Balentine LLC Decreases Holdings in Automatic Data Processing (ADP)

Balentine LLC decreased its position in shares of Automatic Data Processing (NASDAQ:ADP) by 1.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 123,041 shares of the business services provider’s stock after selling 2,357 shares during the period. Automatic Data Processing accounts for about 1.1% of Balentine LLC’s investment portfolio, making the stock its 8th largest position. Balentine LLC’s holdings in Automatic Data Processing were worth $13,451,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Acrospire Investment Management LLC purchased a new stake in Automatic Data Processing during the 2nd quarter valued at approximately $102,000. Proficio Capital Partners LLC grew its holdings in Automatic Data Processing by 1.8% during the 2nd quarter. Proficio Capital Partners LLC now owns 964 shares of the business services provider’s stock valued at $111,000 after buying an additional 17 shares in the last quarter. Grove Bank & Trust grew its holdings in Automatic Data Processing by 16.4% during the 2nd quarter. Grove Bank & Trust now owns 1,208 shares of the business services provider’s stock valued at $124,000 after buying an additional 170 shares in the last quarter. Armbruster Capital Management Inc. grew its holdings in Automatic Data Processing by 2.5% during the 2nd quarter. Armbruster Capital Management Inc. now owns 1,322 shares of the business services provider’s stock valued at $135,000 after buying an additional 32 shares in the last quarter. Finally, San Francisco Sentry Investment Group CA purchased a new stake in Automatic Data Processing during the 2nd quarter valued at approximately $136,000. Institutional investors own 78.67% of the company’s stock.

ADP has been the subject of a number of research analyst reports. BidaskClub lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Friday, September 15th. Bank of America raised shares of Automatic Data Processing from a “neutral” rating to a “buy” rating in a report on Tuesday, December 5th. Morgan Stanley raised shares of Automatic Data Processing from an “underweight” rating to an “equal” rating and set a $114.00 target price for the company in a report on Tuesday, November 14th. Sanford C. Bernstein raised their target price on shares of Automatic Data Processing from $115.00 to $125.00 and gave the company an “outperform” rating in a report on Tuesday, October 31st. Finally, Barclays raised their target price on shares of Automatic Data Processing from $105.00 to $115.00 and gave the company an “equal weight” rating in a report on Thursday, October 26th. Eleven research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $114.14.

Shares of Automatic Data Processing (NASDAQ:ADP) opened at $115.99 on Wednesday. The stock has a market capitalization of $51,440.00, a price-to-earnings ratio of 29.44, a P/E/G ratio of 2.90 and a beta of 0.86. Automatic Data Processing has a 52-week low of $94.11 and a 52-week high of $121.77. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.10 and a quick ratio of 1.10.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings results on Thursday, November 2nd. The business services provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.06. The company had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $3.06 billion. Automatic Data Processing had a return on equity of 42.34% and a net margin of 14.08%. Automatic Data Processing’s revenue was up 5.6% on a year-over-year basis. During the same period last year, the company earned $0.86 earnings per share. analysts anticipate that Automatic Data Processing will post 3.91 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, January 1st. Investors of record on Friday, December 8th were given a $0.63 dividend. The ex-dividend date of this dividend was Thursday, December 7th. This is an increase 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 2.17%. Automatic Data Processing’s dividend payout ratio (DPR) is currently 63.96%.

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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.

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

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