Motco lessened its holdings in shares of Automatic Data Processing (NASDAQ:ADP) by 8.7% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 3,134 shares of the business services provider’s stock after selling 297 shares during the period. Motco’s holdings in Automatic Data Processing were worth $505,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Krane Funds Advisors LLC acquired a new position in shares of Automatic Data Processing in the 2nd quarter worth approximately $25,000. Horan Capital Advisors LLC. acquired a new position in shares of Automatic Data Processing in the 3rd quarter worth approximately $31,000. Mackey Komara & Dankovich LLC raised its holdings in shares of Automatic Data Processing by 428.8% in the 2nd quarter. Mackey Komara & Dankovich LLC now owns 1,084 shares of the business services provider’s stock worth $35,000 after buying an additional 879 shares in the last quarter. Virtus ETF Advisers LLC acquired a new position in shares of Automatic Data Processing in the 2nd quarter worth approximately $41,000. Finally, MRA Associates USA LLC acquired a new position in shares of Automatic Data Processing in the 2nd quarter worth approximately $42,000. 80.61% of the stock is owned by institutional investors and hedge funds.
ADP has been the subject of a number of recent research reports. Barclays increased their target price on Automatic Data Processing from $180.00 to $190.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. BidaskClub cut Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Tuesday, November 5th. JPMorgan Chase & Co. increased their price target on Automatic Data Processing from $170.00 to $177.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. Jefferies Financial Group increased their price target on Automatic Data Processing to $176.00 and gave the stock a “hold” rating in a research report on Wednesday, July 31st. Finally, Robert W. Baird increased their price target on Automatic Data Processing from $167.00 to $178.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company. Automatic Data Processing currently has a consensus rating of “Hold” and an average price target of $179.56.
NASDAQ ADP traded up $2.70 during trading hours on Tuesday, reaching $166.12. 110,308 shares of the company’s stock were exchanged, compared to its average volume of 2,070,930. The stock has a market cap of $70.41 billion, a PE ratio of 30.48, a price-to-earnings-growth ratio of 2.03 and a beta of 0.88. Automatic Data Processing has a one year low of $121.40 and a one year high of $174.50. The firm has a fifty day moving average of $161.28 and a 200-day moving average of $163.77. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.19.
Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings results on Wednesday, October 30th. The business services provider reported $1.34 EPS for the quarter, topping the Zacks’ consensus estimate of $1.33 by $0.01. The business had revenue of $3.50 billion for the quarter, compared to analyst estimates of $3.52 billion. Automatic Data Processing had a return on equity of 46.94% and a net margin of 16.52%. Automatic Data Processing’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.20 EPS. As a group, research analysts forecast that Automatic Data Processing will post 6.17 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be given a dividend of $0.91 per share. This is a positive change from Automatic Data Processing’s previous quarterly dividend of $0.79. This represents a $3.64 dividend on an annualized basis and a yield of 2.19%. Automatic Data Processing’s dividend payout ratio is 57.98%.
In other Automatic Data Processing news, CEO Carlos A. Rodriguez sold 49,392 shares of the stock in a transaction 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 transaction, the chief executive officer now directly owns 132,338 shares in the company, valued at approximately $21,399,054.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Brock Albinson sold 6,683 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $167.87, for a total value of $1,121,875.21. Following the completion of the transaction, the vice president now owns 6,302 shares in the company, 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.
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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