Highbridge Capital Management LLC Grows Position in Automatic Data Processing (ADP)

Highbridge Capital Management LLC increased its position in shares of Automatic Data Processing (NASDAQ:ADP) by 258.6% in the 3rd quarter, Holdings Channel reports. The firm owned 23,699 shares of the business services provider’s stock after purchasing an additional 17,090 shares during the quarter. Highbridge Capital Management LLC’s holdings in Automatic Data Processing were worth $3,570,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the stock. Acadian Asset Management LLC acquired a new stake in Automatic Data Processing during the 2nd quarter worth $582,000. Dupont Capital Management Corp acquired a new stake in Automatic Data Processing during the 2nd quarter worth $585,000. Smith Asset Management Group LP acquired a new stake in Automatic Data Processing during the 2nd quarter worth $10,191,000. Integrated Investment Consultants LLC acquired a new stake in Automatic Data Processing during the 2nd quarter worth $111,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in Automatic Data Processing by 234.5% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 54,918 shares of the business services provider’s stock worth $7,367,000 after purchasing an additional 38,500 shares during the period. 77.93% of the stock is owned by institutional investors and hedge funds.

A number of brokerages have commented on ADP. Guggenheim began coverage on shares of Automatic Data Processing in a research report on Monday, August 20th. They set a “buy” rating and a $175.00 price objective for the company. Argus upped their price objective on shares of Automatic Data Processing from $145.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, August 13th. Moffett Nathanson began coverage on shares of Automatic Data Processing in a research report on Thursday, October 4th. They set a “buy” rating and a $180.00 price objective for the company. Jefferies Financial Group began coverage on shares of Automatic Data Processing in a research report on Monday, October 1st. They set a “hold” rating and a $160.00 price objective for the company. Finally, Zacks Investment Research upgraded shares of Automatic Data Processing from a “sell” rating to a “hold” rating in a research report on Friday, October 26th. Eight equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $151.19.



In other news, VP Michael C. Eberhard sold 9,100 shares of the stock in a transaction dated Friday, September 21st. The shares were sold at an average price of $150.00, for a total value of $1,365,000.00. Following the completion of the transaction, the vice president now owns 48,468 shares in the company, valued at approximately $7,270,200. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Carlos A. Rodriguez sold 62,228 shares of the stock in a transaction dated Friday, November 16th. The shares were sold at an average price of $145.59, for a total transaction of $9,059,774.52. Following the completion of the transaction, the chief executive officer now owns 137,177 shares of the company’s stock, valued at approximately $19,971,599.43. The disclosure for this sale can be found here. Insiders sold a total of 172,948 shares of company stock valued at $25,409,660 in the last quarter. Insiders own 0.33% of the company’s stock.

Shares of ADP opened at $143.18 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $62.86 billion, a PE ratio of 32.91, a P/E/G ratio of 2.18 and a beta of 0.89. Automatic Data Processing has a 52-week low of $107.61 and a 52-week high of $153.51.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings results on Wednesday, October 31st. The business services provider reported $1.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.11 by $0.09. The business had revenue of $3.32 billion during the quarter, compared to the consensus estimate of $3.28 billion. Automatic Data Processing had a net margin of 12.71% and a return on equity of 50.96%. The business’s revenue was up 8.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.94 EPS. On average, equities research analysts forecast that Automatic Data Processing will post 5.27 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 1st. Stockholders of record on Friday, December 14th will be issued a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend is Thursday, December 13th. This is an increase from Automatic Data Processing’s previous quarterly dividend of $0.69. Automatic Data Processing’s dividend payout ratio (DPR) is currently 63.45%.

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About Automatic Data Processing

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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