Iberiabank Corp boosted its holdings in shares of Automatic Data Processing (NASDAQ:ADP) by 106.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,928 shares of the business services provider’s stock after purchasing an additional 3,056 shares during the period. Iberiabank Corp’s holdings in Automatic Data Processing were worth $883,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of the stock. Mattern Wealth Management LLC increased its holdings in Automatic Data Processing by 4.7% in the second quarter. Mattern Wealth Management LLC now owns 16,203 shares of the business services provider’s stock valued at $2,412,000 after purchasing an additional 723 shares during the last quarter. Sciencast Management LP acquired a new position in shares of Automatic Data Processing during the 2nd quarter worth about $1,163,000. Pacer Advisors Inc. increased its stake in shares of Automatic Data Processing by 91.0% in the 2nd quarter. Pacer Advisors Inc. now owns 70,211 shares of the business services provider’s stock valued at $10,454,000 after acquiring an additional 33,459 shares during the last quarter. Tranquility Partners LLC raised its position in shares of Automatic Data Processing by 33.3% in the 2nd quarter. Tranquility Partners LLC now owns 3,798 shares of the business services provider’s stock valued at $565,000 after acquiring an additional 948 shares during the period. Finally, Chicago Capital LLC boosted its stake in Automatic Data Processing by 5.0% during the 2nd quarter. Chicago Capital LLC now owns 7,857 shares of the business services provider’s stock worth $1,170,000 after acquiring an additional 373 shares during the last quarter. 79.82% of the stock is owned by institutional investors and hedge funds.
NASDAQ:ADP opened at $132.91 on Friday. Automatic Data Processing has a twelve month low of $103.11 and a twelve month high of $182.32. The firm has a market capitalization of $57.11 billion, a price-to-earnings ratio of 23.32, a price-to-earnings-growth ratio of 2.22 and a beta of 0.82. The company has a quick ratio of 1.03, a current ratio of 1.05 and a debt-to-equity ratio of 0.23. The stock’s 50 day moving average price is $147.29 and its two-hundred day moving average price is $150.95.
Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, July 29th. The business services provider reported $1.14 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.96 by $0.18. Automatic Data Processing had a net margin of 16.91% and a return on equity of 46.66%. The business had revenue of $3.40 billion for the quarter, compared to the consensus estimate of $3.32 billion. The firm’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.14 earnings per share. As a group, analysts anticipate that Automatic Data Processing will post 4.99 earnings per share for the current year.
In related news, VP Brian L. Michaud sold 250 shares of the firm’s stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $145.00, for a total value of $36,250.00. Following the completion of the sale, the vice president now directly owns 5,162 shares in the company, valued at approximately $748,490. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.31% of the stock is owned by insiders.
Several research firms have weighed in on ADP. JPMorgan Chase & Co. cut their target price on shares of Automatic Data Processing from $189.00 to $159.00 and set a “neutral” rating on the stock in a report on Wednesday, April 15th. Morgan Stanley raised their price objective 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. Bank of America cut Automatic Data Processing from a “neutral” rating to an “underperform” rating and set a $132.00 target price for the company. in a research note on Monday, May 18th. Wolfe Research lowered Automatic Data Processing from a “market perform” rating to an “underperform” rating in a research report on Thursday. Finally, Stifel Nicolaus cut their price objective on Automatic Data Processing from $155.00 to $142.00 and set a “hold” rating on the stock in a report on Thursday. Five analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the stock. Automatic Data Processing presently has an average rating of “Hold” and a consensus price target of $158.93.
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.
See Also: Dividend Achievers
Want to see what other hedge funds are holding ADP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Automatic Data Processing (NASDAQ:ADP).
Receive News & Ratings for Automatic Data Processing Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Automatic Data Processing and related companies with MarketBeat.com's FREE daily email newsletter.