Mercer Capital Advisers Inc. maintained its position in shares of Automatic Data Processing (NYSE:ADP) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,171 shares of the business services provider’s stock at the end of the first quarter. Mercer Capital Advisers Inc.’s holdings in Automatic Data Processing were worth $530,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. State Street Corp raised its position in Automatic Data Processing by 3.8% in the fourth quarter. State Street Corp now owns 20,759,452 shares of the business services provider’s stock valued at $2,133,753,000 after buying an additional 763,365 shares in the last quarter. Polen Capital Management LLC increased its stake in shares of Automatic Data Processing by 28.0% in the fourth quarter. Polen Capital Management LLC now owns 5,770,975 shares of the business services provider’s stock valued at $593,141,000 after buying an additional 1,263,015 shares during the last quarter. Norges Bank acquired a new stake in shares of Automatic Data Processing during the fourth quarter valued at approximately $338,766,000. Loomis Sayles & Co. L P increased its stake in shares of Automatic Data Processing by 5.0% in the fourth quarter. Loomis Sayles & Co. L P now owns 2,230,737 shares of the business services provider’s stock valued at $229,275,000 after buying an additional 106,304 shares during the last quarter. Finally, Investec Asset Management LTD increased its stake in Automatic Data Processing by 10.4% in the fourth quarter. Investec Asset Management LTD now owns 1,451,713 shares of the business services provider’s stock valued at $149,207,000 after buying an additional 137,259 shares in the last quarter.
Automatic Data Processing (NYSE:ADP) last released its quarterly earnings data on Wednesday, May 3rd. The business services provider reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.08. Automatic Data Processing had a net margin of 17.24% and a return on equity of 59.56%. The firm had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.42 billion. During the same period in the previous year, the company earned $1.17 earnings per share. The firm’s quarterly revenue was up 5.0% on a year-over-year basis.
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, July 1st. Stockholders of record on Friday, June 9th will be issued a dividend of $0.57 per share. The ex-dividend date is Wednesday, June 7th. This represents a $2.28 annualized dividend and a dividend yield of 2.19%.
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Several equities analysts have recently weighed in on ADP shares. Evercore ISI cut Automatic Data Processing from an “in-line” rating to an “underperform” rating and set a $85.00 price objective for the company. in a report on Friday, June 2nd. Argus reduced their price target on Automatic Data Processing from $118.00 to $101.50 and set a “buy” rating for the company in a report on Wednesday, May 31st. Barclays PLC restated a “buy” rating on shares of Automatic Data Processing in a report on Thursday, April 27th. Finally, BMO Capital Markets restated a “hold” rating and set a $98.00 price objective on shares of Automatic Data Processing in a report on Wednesday, April 5th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $100.13.
In other news, 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 transaction of $4,939,693.92. Following the completion of the transaction, the chief executive officer now directly owns 159,403 shares of the company’s stock, valued at $15,941,894.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
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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