Kore Private Wealth LLC boosted its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 43.7% in the 2nd quarter, Holdings Channel reports. The firm owned 2,631 shares of the business services provider’s stock after buying an additional 800 shares during the quarter. Kore Private Wealth LLC’s holdings in Automatic Data Processing were worth $523,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Paragon Wealth Strategies LLC purchased a new position in Automatic Data Processing in the 2nd quarter valued at about $26,000. Lake Point Wealth Management purchased a new position in Automatic Data Processing in the 2nd quarter valued at about $27,000. Financial Insights Inc. purchased a new position in Automatic Data Processing in the 2nd quarter valued at about $30,000. Disciplined Investments LLC bought a new position in shares of Automatic Data Processing during the second quarter worth about $31,000. Finally, Annapolis Financial Services LLC lifted its position in shares of Automatic Data Processing by 232.0% during the second quarter. Annapolis Financial Services LLC now owns 166 shares of the business services provider’s stock worth $33,000 after purchasing an additional 116 shares during the last quarter. Hedge funds and other institutional investors own 78.39% of the company’s stock.
In other Automatic Data Processing news, VP Alexander Quevedo sold 950 shares of the firm’s stock in a transaction that occurred on Thursday, July 29th. The shares were sold at an average price of $209.25, for a total value of $198,787.50. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.34% of the stock is currently owned by company insiders.
Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings results on Tuesday, July 27th. The business services provider reported $1.20 EPS for the quarter, beating the consensus estimate of $1.14 by $0.06. Automatic Data Processing had a net margin of 17.32% and a return on equity of 44.73%. The company had revenue of $3.74 billion for the quarter, compared to analyst estimates of $3.67 billion. During the same quarter last year, the business earned $1.14 earnings per share. Analysts predict that Automatic Data Processing, Inc. will post 6.64 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, October 1st. Shareholders of record on Friday, September 10th were paid a $0.93 dividend. The ex-dividend date was Thursday, September 9th. This represents a $3.72 annualized dividend and a dividend yield of 1.81%. Automatic Data Processing’s payout ratio is currently 61.79%.
Several brokerages have recently commented on ADP. Mizuho increased their price target on shares of Automatic Data Processing from $220.00 to $230.00 and gave the stock a “buy” rating in a research report on Monday, August 2nd. Barclays increased their price target on shares of Automatic Data Processing from $212.00 to $227.00 and gave the stock an “overweight” rating in a research report on Monday, August 2nd. Jefferies Financial Group increased their price target on shares of Automatic Data Processing from $200.00 to $215.00 and gave the stock a “hold” rating in a research report on Wednesday, July 28th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Automatic Data Processing from $192.00 to $210.00 and gave the stock a “hold” rating in a research report on Thursday, July 29th. Finally, Citigroup cut shares of Automatic Data Processing from a “buy” rating to a “neutral” rating and raised their target price for the stock from $212.00 to $220.00 in a report on Tuesday, August 10th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $205.50.
Automatic Data Processing Company Profile
Automatic Data Processing, Inc engages in the provision of business outsourcing solutions specializes in cloud-based human capital management. It operates through the following business segments: Employer Services; and Professional Employer Organization Services; and Other. The Employer Services segment provides clients ranging from single-employee small businesses to large enterprises with tens of thousands of employees around the world, offering a range of human resources outsourcing and technology-based human capital management solutions, including strategic, cloud-based platforms.
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