Resources Management Corp CT ADV purchased a new position in shares of Automatic Data Processing (NASDAQ:ADP) during the third quarter, Holdings Channel.com reports. The institutional investor purchased 29,329 shares of the business services provider’s stock, valued at approximately $4,734,000.
A number of other institutional investors have also made changes to their positions in ADP. Squar Milner Financial Services LLC grew its stake in shares of Automatic Data Processing by 1,452.2% in the 2nd quarter. Squar Milner Financial Services LLC now owns 1,040 shares of the business services provider’s stock valued at $172,000 after purchasing an additional 973 shares during the period. Strs Ohio grew its position in Automatic Data Processing by 2.1% in the second quarter. Strs Ohio now owns 210,848 shares of the business services provider’s stock valued at $34,859,000 after acquiring an additional 4,428 shares during the period. Tokio Marine Asset Management Co. Ltd. acquired a new position in Automatic Data Processing during the second quarter worth $202,000. Ballentine Partners LLC raised its stake in Automatic Data Processing by 125.8% during the second quarter. Ballentine Partners LLC now owns 15,202 shares of the business services provider’s stock worth $2,513,000 after acquiring an additional 8,470 shares in the last quarter. Finally, United Capital Management of KS Inc. lifted its holdings in shares of Automatic Data Processing by 2.0% during the second quarter. United Capital Management of KS Inc. now owns 5,060 shares of the business services provider’s stock valued at $842,000 after acquiring an additional 98 shares during the period. 80.19% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts have recently commented on ADP shares. Cowen began coverage on shares of Automatic Data Processing in a research note on Wednesday, September 11th. They issued an “outperform” rating and a $195.00 target price on the stock. Wolfe Research cut shares of Automatic Data Processing from an “outperform” rating to a “market perform” rating in a research report on Thursday, October 31st. BidaskClub raised shares of Automatic Data Processing from a “hold” rating to a “buy” rating in a report on Friday, November 15th. Credit Suisse Group reissued a “buy” rating and set a $185.00 price target on shares of Automatic Data Processing in a report on Monday, November 4th. Finally, Morgan Stanley boosted their price target on shares of Automatic Data Processing from $150.00 to $174.00 and gave the company an “equal weight” rating in a research report on Thursday, August 15th. Nine equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Automatic Data Processing currently has an average rating of “Hold” and a consensus target price of $179.56.
In related news, 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 transaction, the chief executive officer now owns 144,899 shares in the company, valued at approximately $24,416,930.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Carlos A. Rodriguez sold 49,392 shares of the company’s 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 disclosure for this sale can be found here. 0.31% of the stock is owned by corporate insiders.
Automatic Data Processing stock traded up $1.44 on Wednesday, reaching $168.57. The company’s stock 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 cap 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 business’s fifty day moving average price is $165.73 and its 200 day moving average price is $164.76. Automatic Data Processing has a twelve month low of $121.40 and a twelve month high of $174.50.
Automatic Data Processing (NASDAQ:ADP) last announced its earnings results on Wednesday, October 30th. The business services provider reported $1.34 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.33 by $0.01. Automatic Data Processing had a return on equity of 46.94% and a net margin of 16.52%. The company had revenue of $3.50 billion during the quarter, compared to analyst estimates of $3.52 billion. During the same period last year, the company posted $1.20 earnings per share. The firm’s quarterly revenue was up 5.6% compared to the same quarter last year. As a group, equities analysts forecast that Automatic Data Processing will post 6.17 earnings per share for the current year.
The business 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 an increase from Automatic Data Processing’s previous quarterly dividend of $0.79. The ex-dividend date is Thursday, December 12th. This represents a $3.64 annualized dividend and a yield of 2.16%. Automatic Data Processing’s dividend payout ratio is 57.98%.
Automatic Data Processing declared that its Board of Directors has approved a share buyback plan on Tuesday, November 12th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the business services provider to purchase up to 6.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
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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