Stifel Financial Corp increased its position in shares of Automatic Data Processing (NYSE:ADP) by 3.0% during the first quarter, according to its most recent filing with the SEC. The firm owned 358,517 shares of the business services provider’s stock after buying an additional 10,321 shares during the period. Stifel Financial Corp’s holdings in Automatic Data Processing were worth $36,725,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in ADP. Los Angeles Capital Management & Equity Research Inc. boosted its stake in shares of Automatic Data Processing by 19.5% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 204,692 shares of the business services provider’s stock worth $20,958,000 after buying an additional 33,402 shares during the period. Donaldson Capital Management LLC boosted its stake in shares of Automatic Data Processing by 1.2% in the first quarter. Donaldson Capital Management LLC now owns 289,735 shares of the business services provider’s stock valued at $29,666,000 after buying an additional 3,538 shares during the last quarter. Ronald Blue & Co. LLC boosted its stake in shares of Automatic Data Processing by 0.7% in the first quarter. Ronald Blue & Co. LLC now owns 4,044 shares of the business services provider’s stock valued at $414,000 after buying an additional 30 shares during the last quarter. KBC Group NV raised its position in shares of Automatic Data Processing by 11.0% in the first quarter. KBC Group NV now owns 143,166 shares of the business services provider’s stock valued at $14,659,000 after buying an additional 14,212 shares during the period. Finally, YHB Investment Advisors Inc. raised its position in shares of Automatic Data Processing by 1.7% in the first quarter. YHB Investment Advisors Inc. now owns 7,204 shares of the business services provider’s stock valued at $753,000 after buying an additional 118 shares during the period.
Shares of Automatic Data Processing (NYSE:ADP) traded down 0.84% during trading on Wednesday, reaching $110.64. The company’s stock had a trading volume of 506,432 shares. Automatic Data Processing has a 52-week low of $85.48 and a 52-week high of $121.77. The stock has a 50-day moving average of $106.77 and a 200-day moving average of $102.73. The stock has a market cap of $49.17 billion and a P/E ratio of 28.74.
Automatic Data Processing (NYSE:ADP) last issued its earnings results on Thursday, July 27th. The business services provider reported $0.65 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.67 by $0.02. Automatic Data Processing had a return on equity of 59.56% and a net margin of 17.24%. The business had revenue of $3.06 billion for the quarter, compared to analysts’ expectations of $3.04 billion. During the same period last year, the business earned $0.69 EPS. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. Analysts predict that Automatic Data Processing will post $3.82 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 8th will be given a dividend of $0.57 per share. The ex-dividend date is Thursday, September 7th. This represents a $2.28 annualized dividend and a yield of 2.04%.
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Several equities analysts have recently issued reports on ADP shares. Barclays PLC cut their price target on Automatic Data Processing from $115.00 to $113.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 25th. Argus cut their target price on Automatic Data Processing from $118.00 to $101.50 and set a “buy” rating on the stock in a research note on Wednesday, May 31st. Evercore ISI reissued an “underperform” rating and issued a $85.00 target price on shares of Automatic Data Processing in a research note on Friday, June 2nd. Goldman Sachs Group, Inc. (The) lowered Automatic Data Processing from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $115.00 to $108.00 in a research report on Tuesday, June 20th. Finally, Zacks Investment Research lowered Automatic Data Processing from a “hold” rating to a “sell” rating in a research report on Tuesday, July 4th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $104.96.
In other news, insider Michael A. Bonarti sold 2,932 shares of Automatic Data Processing stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $101.98, for a total value of $299,005.36. Following the sale, the insider now owns 46,256 shares in the company, valued at $4,717,186.88. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Carlos A. Rodriguez sold 49,392 shares of the business’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $100.01, for a total transaction of $4,939,693.92. Following the transaction, the chief executive officer now owns 159,403 shares in the company, valued at $15,941,894.03. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 90,620 shares of company stock worth $9,435,757.
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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