Burke & Herbert Bank & Trust Co. Has $465,000 Holdings in Automatic Data Processing (ADP)

Burke & Herbert Bank & Trust Co. trimmed its position in shares of Automatic Data Processing (NYSE:ADP) by 27.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,542 shares of the business services provider’s stock after selling 1,745 shares during the period. Burke & Herbert Bank & Trust Co.’s holdings in Automatic Data Processing were worth $465,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. NN Investment Partners Holdings N.V. grew its stake in Automatic Data Processing by 192.7% during the second quarter. NN Investment Partners Holdings N.V. now owns 8,722 shares of the business services provider’s stock worth $893,000 after buying an additional 5,742 shares in the last quarter. Pennsylvania Trust Co grew its stake in Automatic Data Processing by 10.2% during the second quarter. Pennsylvania Trust Co now owns 151,425 shares of the business services provider’s stock worth $15,515,000 after buying an additional 14,048 shares in the last quarter. CenturyLink Investment Management Co grew its stake in Automatic Data Processing by 77.2% during the second quarter. CenturyLink Investment Management Co now owns 7,120 shares of the business services provider’s stock worth $730,000 after buying an additional 3,102 shares in the last quarter. Fulton Bank N.A. grew its stake in Automatic Data Processing by 12.8% during the second quarter. Fulton Bank N.A. now owns 5,490 shares of the business services provider’s stock worth $563,000 after buying an additional 625 shares in the last quarter. Finally, Covenant Asset Management LLC grew its stake in Automatic Data Processing by 1.9% during the second quarter. Covenant Asset Management LLC now owns 17,177 shares of the business services provider’s stock worth $1,760,000 after buying an additional 320 shares in the last quarter.

A number of equities research analysts have issued reports on ADP shares. Argus reduced their price objective on shares of Automatic Data Processing from $118.00 to $101.50 and set a “buy” rating on the stock in a research note on Wednesday, May 31st. BidaskClub upgraded shares of Automatic Data Processing from a “hold” rating to a “buy” rating in a research note on Tuesday, August 1st. Barclays PLC downgraded shares of Automatic Data Processing from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $110.00 to $105.00 in a research note on Tuesday, July 18th. Stifel Nicolaus reiterated a “hold” rating and set a $108.00 price objective (up from $103.00) on shares of Automatic Data Processing in a research note on Sunday, July 30th. Finally, Deutsche Bank AG reiterated a “hold” rating and set a $102.00 price objective on shares of Automatic Data Processing in a research note on Monday, August 21st. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $107.81.

In other news, insider Michael A. Bonarti sold 2,932 shares of the business’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $101.98, for a total transaction of $299,005.36. Following the completion of the transaction, the insider now owns 46,256 shares of the company’s stock, valued at $4,717,186.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Carlos A. Rodriguez sold 36,363 shares of the business’s stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $110.00, for a total value of $3,999,930.00. Following the transaction, the chief executive officer now directly owns 146,494 shares of the company’s stock, valued at approximately $16,114,340. The disclosure for this sale can be found here. Insiders have sold 45,522 shares of company stock valued at $4,953,609 in the last three months.

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Automatic Data Processing (NYSE ADP) traded down 0.258% during midday trading on Monday, hitting $106.505. 658,580 shares of the stock were exchanged. Automatic Data Processing has a 1-year low of $85.48 and a 1-year high of $121.77. The company’s 50 day moving average is $108.51 and its 200 day moving average is $103.81. The company has a market capitalization of $47.33 billion and a P/E ratio of 27.664.

Automatic Data Processing (NYSE:ADP) last issued its quarterly earnings data on Thursday, July 27th. The business services provider reported $0.65 EPS 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 business had revenue of $3.06 billion for the quarter, compared to analysts’ expectations of $3.04 billion. During the same period in the previous year, the firm posted $0.69 EPS. The firm’s revenue for the quarter was up 5.7% compared to the same quarter last year. Analysts predict that Automatic Data Processing will post $3.81 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders 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 2.14%. The ex-dividend date of this dividend is Thursday, September 7th.

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

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