of 1,966,294. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.17. The firm has a market cap of $58.89 billion, a P/E ratio of 24.48, a PEG ratio of 2.27 and a beta of 0.75. The firm has a 50-day moving average price of $138.06 and a two-hundred day moving average price of $142.01. Automatic Data Processing has a 52-week low of $103.11 and a 52-week high of $182.32.
Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings results on Wednesday, July 29th. The business services provider reported $1.14 EPS for the quarter, beating the consensus estimate of $0.96 by $0.18. The company had revenue of $3.40 billion during the quarter, compared to analysts’ expectations of $3.32 billion. Automatic Data Processing had a return on equity of 46.66% and a net margin of 16.91%. The firm’s revenue was down 2.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.14 EPS. On average, equities analysts expect that Automatic Data Processing will post 5.01 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be issued a $0.91 dividend. This represents a $3.64 annualized dividend and a yield of 2.62%. The ex-dividend date is Thursday, September 10th. Automatic Data Processing’s dividend payout ratio (DPR) is 61.49%.
In related news, VP Brian L. Michaud sold 250 shares of Automatic Data Processing stock in a transaction on Friday, July 10th. The shares were sold at an average price of $145.00, for a total transaction of $36,250.00. Following the transaction, the vice president now owns 5,162 shares in the company, valued at approximately $748,490. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Carlos A. Rodriguez sold 52,229 shares of the company’s stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $136.85, for a total transaction of $7,147,538.65. Following the sale, the chief executive officer now directly owns 116,284 shares of the company’s stock, valued at $15,913,465.40. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by insiders.
Several equities analysts have weighed in on ADP shares. JPMorgan Chase & Co. raised their target price on shares of Automatic Data Processing from $138.00 to $151.00 and gave the company a “neutral” rating in a report on Monday, August 17th. Wolfe Research downgraded Automatic Data Processing from a “market perform” rating to an “underperform” rating in a research report on Thursday, July 30th. Citigroup lowered their target price on Automatic Data Processing from $148.00 to $144.00 and set a “neutral” rating on the stock in a report on Thursday, July 30th. Zacks Investment Research downgraded Automatic Data Processing from a “hold” rating to a “strong sell” rating and set a $112.00 price target for the company. in a research report on Friday, July 31st. Finally, BidaskClub upgraded Automatic Data Processing from a “strong sell” rating to a “sell” rating in a research report on Saturday, September 5th. Five research analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $154.08.
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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