Everence Capital Management Inc. Invests $2.45 Million in Automatic Data Processing, Inc. (NASDAQ:ADP)

Everence Capital Management Inc. bought a new position in Automatic Data Processing, Inc. (NASDAQ:ADP) during the first quarter, HoldingsChannel reports. The firm bought 12,990 shares of the business services provider’s stock, valued at approximately $2,448,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Chandler Asset Management Inc. bought a new position in Automatic Data Processing during the 4th quarter valued at $26,000. Bainco International Investors bought a new position in Automatic Data Processing during the 4th quarter valued at $34,000. Advisory Alpha LLC bought a new position in Automatic Data Processing during the 3rd quarter valued at $29,000. Freedman Financial Associates Inc. bought a new position in Automatic Data Processing during the 4th quarter valued at $35,000. Finally, Exchange Traded Concepts LLC lifted its stake in Automatic Data Processing by 1,005.0% during the 4th quarter. Exchange Traded Concepts LLC now owns 221 shares of the business services provider’s stock valued at $39,000 after acquiring an additional 201 shares in the last quarter. Institutional investors own 79.65% of the company’s stock.

NASDAQ:ADP traded up $0.89 during mid-day trading on Thursday, reaching $186.70. The stock had a trading volume of 23,156 shares, compared to its average volume of 2,085,303. The firm has a 50 day moving average price of $181.40 and a two-hundred day moving average price of $167.52. The stock has a market capitalization of $79.90 billion, a P/E ratio of 32.26, a P/E/G ratio of 2.39 and a beta of 0.70. Automatic Data Processing, Inc. has a one year low of $127.31 and a one year high of $193.76. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.08 and a current ratio of 1.08.

Automatic Data Processing (NASDAQ:ADP) last released its earnings results on Tuesday, January 26th. The business services provider reported $1.52 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.29 by $0.23. The company had revenue of $3.70 billion during the quarter, compared to the consensus estimate of $3.57 billion. Automatic Data Processing had a return on equity of 46.13% and a net margin of 17.07%. Automatic Data Processing’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.52 EPS. Research analysts forecast that Automatic Data Processing, Inc. will post 5.63 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 1st. Shareholders of record on Friday, June 11th will be given a $0.93 dividend. This represents a $3.72 annualized dividend and a yield of 1.99%. Automatic Data Processing’s payout ratio is currently 62.84%.

In other news, VP Deborah L. Dyson sold 600 shares of the business’s stock in a transaction that occurred on Monday, January 11th. The stock was sold at an average price of $170.93, for a total transaction of $102,558.00. Following the transaction, the vice president now directly owns 24,786 shares of the company’s stock, valued at $4,236,670.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Stuart Sackman sold 576 shares of the business’s stock in a transaction that occurred on Monday, March 15th. The shares were sold at an average price of $185.00, for a total value of $106,560.00. Following the transaction, the vice president now directly owns 23,221 shares in the company, valued at $4,295,885. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

ADP has been the topic of a number of recent analyst reports. Jefferies Financial Group lifted their target price on Automatic Data Processing from $197.00 to $200.00 and gave the stock a “hold” rating in a research note on Wednesday, March 24th. Mizuho initiated coverage on Automatic Data Processing in a research note on Wednesday, February 10th. They set a “buy” rating and a $210.00 target price on the stock. Barclays lifted their target price on Automatic Data Processing from $180.00 to $197.00 and gave the stock an “overweight” rating in a research note on Monday, February 1st. Morgan Stanley lifted their price objective on Automatic Data Processing from $159.00 to $171.00 and gave the stock an “equal weight” rating in a report on Thursday, January 28th. Finally, Wells Fargo & Company lifted their price objective on Automatic Data Processing from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Thursday, January 28th. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the stock. Automatic Data Processing currently has a consensus rating of “Hold” and a consensus target price of $168.53.

About Automatic Data Processing

Automatic Data Processing, Inc provides cloud-based human capital management solutions worldwide. It operates through two segments, Employer Services and Professional Employer Organization (PEO). The Employer Services segment offers strategic, cloud-based platforms, and human resources (HR) outsourcing solutions.

Further Reading: Stock Split

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

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