Shell Asset Management Co. Lowers Position in Automatic Data Processing (NASDAQ:ADP)

Shell Asset Management Co. reduced its stake in Automatic Data Processing (NASDAQ:ADP) by 12.4% in the first quarter, HoldingsChannel reports. The institutional investor owned 63,566 shares of the business services provider’s stock after selling 9,012 shares during the quarter. Shell Asset Management Co.’s holdings in Automatic Data Processing were worth $8,688,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADP. Archer Investment Corp purchased a new stake in shares of Automatic Data Processing during the 4th quarter valued at $153,000. Cranbrook Wealth Management LLC increased its position in shares of Automatic Data Processing by 361.1% during the 4th quarter. Cranbrook Wealth Management LLC now owns 166 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 130 shares during the last quarter. Eastern Bank increased its position in shares of Automatic Data Processing by 4.9% during the 4th quarter. Eastern Bank now owns 23,770 shares of the business services provider’s stock valued at $4,053,000 after purchasing an additional 1,106 shares during the last quarter. First American Bank purchased a new stake in shares of Automatic Data Processing during the 4th quarter valued at $3,988,000. Finally, Carnegie Capital Asset Management LLC increased its position in shares of Automatic Data Processing by 47.6% during the 4th quarter. Carnegie Capital Asset Management LLC now owns 10,366 shares of the business services provider’s stock valued at $1,767,000 after purchasing an additional 3,342 shares during the last quarter. 80.30% of the stock is owned by institutional investors and hedge funds.

Several equities research analysts have recently issued reports on ADP shares. Cowen decreased their target price on Automatic Data Processing from $195.00 to $158.00 and set an “outperform” rating for the company in a research report on Friday, April 24th. BMO Capital Markets cut their price target on Automatic Data Processing from $179.00 to $154.00 and set a “market perform” rating for the company in a research note on Thursday, April 30th. BidaskClub downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Friday, May 15th. Morgan Stanley increased their price target on Automatic Data Processing from $140.00 to $147.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 30th. Finally, Wedbush reiterated a “neutral” rating on shares of Automatic Data Processing in a research note on Wednesday, April 29th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and five have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $166.50.

In other Automatic Data Processing news, VP Brian L. Michaud sold 250 shares of Automatic Data Processing stock in a transaction that occurred on Monday, April 13th. The stock was sold at an average price of $140.23, for a total value of $35,057.50. Following the transaction, the vice president now directly owns 5,412 shares of the company’s stock, valued at approximately $758,924.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.31% of the stock is owned by insiders.

Shares of ADP traded up $1.55 during trading hours on Friday, reaching $134.87. 2,198,780 shares of the company’s stock traded hands, compared to its average volume of 2,551,071. The stock has a market cap of $57.30 billion, a PE ratio of 23.13, a price-to-earnings-growth ratio of 1.93 and a beta of 0.84. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.25. The firm’s 50 day simple moving average is $139.02 and its 200-day simple moving average is $158.29. Automatic Data Processing has a 12 month low of $103.11 and a 12 month high of $182.32.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings results on Wednesday, April 29th. The business services provider reported $1.92 EPS for the quarter, hitting the Zacks’ consensus estimate of $1.92. The business had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Automatic Data Processing had a return on equity of 47.51% and a net margin of 17.20%. The business’s quarterly revenue was up 5.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.77 EPS. As a group, analysts expect that Automatic Data Processing will post 5.75 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th will be paid a $0.91 dividend. The ex-dividend date of this dividend is Thursday, June 11th. This represents a $3.64 dividend on an annualized basis and a yield of 2.70%. Automatic Data Processing’s dividend payout ratio (DPR) is currently 66.79%.

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

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