Cardinal Capital Management Sells 361 Shares of Automatic Data Processing (ADP)

Cardinal Capital Management lowered its stake in shares of Automatic Data Processing (NYSE:ADP) by 0.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 48,138 shares of the business services provider’s stock after selling 361 shares during the period. Automatic Data Processing comprises about 1.8% of Cardinal Capital Management’s holdings, making the stock its 13th largest position. Cardinal Capital Management’s holdings in Automatic Data Processing were worth $4,929,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. St. James Investment Company LLC boosted its position in Automatic Data Processing by 171.8% in the third quarter. St. James Investment Company LLC now owns 14,270 shares of the business services provider’s stock valued at $1,259,000 after buying an additional 9,020 shares during the last quarter. Argentus Capital Management LLC boosted its position in Automatic Data Processing by 122.1% in the third quarter. Argentus Capital Management LLC now owns 5,933 shares of the business services provider’s stock valued at $523,000 after buying an additional 3,262 shares during the last quarter. Mizuho Trust & Banking Co. Ltd. boosted its position in Automatic Data Processing by 0.4% in the third quarter. Mizuho Trust & Banking Co. Ltd. now owns 721,787 shares of the business services provider’s stock valued at $63,662,000 after buying an additional 2,919 shares during the last quarter. Huntington National Bank boosted its position in Automatic Data Processing by 55.0% in the third quarter. Huntington National Bank now owns 436,985 shares of the business services provider’s stock valued at $38,543,000 after buying an additional 155,112 shares during the last quarter. Finally, Cornerstone Wealth Management LLC bought a new position in Automatic Data Processing during the third quarter valued at $314,000.

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

Automatic Data Processing (NYSE:ADP) traded up 1.29% during trading on Friday, reaching $103.49. 3,572,702 shares of the company’s stock traded hands. Automatic Data Processing has a one year low of $85.23 and a one year high of $105.68. The company has a 50-day moving average price of $100.22 and a 200 day moving average price of $101.20. The firm has a market capitalization of $46.30 billion and a PE ratio of 26.78.

Automatic Data Processing (NYSE:ADP) last announced its quarterly earnings results 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. The firm had revenue of $3.41 billion for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.17 EPS. On average, analysts anticipate that Automatic Data Processing will post $3.72 earnings per share for the current fiscal year.

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

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A number of analysts have commented on the stock. Barclays PLC reduced their target price on shares of Automatic Data Processing from $115.00 to $113.00 and set an “overweight” rating for the company in a report on Tuesday, April 25th. Evercore ISI reaffirmed an “underperform” rating and set a $85.00 target price on shares of Automatic Data Processing in a report on Friday, June 2nd. Argus reduced their target price 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, BMO Capital Markets reiterated a “hold” rating and issued a $98.00 price target on shares of Automatic Data Processing in a research report on Wednesday, April 5th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $100.13.

In other news, CEO Carlos A. Rodriguez sold 49,392 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now owns 159,403 shares of the company’s stock, valued at approximately $15,941,894.03. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

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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