Gateway Investment Advisers LLC Trims Holdings in Automatic Data Processing (ADP)

Gateway Investment Advisers LLC cut its holdings in shares of Automatic Data Processing (NASDAQ:ADP) by 9.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 250,689 shares of the business services provider’s stock after selling 25,431 shares during the quarter. Gateway Investment Advisers LLC owned 0.06% of Automatic Data Processing worth $37,769,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Fundsmith Equity Fund L.P. purchased a new stake in shares of Automatic Data Processing in the 2nd quarter valued at approximately $776,199,000. Millennium Management LLC increased its position in shares of Automatic Data Processing by 328.6% in the 2nd quarter. Millennium Management LLC now owns 2,221,504 shares of the business services provider’s stock valued at $297,993,000 after purchasing an additional 1,703,162 shares during the last quarter. Senator Investment Group LP purchased a new stake in shares of Automatic Data Processing in the 2nd quarter valued at approximately $174,382,000. Morgan Stanley increased its position in shares of Automatic Data Processing by 11.7% in the 2nd quarter. Morgan Stanley now owns 7,671,784 shares of the business services provider’s stock valued at $1,029,094,000 after purchasing an additional 801,928 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its position in shares of Automatic Data Processing by 48.9% in the 2nd quarter. PNC Financial Services Group Inc. now owns 2,300,258 shares of the business services provider’s stock valued at $308,556,000 after purchasing an additional 755,124 shares during the last quarter. Institutional investors own 77.73% of the company’s stock.

A number of research analysts recently commented on ADP shares. Wolfe Research started coverage on shares of Automatic Data Processing in a research report on Tuesday, July 17th. They issued an “outperform” rating on the stock. Credit Suisse Group started coverage on shares of Automatic Data Processing in a research report on Friday, August 10th. They issued an “outperform” rating and a $160.00 target price on the stock. Moffett Nathanson started coverage on shares of Automatic Data Processing in a research report on Thursday, October 4th. They issued a “buy” rating and a $180.00 target price on the stock. Jefferies Financial Group started coverage on shares of Automatic Data Processing in a research report on Monday, October 1st. They issued a “hold” rating and a $160.00 target price on the stock. Finally, Zacks Investment Research downgraded shares of Automatic Data Processing from a “hold” rating to a “sell” rating in a research report on Thursday, October 4th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Automatic Data Processing has an average rating of “Buy” and a consensus target price of $144.47.

Shares of NASDAQ:ADP opened at $143.28 on Wednesday. The firm has a market cap of $65.90 billion, a P/E ratio of 32.94, a price-to-earnings-growth ratio of 2.57 and a beta of 0.92. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.58. Automatic Data Processing has a 1-year low of $107.61 and a 1-year high of $153.51.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings results on Wednesday, August 1st. The business services provider reported $0.92 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.90 by $0.02. The firm had revenue of $3.32 billion during the quarter, compared to analysts’ expectations of $3.29 billion. Automatic Data Processing had a net margin of 12.16% and a return on equity of 50.17%. Automatic Data Processing’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.66 EPS. As a group, research analysts expect that Automatic Data Processing will post 5.18 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, October 1st. Investors of record on Friday, September 14th were paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date was Thursday, September 13th. Automatic Data Processing’s dividend payout ratio is currently 63.45%.

In related news, VP Brock Albinson sold 3,345 shares of the stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $144.35, for a total transaction of $482,850.75. Following the completion of the sale, the vice president now owns 6,081 shares in the company, valued at approximately $877,792.35. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Don Mcguire sold 1,140 shares of the stock in a transaction on Thursday, September 6th. The stock was sold at an average price of $145.78, for a total transaction of $166,189.20. Following the sale, the vice president now owns 6,476 shares of the company’s stock, valued at approximately $944,071.28. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,919 shares of company stock valued at $2,351,933. 0.33% of the stock is owned by company insiders.

Automatic Data Processing Profile

Automatic Data Processing, Inc provides business process outsourcing services worldwide. It operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) outsourcing and technology-based human capital management solutions.

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

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