Jacobus Wealth Management Inc. maintained its position in shares of Automatic Data Processing (NYSE:ADP) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,640 shares of the business services provider’s stock at the end of the first quarter. Jacobus Wealth Management Inc.’s holdings in Automatic Data Processing were worth $885,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Coconut Grove Bank boosted its position in Automatic Data Processing by 79.6% in the first quarter. Coconut Grove Bank now owns 1,038 shares of the business services provider’s stock valued at $106,000 after buying an additional 460 shares during the last quarter. Grisanti Capital Management LLC boosted its position in Automatic Data Processing by 4.5% in the first quarter. Grisanti Capital Management LLC now owns 1,045 shares of the business services provider’s stock valued at $107,000 after buying an additional 45 shares during the last quarter. Weatherly Asset Management L. P. acquired a new position in Automatic Data Processing during the first quarter valued at about $209,000. MCF Advisors LLC boosted its position in Automatic Data Processing by 18.8% in the first quarter. MCF Advisors LLC now owns 2,179 shares of the business services provider’s stock valued at $223,000 after buying an additional 345 shares during the last quarter. Finally, Beaumont Financial Partners LLC acquired a new position in Automatic Data Processing during the first quarter valued at about $226,000.
Shares of Automatic Data Processing (NYSE ADP) traded up 1.06% during midday trading on Wednesday, reaching $109.66. The company had a trading volume of 8,389,744 shares. The company’s 50-day moving average is $105.31 and its 200-day moving average is $102.37. The firm has a market cap of $48.72 billion and a P/E ratio of 28.48. Automatic Data Processing has a 52-week low of $85.48 and a 52-week high of $121.77. Automatic Data Processing also was the recipient of some unusual options trading activity on Tuesday. Stock traders bought 15,090 put options on the company. This represents an increase of 264% compared to the average daily volume of 4,143 put options.
Automatic Data Processing (NYSE:ADP) last released its quarterly earnings results on Thursday, July 27th. The business services provider reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.67 by $0.02. The firm had revenue of $3.06 billion for the quarter, compared to analysts’ expectations of $3.04 billion. Automatic Data Processing had a net margin of 17.24% and a return on equity of 59.56%. The firm’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.69 earnings per share. Equities research analysts expect that Automatic Data Processing will post $3.82 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 8th will be given a dividend of $0.57 per share. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.08%.
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Several research analysts have recently issued reports on the company. Wells Fargo & Company reissued a “market perform” rating on shares of Automatic Data Processing in a research note on Wednesday. BMO Capital Markets reissued a “market perform” rating and issued a $105.00 price target on shares of Automatic Data Processing in a research note on Wednesday. Argus increased their price target on Automatic Data Processing from $118.00 to $130.00 and gave the stock a “buy” rating in a research note on Thursday, August 3rd. Morgan Stanley lowered Automatic Data Processing from an “equal weight” rating to an “underweight” rating and upped their price objective for the company from $98.00 to $100.00 in a report on Thursday, August 3rd. Finally, Royal Bank Of Canada upped their price objective on Automatic Data Processing from $94.00 to $95.00 and gave the company a “sector perform” rating in a report on Tuesday, August 1st. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $104.96.
In other news, CEO Carlos A. Rodriguez sold 36,363 shares of Automatic Data Processing stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $110.00, for a total transaction of $3,999,930.00. Following the completion of the sale, the chief executive officer now directly owns 146,494 shares of the company’s stock, valued at approximately $16,114,340. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Donald Weinstein sold 1,933 shares of Automatic Data Processing stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $101.98, for a total transaction of $197,127.34. Following the sale, the vice president now directly owns 25,737 shares of the company’s stock, valued at $2,624,659.26. The disclosure for this sale can be found here. Insiders have sold a total of 90,620 shares of company stock valued at $9,435,757 over the last 90 days.
Automatic Data Processing Company Profile
Automatic Data Processing, Inc (ADP) is a provider of human capital management (HCM) solutions to employers, offering solutions to businesses of various sizes. The Company also provides business process outsourcing solutions. Its segments include Employer Services and Professional Employer Organization (PEO) Services.
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