CIBC Asset Management Inc Sells 1,305 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

CIBC Asset Management Inc cut its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 131,484 shares of the business services provider’s stock after selling 1,305 shares during the quarter. CIBC Asset Management Inc’s holdings in Automatic Data Processing were worth $31,384,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of ADP. BlueSpruce Investments LP bought a new position in Automatic Data Processing in the first quarter valued at about $365,757,000. Norges Bank bought a new position in shares of Automatic Data Processing during the fourth quarter worth about $308,321,000. Capital Research Global Investors raised its position in shares of Automatic Data Processing by 22.5% during the fourth quarter. Capital Research Global Investors now owns 3,543,317 shares of the business services provider’s stock worth $825,487,000 after acquiring an additional 649,791 shares during the last quarter. Nordea Investment Management AB raised its position in shares of Automatic Data Processing by 27.7% during the first quarter. Nordea Investment Management AB now owns 2,715,382 shares of the business services provider’s stock worth $678,601,000 after acquiring an additional 589,831 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its position in shares of Automatic Data Processing by 238.1% during the first quarter. Jacobs Levy Equity Management Inc. now owns 784,003 shares of the business services provider’s stock worth $195,797,000 after acquiring an additional 552,096 shares during the last quarter. 80.03% of the stock is currently owned by institutional investors.

Insider Activity

In other news, VP Michael A. Bonarti sold 26,442 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $270.96, for a total value of $7,164,724.32. Following the transaction, the vice president now owns 88,426 shares in the company, valued at $23,959,908.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Automatic Data Processing news, VP David Kwon sold 846 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $270.60, for a total value of $228,927.60. Following the transaction, the vice president now owns 10,410 shares of the company’s stock, valued at $2,816,946. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Michael A. Bonarti sold 26,442 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $270.96, for a total value of $7,164,724.32. Following the completion of the transaction, the vice president now directly owns 88,426 shares in the company, valued at approximately $23,959,908.96. The disclosure for this sale can be found here. Corporate insiders own 0.26% of the company’s stock.

Automatic Data Processing Trading Up 0.9 %

Shares of Automatic Data Processing stock opened at $275.91 on Tuesday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.01 and a current ratio of 1.01. Automatic Data Processing, Inc. has a 52 week low of $205.53 and a 52 week high of $276.77. The stock has a 50 day moving average price of $253.82 and a two-hundred day moving average price of $249.13. The stock has a market capitalization of $112.52 billion, a PE ratio of 30.79, a price-to-earnings-growth ratio of 3.00 and a beta of 0.78.

Automatic Data Processing (NASDAQ:ADP) last posted its earnings results on Wednesday, July 31st. The business services provider reported $2.09 earnings per share for the quarter, beating analysts’ consensus estimates of $2.06 by $0.03. Automatic Data Processing had a return on equity of 89.20% and a net margin of 19.54%. The company had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.74 billion. During the same quarter last year, the company earned $1.89 earnings per share. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. As a group, equities analysts anticipate that Automatic Data Processing, Inc. will post 10.04 earnings per share for the current fiscal year.

Automatic Data Processing Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a $1.40 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.03%. Automatic Data Processing’s dividend payout ratio is presently 62.50%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Stifel Nicolaus raised their price objective on Automatic Data Processing from $271.00 to $287.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. Bank of America raised their price objective on Automatic Data Processing from $250.00 to $267.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. JPMorgan Chase & Co. raised their price objective on Automatic Data Processing from $250.00 to $285.00 and gave the stock an “underweight” rating in a research report on Tuesday, August 20th. Barclays raised their price objective on Automatic Data Processing from $282.00 to $310.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. Finally, StockNews.com cut Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Thursday, August 29th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $265.36.

Automatic Data Processing Profile

Automatic Data Processing, Inc provides cloud-based human capital management solutions worldwide. It operates in two segments, Employer Services and Professional Employer Organization (PEO). The Employer Services segment offers strategic, cloud-based platforms, and human resources (HR) outsourcing solutions.