Markston International LLC Reduces Position in Automatic Data Processing (ADP)

Markston International LLC reduced its position in shares of Automatic Data Processing (NYSE:ADP) by 6.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 111,867 shares of the business services provider’s stock after selling 7,169 shares during the period. Markston International LLC’s holdings in Automatic Data Processing were worth $11,462,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of ADP. BlackRock Inc. raised its position in shares of Automatic Data Processing by 1,971.2% during the 1st quarter. BlackRock Inc. now owns 29,631,769 shares of the business services provider’s stock valued at $3,033,995,000 after acquiring an additional 28,201,085 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Automatic Data Processing by 4.4% during the 1st quarter. Vanguard Group Inc. now owns 34,188,021 shares of the business services provider’s stock valued at $3,500,512,000 after acquiring an additional 1,430,863 shares in the last quarter. APG Asset Management N.V. raised its position in shares of Automatic Data Processing by 59.3% during the 2nd quarter. APG Asset Management N.V. now owns 1,766,271 shares of the business services provider’s stock valued at $180,972,000 after acquiring an additional 657,209 shares in the last quarter. Mackenzie Financial Corp acquired a new stake in shares of Automatic Data Processing during the 1st quarter valued at approximately $53,405,000. Finally, Alliancebernstein L.P. raised its position in shares of Automatic Data Processing by 6.2% during the 1st quarter. Alliancebernstein L.P. now owns 8,345,691 shares of the business services provider’s stock valued at $854,515,000 after acquiring an additional 485,320 shares in the last quarter.

Shares of Automatic Data Processing (ADP) opened at 113.93 on Thursday. Automatic Data Processing has a 12 month low of $85.48 and a 12 month high of $121.77. The firm has a 50-day moving average price of $109.64 and a 200 day moving average price of $104.98. The firm has a market capitalization of $50.63 billion and a price-to-earnings ratio of 29.59.

Automatic Data Processing (NYSE:ADP) last posted its earnings results 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). The company had revenue of $3.06 billion for the quarter, compared to the consensus estimate of $3.04 billion. Automatic Data Processing had a return on equity of 26.39% and a net margin of 8.67%. Automatic Data Processing’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.69 EPS. On average, analysts anticipate that Automatic Data Processing will post $3.81 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Sunday, October 1st. Investors of record on Friday, September 8th were given a dividend of $0.57 per share. The ex-dividend date was Thursday, September 7th. This represents a $2.28 annualized dividend and a dividend yield of 2.00%.

In other Automatic Data Processing news, CEO Carlos A. Rodriguez sold 36,363 shares of Automatic Data Processing stock in a transaction on 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 completion of the transaction, the chief executive officer now owns 146,494 shares in the company, valued at approximately $16,114,340. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Maria Black sold 631 shares of Automatic Data Processing stock in a transaction on Saturday, September 2nd. The shares were sold at an average price of $106.64, for a total value of $67,289.84. Following the completion of the transaction, the vice president now owns 10,550 shares of the company’s stock, valued at approximately $1,125,052. The disclosure for this sale can be found here. Insiders have sold a total of 40,657 shares of company stock valued at $4,457,476 in the last 90 days.

Several equities research analysts recently issued reports on the company. Zacks Investment Research lowered Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Tuesday. Bank of America Corporation upped their price target on Automatic Data Processing from $111.00 to $114.00 and gave the company a “neutral” rating in a research report on Friday, October 13th. Stifel Nicolaus reissued a “hold” rating and set a $108.00 price target on shares of Automatic Data Processing in a research report on Wednesday, October 4th. BidaskClub raised Automatic Data Processing from a “hold” rating to a “buy” rating in a research report on Thursday, September 28th. Finally, Royal Bank Of Canada reissued a “hold” rating and set a $95.00 price target on shares of Automatic Data Processing in a research report on Friday, September 15th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $109.25.

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Automatic Data Processing 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.

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

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