Manning & Napier Advisors LLC raised its position in Automatic Data Processing (NYSE:ADP) by 21.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 89,678 shares of the business services provider’s stock after buying an additional 15,580 shares during the period. Manning & Napier Advisors LLC’s holdings in Automatic Data Processing were worth $9,188,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Coconut Grove Bank raised its stake in shares of 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 worth $106,000 after buying an additional 460 shares during the period. Grisanti Capital Management LLC raised its stake in shares of 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 worth $107,000 after buying an additional 45 shares during the period. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Automatic Data Processing during the first quarter worth about $113,000. Harbour Capital Advisors LLC acquired a new stake in shares of Automatic Data Processing during the first quarter worth about $176,000. Finally, Guardian Life Insurance Co. of America raised its stake in shares of Automatic Data Processing by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 1,740 shares of the business services provider’s stock worth $178,000 after buying an additional 12 shares during the period.
Shares of Automatic Data Processing (ADP) traded down 0.089% during trading on Friday, reaching $104.587. The company had a trading volume of 2,028,492 shares. The firm has a 50-day moving average price of $107.10 and a 200-day moving average price of $102.80. The company has a market capitalization of $46.48 billion and a P/E ratio of 27.165. Automatic Data Processing has a 52-week low of $85.48 and a 52-week high of $121.77.
Automatic Data Processing (NYSE:ADP) last posted its quarterly earnings data on Thursday, July 27th. The business services provider reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by $0.02. Automatic Data Processing had a return on equity of 26.39% and a net margin of 8.67%. The business had revenue of $3.06 billion for the quarter, compared to analysts’ expectations of $3.04 billion. During the same quarter in the prior year, the firm earned $0.69 earnings per share. Automatic Data Processing’s revenue for the quarter was up 5.7% compared to the same quarter last year. On average, analysts predict that Automatic Data Processing will post $3.82 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 8th will be issued 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 2.18%.
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A number of brokerages have issued reports on ADP. BMO Capital Markets reiterated a “market perform” rating and set a $105.00 price target on shares of Automatic Data Processing in a research note on Wednesday, August 9th. Wells Fargo & Company restated a “market perform” rating on shares of Automatic Data Processing in a research note on Wednesday, August 9th. Barclays PLC restated an “equal weight” rating and set a $105.00 target price on shares of Automatic Data Processing in a research note on Tuesday. Citigroup Inc. upped their target price on shares of Automatic Data Processing from $98.00 to $110.00 and gave the stock a “neutral” rating in a research note on Thursday. Finally, Royal Bank Of Canada upped their target price on shares of Automatic Data Processing from $94.00 to $95.00 and gave the stock a “sector perform” rating in a research note on Tuesday, August 1st. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $105.35.
In other news, CEO Carlos A. Rodriguez sold 36,363 shares of the business’s stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $110.00, for a total value of $3,999,930.00. Following the completion of the sale, the chief executive officer now directly owns 146,494 shares in the company, valued at approximately $16,114,340. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Carlos A. Rodriguez sold 49,392 shares of the business’s stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $100.01, for a total value of $4,939,693.92. Following the completion of the sale, the chief executive officer now owns 159,403 shares of the company’s stock, valued at $15,941,894.03. The disclosure for this sale can be found here. Insiders sold a total of 90,620 shares of company stock valued at $9,435,757 over the last quarter.
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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