Connors Investor Services Inc. boosted its position in shares of Automatic Data Processing (NYSE:ADP) by 9.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 33,481 shares of the business services provider’s stock after acquiring an additional 2,983 shares during the quarter. Connors Investor Services Inc.’s holdings in Automatic Data Processing were worth $3,430,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of ADP. BlackRock Inc. increased its position in Automatic Data Processing by 1,971.2% in the first quarter. BlackRock Inc. now owns 29,631,769 shares of the business services provider’s stock worth $3,033,995,000 after buying an additional 28,201,085 shares in the last quarter. Vanguard Group Inc. increased its position in Automatic Data Processing by 4.4% in the first quarter. Vanguard Group Inc. now owns 34,188,021 shares of the business services provider’s stock worth $3,500,512,000 after buying an additional 1,430,863 shares in the last quarter. APG Asset Management N.V. increased its position in Automatic Data Processing by 59.3% in the second quarter. APG Asset Management N.V. now owns 1,766,271 shares of the business services provider’s stock worth $180,972,000 after buying an additional 657,209 shares in the last quarter. Mackenzie Financial Corp purchased a new stake in Automatic Data Processing in the first quarter worth about $53,405,000. Finally, Alliancebernstein L.P. increased its position in Automatic Data Processing by 6.2% in the first quarter. Alliancebernstein L.P. now owns 8,345,691 shares of the business services provider’s stock worth $854,515,000 after buying an additional 485,320 shares in the last quarter.
Shares of Automatic Data Processing (NYSE ADP) opened at $111.09 on Friday. Automatic Data Processing has a 1 year low of $90.45 and a 1 year high of $121.77.
Automatic Data Processing (NYSE:ADP) last announced its quarterly earnings results on Thursday, November 2nd. The business services provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.06. Automatic Data Processing had a return on equity of 40.61% and a net margin of 13.04%. The company had revenue of $3.08 billion during the quarter, compared to analyst estimates of $3.06 billion. During the same period in the prior year, the company earned $0.86 earnings per share. The firm’s revenue was up 5.6% on a year-over-year basis.
The company also recently declared a quarterly dividend, which will be paid on Monday, January 1st. Investors of record on Friday, December 8th will be paid a dividend of $0.63 per share. The ex-dividend date is Thursday, December 7th. This is a positive change from Automatic Data Processing’s previous quarterly dividend of $0.57. This represents a $2.52 dividend on an annualized basis and a yield of 2.27%. Automatic Data Processing’s dividend payout ratio is presently 57.87%.
ADP has been the subject of a number of analyst reports. BidaskClub upgraded Automatic Data Processing from a “hold” rating to a “buy” rating in a research report on Thursday, September 28th. BMO Capital Markets reduced their price target on Automatic Data Processing from $122.00 to $114.00 and set an “outperform” rating for the company in a research report on Friday, November 3rd. Morgan Stanley cut Automatic Data Processing from an “equal weight” rating to an “underweight” rating and upped their price target for the stock from $98.00 to $100.00 in a research report on Thursday, August 3rd. Bank of America Corporation upped their price target on Automatic Data Processing from $111.00 to $114.00 and gave the stock a “neutral” rating in a research report on Friday, October 13th. Finally, Barclays PLC restated an “equal weight” rating and issued a $105.00 price target on shares of Automatic Data Processing in a research report on Tuesday, August 15th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $111.43.
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In related news, VP Brock Albinson sold 3,663 shares of the stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $106.54, for a total transaction of $390,256.02. Following the completion of the transaction, the vice president now directly owns 6,287 shares of the company’s stock, valued at $669,816.98. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Maria Black sold 631 shares of the stock in a transaction that occurred 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 transaction, the vice president now directly owns 10,550 shares of the company’s stock, valued at $1,125,052. The disclosure for this sale can be found here.
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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