Ingalls & Snyder LLC decreased its holdings in Automatic Data Processing (NASDAQ:ADP) by 3.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 29,105 shares of the business services provider’s stock after selling 1,100 shares during the period. Ingalls & Snyder LLC’s holdings in Automatic Data Processing were worth $3,904,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of ADP. Hartford Financial Management Inc. purchased a new position in shares of Automatic Data Processing in the 2nd quarter worth approximately $3,480,000. Investec Asset Management LTD lifted its stake in Automatic Data Processing by 12.5% in the second quarter. Investec Asset Management LTD now owns 114,788 shares of the business services provider’s stock valued at $15,398,000 after purchasing an additional 12,740 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in Automatic Data Processing by 8.6% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 34,279 shares of the business services provider’s stock valued at $4,598,000 after purchasing an additional 2,714 shares during the last quarter. Cox Capital Co LLC purchased a new position in Automatic Data Processing in the second quarter valued at approximately $2,074,000. Finally, Tyers Asset Management LLC lifted its position in shares of Automatic Data Processing by 4.1% during the second quarter. Tyers Asset Management LLC now owns 13,040 shares of the business services provider’s stock worth $1,749,000 after acquiring an additional 512 shares in the last quarter. Institutional investors own 78.99% of the company’s stock.
Shares of ADP opened at $146.92 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.58. Automatic Data Processing has a one year low of $106.25 and a one year high of $147.73. The stock has a market capitalization of $64.46 billion, a price-to-earnings ratio of 33.90, a P/E/G ratio of 2.51 and a beta of 0.91.
Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, August 1st. The business services provider reported $0.92 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.90 by $0.02. Automatic Data Processing had a net margin of 12.16% and a return on equity of 50.17%. The business had revenue of $3.32 billion during the quarter, compared to analyst estimates of $3.29 billion. During the same period last year, the business posted $0.66 earnings per share. Automatic Data Processing’s quarterly revenue was up 8.3% compared to the same quarter last year. sell-side analysts predict that Automatic Data Processing will post 5.18 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Friday, September 14th will be paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date is Thursday, September 13th. Automatic Data Processing’s dividend payout ratio is 63.45%.
In related news, insider Michael A. Bonarti sold 2,372 shares of the firm’s stock in a transaction that occurred on Monday, July 2nd. The shares were sold at an average price of $132.66, for a total transaction of $314,669.52. Following the completion of the sale, the insider now owns 41,023 shares of the company’s stock, valued at $5,442,111.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Brock Albinson sold 3,345 shares of Automatic Data Processing stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $144.35, for a total transaction of $482,850.75. Following the completion of the sale, the vice president now directly owns 6,081 shares of the company’s stock, valued at approximately $877,792.35. The disclosure for this sale can be found here. Insiders have sold 9,191 shares of company stock valued at $1,301,603 in the last ninety days. Insiders own 0.25% of the company’s stock.
Several equities research analysts have issued reports on ADP shares. Zacks Investment Research downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Friday, May 18th. Argus upped their price target on shares of Automatic Data Processing from $130.00 to $145.00 and gave the stock a “buy” rating in a report on Monday, June 4th. Stifel Nicolaus upped their price target on shares of Automatic Data Processing from $126.00 to $148.00 and gave the stock a “hold” rating in a report on Wednesday, June 6th. Wedbush upped their price target on shares of Automatic Data Processing from $101.25 to $145.00 and gave the stock a “neutral” rating in a report on Wednesday, June 13th. Finally, BMO Capital Markets upped their price target on shares of Automatic Data Processing from $126.00 to $138.00 and gave the stock a “market perform” rating in a report on Wednesday, June 13th. Eight analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $141.07.
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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