Baystate Wealth Management LLC Cuts Stake in Automatic Data Processing (ADP)

Baystate Wealth Management LLC decreased its stake in Automatic Data Processing (NYSE:ADP) by 15.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,426 shares of the business services provider’s stock after selling 261 shares during the period. Baystate Wealth Management LLC’s holdings in Automatic Data Processing were worth $145,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of ADP. State Street Corp raised its stake in shares of 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 during the last quarter. Wells Fargo & Company MN raised its stake in shares of Automatic Data Processing by 6.5% in the third quarter. Wells Fargo & Company MN now owns 6,752,946 shares of the business services provider’s stock valued at $595,609,000 after buying an additional 410,986 shares during the last quarter. Polen Capital Management LLC raised 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. Capital International Investors raised its stake in shares of Automatic Data Processing by 11.6% in the third quarter. Capital International Investors now owns 5,573,800 shares of the business services provider’s stock valued at $491,609,000 after buying an additional 578,000 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Automatic Data Processing during the fourth quarter valued at about $338,766,000.

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

Shares of Automatic Data Processing (NYSE:ADP) traded up 1.29% on Friday, reaching $103.49. 3,572,702 shares of the company’s stock traded hands. Automatic Data Processing has a 52-week low of $85.23 and a 52-week high of $105.68. The stock has a market cap of $46.30 billion and a price-to-earnings ratio of 26.78. The firm’s 50-day moving average is $100.22 and its 200-day moving average is $101.20.

Automatic Data Processing (NYSE:ADP) last posted its quarterly earnings results on Wednesday, May 3rd. The business services provider reported $1.31 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.23 by $0.08. The business had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.42 billion. Automatic Data Processing had a net margin of 17.24% and a return on equity of 59.56%. The company’s revenue was up 5.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.17 earnings per share. Analysts anticipate that Automatic Data Processing will post $3.72 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Saturday, July 1st. Shareholders of record on Friday, June 9th will be given a $0.57 dividend. The ex-dividend date of this dividend is Wednesday, June 7th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.20%.

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Several equities research analysts have recently issued reports on ADP shares. Barclays PLC decreased their price target on shares of Automatic Data Processing from $115.00 to $113.00 and set an “overweight” rating for the company in a research note on Tuesday, April 25th. BMO Capital Markets reaffirmed a “hold” rating and issued a $98.00 price objective on shares of Automatic Data Processing in a report on Wednesday, April 5th. Argus cut their price objective on shares of Automatic Data Processing from $118.00 to $101.50 and set a “buy” rating for the company in a report on Wednesday, May 31st. Finally, Evercore ISI reaffirmed an “underperform” rating and issued a $85.00 price objective on shares of Automatic Data Processing in a report on Friday, June 2nd. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $100.13.

In other Automatic Data Processing news, CEO Carlos A. Rodriguez sold 49,392 shares of the company’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 value of $4,939,693.92. Following the completion of the transaction, the chief executive officer now directly owns 159,403 shares in the company, valued at $15,941,894.03. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

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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