Automatic Data Processing (ADP) Stake Lowered by Douglass Winthrop Advisors LLC

Douglass Winthrop Advisors LLC reduced its stake in Automatic Data Processing (NYSE:ADP) by 8.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 74,199 shares of the business services provider’s stock after selling 7,248 shares during the quarter. Douglass Winthrop Advisors LLC’s holdings in Automatic Data Processing were worth $7,602,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of ADP. Grisanti Capital Management LLC increased its stake in Automatic Data Processing by 4.5% during the 1st 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. Proficio Capital Partners LLC increased its position in shares of Automatic Data Processing by 1.8% in the 2nd quarter. Proficio Capital Partners LLC now owns 964 shares of the business services provider’s stock valued at $111,000 after purchasing an additional 17 shares during the last quarter. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of Automatic Data Processing in the 1st quarter valued at approximately $113,000. Grove Bank & Trust increased its position in shares of Automatic Data Processing by 16.4% in the 2nd quarter. Grove Bank & Trust now owns 1,208 shares of the business services provider’s stock valued at $124,000 after purchasing an additional 170 shares during the last quarter. Finally, Armbruster Capital Management Inc. increased its position in shares of Automatic Data Processing by 2.5% in the 2nd quarter. Armbruster Capital Management Inc. now owns 1,322 shares of the business services provider’s stock valued at $135,000 after purchasing an additional 32 shares during the last quarter.

A number of brokerages have commented on ADP. Goldman Sachs Group, Inc. (The) downgraded shares of Automatic Data Processing from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $115.00 to $108.00 in a research report on Tuesday, June 20th. BidaskClub upgraded shares of Automatic Data Processing from a “hold” rating to a “buy” rating in a research note on Tuesday, August 1st. Royal Bank Of Canada increased their price target 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. Stifel Nicolaus reiterated a “hold” rating and set a $108.00 price target (up previously from $103.00) on shares of Automatic Data Processing in a research note on Sunday, July 30th. Finally, Barclays PLC cut shares of Automatic Data Processing from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $110.00 to $105.00 in a research note on Tuesday, July 18th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and three have assigned a buy rating to the company’s stock. Automatic Data Processing has an average rating of “Hold” and an average price target of $107.29.

In other news, CEO Carlos A. Rodriguez sold 36,363 shares of the 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 of the company’s stock, valued at $16,114,340. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Maria Black sold 631 shares of the stock in a transaction that occurred on Saturday, September 2nd. The shares were sold at an average price of $106.64, for a total value of $67,289.84. Following the completion of the sale, the vice president now directly owns 10,550 shares of the company’s stock, valued at $1,125,052. The disclosure for this sale can be found here. Insiders have sold 40,657 shares of company stock valued at $4,457,476 in the last ninety days.

TRADEMARK VIOLATION NOTICE: This article was originally reported by StockNewsTimes and is the sole property of of StockNewsTimes. If you are reading this article on another publication, it was illegally copied and reposted in violation of U.S. & international trademark & copyright law. The correct version of this article can be accessed at https://stocknewstimes.com/2017/10/11/automatic-data-processing-adp-stake-lowered-by-douglass-winthrop-advisors-llc.html.

Shares of Automatic Data Processing (ADP) opened at 114.11 on Wednesday. Automatic Data Processing has a 52-week low of $85.48 and a 52-week high of $121.77. The company has a 50 day moving average of $108.03 and a 200 day moving average of $104.51. The firm has a market capitalization of $50.71 billion and a PE ratio of 29.64.

Automatic Data Processing (NYSE:ADP) last announced its earnings results on Thursday, July 27th. The business services provider reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.02). The company had revenue of $3.06 billion for the quarter, compared to the consensus estimate of $3.04 billion. Automatic Data Processing had a return on equity of 26.39% and a net margin of 8.67%. The firm’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.69 EPS. On average, analysts anticipate that Automatic Data Processing will post $3.81 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Sunday, October 1st. Shareholders of record on Friday, September 8th were given a dividend of $0.57 per share. The ex-dividend date of this dividend was Thursday, September 7th. This represents a $2.28 dividend on an annualized basis and a yield of 2.00%.

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.

Want to see what other hedge funds are holding ADP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Automatic Data Processing (NYSE:ADP).

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

Receive News & Ratings for Automatic Data Processing Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Automatic Data Processing and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply