Public Employees Retirement Association of Colorado cut its stake in Automatic Data Processing (NYSE:ADP) by 0.5% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 84,011 shares of the business services provider’s stock after selling 383 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Automatic Data Processing were worth $8,608,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. Coconut Grove Bank lifted its stake in Automatic Data Processing by 79.6% during the 1st quarter. Coconut Grove Bank now owns 1,038 shares of the business services provider’s stock valued at $106,000 after acquiring an additional 460 shares during the period. Grisanti Capital Management LLC lifted 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 valued at $107,000 after acquiring an additional 45 shares during the period. Edmond DE Rothschild Holding S.A. acquired a new stake in Automatic Data Processing during the 1st quarter valued at approximately $113,000. Harbour Capital Advisors LLC acquired a new stake in Automatic Data Processing during the 1st quarter valued at approximately $176,000. Finally, Guardian Life Insurance Co. of America lifted its stake in Automatic Data Processing by 0.7% during the 1st quarter. Guardian Life Insurance Co. of America now owns 1,740 shares of the business services provider’s stock valued at $178,000 after acquiring an additional 12 shares during the period.
Several analysts have commented on the stock. BidaskClub cut shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Tuesday, August 22nd. BMO Capital Markets restated a “market perform” rating and set a $105.00 price objective on shares of Automatic Data Processing in a research note on Monday, August 21st. Deutsche Bank AG restated a “hold” rating and set a $102.00 price objective on shares of Automatic Data Processing in a research note on Monday, August 21st. Evercore ISI restated an “in-line” rating and set a $115.00 price objective on shares of Automatic Data Processing in a research note on Sunday, August 20th. Finally, Citigroup Inc. restated a “neutral” rating and set a $110.00 price objective (up from $98.00) on shares of Automatic Data Processing in a research note on Thursday, August 17th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $107.25.
In other Automatic Data Processing news, VP Maria Black sold 631 shares of the firm’s stock in a transaction on Saturday, September 2nd. The stock was 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 owns 10,550 shares of the company’s stock, valued at $1,125,052. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Brock Albinson sold 3,663 shares of the firm’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $106.54, for a total value of $390,256.02. Following the completion of the sale, the vice president now directly owns 6,287 shares of the company’s stock, valued at approximately $669,816.98. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 45,522 shares of company stock valued at $4,953,609.
Shares of Automatic Data Processing (NYSE ADP) opened at 108.41 on Friday. Automatic Data Processing has a one year low of $85.48 and a one year high of $121.77. The company has a 50-day moving average of $108.42 and a 200 day moving average of $103.60. The stock has a market cap of $48.17 billion and a price-to-earnings ratio of 28.16.
Automatic Data Processing (NYSE:ADP) last issued its quarterly earnings results on Thursday, July 27th. The business services provider reported $0.65 earnings per share for the quarter, missing the Thomson Reuters’ 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 company had revenue of $3.06 billion for the quarter, compared to analyst estimates of $3.04 billion. During the same period in the prior year, the business 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, equities analysts forecast that Automatic Data Processing will post $3.81 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 8th will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 2.10%. The ex-dividend date is Thursday, September 7th.
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About Automatic Data Processing
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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