Daiwa Securities Group Inc. decreased its position in shares of Automatic Data Processing (NASDAQ:ADP) by 8.8% during the first quarter, according to its most recent filing with the SEC. The firm owned 48,867 shares of the business services provider’s stock after selling 4,736 shares during the period. Daiwa Securities Group Inc.’s holdings in Automatic Data Processing were worth $7,806,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the business. HC Financial Advisors Inc. lifted its position in Automatic Data Processing by 56.7% in the third quarter. HC Financial Advisors Inc. now owns 19,655 shares of the business services provider’s stock worth $2,961,000 after purchasing an additional 7,115 shares during the period. JPMorgan Chase & Co. increased its position in Automatic Data Processing by 213.1% in the third quarter. JPMorgan Chase & Co. now owns 8,639,847 shares of the business services provider’s stock worth $1,301,682,000 after purchasing an additional 5,880,242 shares during the period. Martingale Asset Management L P increased its position in Automatic Data Processing by 180.3% in the third quarter. Martingale Asset Management L P now owns 331,166 shares of the business services provider’s stock worth $49,894,000 after purchasing an additional 213,011 shares during the period. Neuberger Berman Group LLC increased its position in Automatic Data Processing by 4.1% in the third quarter. Neuberger Berman Group LLC now owns 355,800 shares of the business services provider’s stock worth $53,605,000 after purchasing an additional 13,915 shares during the period. Finally, B. Riley Wealth Management Inc. acquired a new position in shares of Automatic Data Processing during the 3rd quarter worth about $242,000. Hedge funds and other institutional investors own 80.41% of the company’s stock.
In other news, VP Donald Weinstein sold 1,706 shares of the business’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $165.01, for a total value of $281,507.06. Following the completion of the sale, the vice president now owns 26,220 shares of the company’s stock, valued at approximately $4,326,562.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Stuart Sackman sold 1,478 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $155.13, for a total value of $229,282.14. Following the completion of the sale, the vice president now directly owns 24,122 shares of the company’s stock, valued at approximately $3,742,045.86. The disclosure for this sale can be found here. Over the last quarter, insiders sold 30,456 shares of company stock valued at $5,010,669. 0.33% of the stock is owned by company insiders.
ADP has been the topic of several recent analyst reports. Sanford C. Bernstein cut Automatic Data Processing from an “outperform” rating to a “market perform” rating in a report on Tuesday, April 30th. Barclays boosted their price target on Automatic Data Processing from $168.00 to $180.00 and gave the stock an “overweight” rating in a research report on Monday, May 6th. Citigroup boosted their target price on Automatic Data Processing from $147.00 to $162.00 and gave the stock a “neutral” rating in a report on Thursday, May 2nd. Zacks Investment Research upgraded Automatic Data Processing from a “hold” rating to a “buy” rating and set a $178.00 target price for the company in a research report on Thursday, May 9th. Finally, BidaskClub downgraded Automatic Data Processing from a “strong-buy” rating to a “buy” rating in a research report on Friday, April 5th. Nine investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Automatic Data Processing presently has a consensus rating of “Buy” and an average target price of $159.00.
Automatic Data Processing stock traded up $0.72 during mid-day trading on Friday, reaching $161.85. 624,312 shares of the company’s stock were exchanged, compared to its average volume of 1,955,352. The firm has a market capitalization of $70.44 billion, a P/E ratio of 37.21, a price-to-earnings-growth ratio of 2.31 and a beta of 0.95. Automatic Data Processing has a one year low of $121.40 and a one year high of $165.50. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.38.
Automatic Data Processing (NASDAQ:ADP) last released its earnings results on Wednesday, May 1st. The business services provider reported $1.77 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.69 by $0.08. Automatic Data Processing had a return on equity of 50.53% and a net margin of 13.76%. The business had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $3.91 billion. During the same period last year, the business posted $1.57 earnings per share. The business’s revenue for the quarter was up 4.2% on a year-over-year basis. Analysts predict that Automatic Data Processing will post 5.44 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 1.95%. The ex-dividend date of this dividend is Thursday, June 13th. Automatic Data Processing’s dividend payout ratio (DPR) is presently 72.64%.
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About Automatic Data Processing
Automatic Data Processing, Inc provides business process outsourcing services worldwide. It operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) outsourcing and technology-based human capital management solutions.
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