US Bancorp DE lowered its position in Automatic Data Processing (NASDAQ:ADP) by 1.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 755,656 shares of the business services provider’s stock after selling 9,106 shares during the quarter. US Bancorp DE owned 0.17% of Automatic Data Processing worth $124,933,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently modified their holdings of ADP. Krane Funds Advisors LLC purchased a new position in Automatic Data Processing in the second quarter valued at about $25,000. Cypress Capital Management LLC WY grew its stake in Automatic Data Processing by 257.1% in the first quarter. Cypress Capital Management LLC WY now owns 200 shares of the business services provider’s stock worth $32,000 after purchasing an additional 144 shares in the last quarter. Permanens Capital L.P. acquired a new position in Automatic Data Processing in the first quarter worth about $32,000. Mackey Komara & Dankovich LLC grew its stake in Automatic Data Processing by 428.8% in the second quarter. Mackey Komara & Dankovich LLC now owns 1,084 shares of the business services provider’s stock worth $35,000 after purchasing an additional 879 shares in the last quarter. Finally, Lenox Wealth Management Inc. acquired a new position in Automatic Data Processing in the first quarter worth about $40,000. Hedge funds and other institutional investors own 80.22% of the company’s stock.
In other Automatic Data Processing news, CEO Carlos A. Rodriguez sold 49,392 shares of the business’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $161.70, for a total transaction of $7,986,686.40. Following the completion of the transaction, the chief executive officer now owns 132,338 shares of the company’s stock, valued at approximately $21,399,054.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Dermot J. O’brien sold 1,771 shares of the company’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $162.04, for a total transaction of $286,972.84. Following the transaction, the vice president now directly owns 14,896 shares of the company’s stock, valued at approximately $2,413,747.84. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 57,846 shares of company stock worth $9,395,534. 0.33% of the stock is currently owned by corporate insiders.
Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings results on Wednesday, July 31st. The business services provider reported $1.14 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.13 by $0.01. Automatic Data Processing had a return on equity of 47.48% and a net margin of 16.17%. The company had revenue of $3.50 billion for the quarter, compared to analysts’ expectations of $3.50 billion. During the same quarter in the prior year, the company earned $0.99 earnings per share. The firm’s revenue was up 5.5% on a year-over-year basis. On average, research analysts expect that Automatic Data Processing will post 6.16 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 1.98%. The ex-dividend date is Thursday, September 12th. Automatic Data Processing’s dividend payout ratio (DPR) is currently 57.98%.
A number of equities analysts have commented on ADP shares. Bank of America downgraded Automatic Data Processing from a “buy” rating to a “neutral” rating in a research note on Wednesday. Morgan Stanley lifted their target price on Automatic Data Processing from $150.00 to $174.00 and gave the company an “equal weight” rating in a research note on Thursday, August 15th. BidaskClub downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Wednesday. ValuEngine downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, JPMorgan Chase & Co. boosted their price objective on Automatic Data Processing from $170.00 to $177.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. Ten equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $176.10.
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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