Harbour Trust & Investment Management Co Trims Stock Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Harbour Trust & Investment Management Co reduced its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 3.5% in the 3rd quarter, Holdings Channel.com reports. The fund owned 18,895 shares of the business services provider’s stock after selling 692 shares during the quarter. Harbour Trust & Investment Management Co’s holdings in Automatic Data Processing were worth $5,229,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Vanguard Group Inc. lifted its position in Automatic Data Processing by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 39,769,440 shares of the business services provider’s stock worth $9,932,020,000 after acquiring an additional 173,298 shares during the period. Ameriprise Financial Inc. increased its stake in shares of Automatic Data Processing by 12.0% during the second quarter. Ameriprise Financial Inc. now owns 4,065,308 shares of the business services provider’s stock worth $964,989,000 after acquiring an additional 435,093 shares during the period. Capital Research Global Investors lifted its holdings in shares of Automatic Data Processing by 2.3% in the 1st quarter. Capital Research Global Investors now owns 3,625,186 shares of the business services provider’s stock valued at $905,354,000 after buying an additional 81,869 shares during the period. Legal & General Group Plc boosted its stake in shares of Automatic Data Processing by 4.1% in the second quarter. Legal & General Group Plc now owns 3,548,165 shares of the business services provider’s stock valued at $846,912,000 after buying an additional 139,561 shares in the last quarter. Finally, Nordea Investment Management AB grew its holdings in Automatic Data Processing by 27.7% during the first quarter. Nordea Investment Management AB now owns 2,715,382 shares of the business services provider’s stock worth $678,601,000 after acquiring an additional 589,831 shares during the period. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Citigroup increased their target price on shares of Automatic Data Processing from $260.00 to $295.00 and gave the company a “neutral” rating in a report on Wednesday, September 25th. Bank of America increased their price objective on shares of Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Barclays upped their price target on shares of Automatic Data Processing from $282.00 to $310.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Jefferies Financial Group boosted their price target on Automatic Data Processing from $260.00 to $290.00 and gave the stock a “hold” rating in a report on Tuesday. Finally, Stifel Nicolaus increased their price objective on Automatic Data Processing from $271.00 to $287.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Two analysts have rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Automatic Data Processing currently has a consensus rating of “Hold” and a consensus target price of $275.33.

Insider Buying and Selling

In other Automatic Data Processing news, Director Carlos A. Rodriguez sold 9,203 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $269.45, for a total transaction of $2,479,748.35. Following the completion of the sale, the director now owns 36,741 shares of the company’s stock, valued at approximately $9,899,862.45. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, VP David Kwon sold 846 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $270.60, for a total value of $228,927.60. Following the transaction, the vice president now owns 10,410 shares of the company’s stock, valued at approximately $2,816,946. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Carlos A. Rodriguez sold 9,203 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $269.45, for a total transaction of $2,479,748.35. Following the sale, the director now directly owns 36,741 shares of the company’s stock, valued at approximately $9,899,862.45. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 58,817 shares of company stock valued at $15,999,208. 0.26% of the stock is currently owned by company insiders.

Automatic Data Processing Stock Down 0.2 %

ADP opened at $289.43 on Friday. Automatic Data Processing, Inc. has a 12 month low of $205.53 and a 12 month high of $294.18. The business has a 50-day moving average of $278.40 and a two-hundred day moving average of $257.89. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.01 and a quick ratio of 1.01. The stock has a market capitalization of $118.46 billion, a price-to-earnings ratio of 32.30, a price-to-earnings-growth ratio of 3.13 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last released its earnings results on Wednesday, July 31st. The business services provider reported $2.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.06 by $0.03. Automatic Data Processing had a net margin of 19.54% and a return on equity of 89.20%. The business had revenue of $4.80 billion for the quarter, compared to analysts’ expectations of $4.74 billion. During the same period last year, the company earned $1.89 earnings per share. The company’s quarterly revenue was up 7.2% on a year-over-year basis. On average, research analysts expect that Automatic Data Processing, Inc. will post 10.04 earnings per share for the current year.

Automatic Data Processing Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were issued a dividend of $1.40 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 1.93%. Automatic Data Processing’s payout ratio is 62.50%.

About Automatic Data Processing

Automatic Data Processing, Inc provides cloud-based human capital management solutions worldwide. It operates in two segments, Employer Services and Professional Employer Organization (PEO). The Employer Services segment offers strategic, cloud-based platforms, and human resources (HR) outsourcing solutions.