BBVA USA Bancshares Inc. Lowers Position in Automatic Data Processing (NASDAQ:ADP)

BBVA USA Bancshares Inc. cut its holdings in shares of Automatic Data Processing (NASDAQ:ADP) by 2.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,348 shares of the business services provider’s stock after selling 484 shares during the quarter. BBVA USA Bancshares Inc.’s holdings in Automatic Data Processing were worth $2,425,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Nordea Investment Management AB lifted its stake in Automatic Data Processing by 115.7% during the 2nd quarter. Nordea Investment Management AB now owns 3,784,376 shares of the business services provider’s stock worth $556,758,000 after acquiring an additional 2,030,189 shares in the last quarter. BlackRock Inc. raised its position in Automatic Data Processing by 2.9% in the 2nd quarter. BlackRock Inc. now owns 32,146,335 shares of the business services provider’s stock valued at $4,786,267,000 after purchasing an additional 912,395 shares in the last quarter. Public Investment Fund raised its position in Automatic Data Processing by 158.2% in the 2nd quarter. Public Investment Fund now owns 1,481,837 shares of the business services provider’s stock valued at $220,631,000 after purchasing an additional 907,837 shares in the last quarter. Bank of New York Mellon Corp raised its position in Automatic Data Processing by 8.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 10,811,602 shares of the business services provider’s stock valued at $1,609,739,000 after purchasing an additional 855,564 shares in the last quarter. Finally, Morgan Stanley raised its position in Automatic Data Processing by 6.5% in the 1st quarter. Morgan Stanley now owns 11,440,067 shares of the business services provider’s stock valued at $1,563,628,000 after purchasing an additional 702,522 shares in the last quarter. Institutional investors and hedge funds own 78.77% of the company’s stock.

In other Automatic Data Processing news, VP Brian L. Michaud sold 250 shares of Automatic Data Processing stock in a transaction that occurred on Friday, October 9th. The stock was sold at an average price of $148.00, for a total value of $37,000.00. Following the transaction, the vice president now directly owns 6,112 shares in the company, valued at approximately $904,576. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Carlos A. Rodriguez sold 52,229 shares of Automatic Data Processing stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $136.85, for a total value of $7,147,538.65. Following the completion of the transaction, the chief executive officer now owns 116,284 shares in the company, valued at $15,913,465.40. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

A number of research firms have issued reports on ADP. Cowen lowered Automatic Data Processing from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $150.00 to $143.00 in a research report on Monday, September 21st. Zacks Investment Research raised Automatic Data Processing from a “sell” rating to a “hold” rating and set a $146.00 price target on the stock in a research report on Wednesday, September 30th. Stifel Nicolaus reduced their price target on Automatic Data Processing from $155.00 to $142.00 and set a “hold” rating on the stock in a research report on Thursday, July 30th. Citigroup cut their target price on Automatic Data Processing from $148.00 to $144.00 and set a “neutral” rating on the stock in a research report on Thursday, July 30th. Finally, Wolfe Research lowered Automatic Data Processing from a “market perform” rating to an “underperform” rating in a research report on Thursday, July 30th. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have assigned a buy rating to the company’s stock. Automatic Data Processing has an average rating of “Hold” and an average target price of $158.38.

NASDAQ:ADP opened at $158.19 on Friday. The stock’s 50 day moving average price is $141.32 and its 200 day moving average price is $142.57. The company has a market capitalization of $68.00 billion, a PE ratio of 27.75, a P/E/G ratio of 2.48 and a beta of 0.76. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.17. Automatic Data Processing has a 52-week low of $103.11 and a 52-week high of $182.32.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings results on Wednesday, October 28th. The business services provider reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.44. Automatic Data Processing had a return on equity of 46.66% and a net margin of 16.91%. During the same quarter in the prior year, the firm posted $1.34 EPS. As a group, sell-side analysts anticipate that Automatic Data Processing will post 5.01 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Friday, September 11th were paid a dividend of $0.91 per share. The ex-dividend date of this dividend was Thursday, September 10th. This represents a $3.64 dividend on an annualized basis and a yield of 2.30%. Automatic Data Processing’s dividend payout ratio is presently 61.49%.

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

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