Bank of New York Mellon Corp Sells 335,861 Shares of Automatic Data Processing (ADP)

Bank of New York Mellon Corp trimmed its holdings in shares of Automatic Data Processing (NASDAQ:ADP) by 3.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 10,569,560 shares of the business services provider’s stock after selling 335,861 shares during the period. Bank of New York Mellon Corp’s holdings in Automatic Data Processing were worth $1,238,649,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Automatic Data Processing by 2.4% in the 2nd quarter. Vanguard Group Inc. now owns 34,999,981 shares of the business services provider’s stock worth $3,586,099,000 after acquiring an additional 811,960 shares during the last quarter. BlackRock Inc. raised its holdings in Automatic Data Processing by 0.8% in the 2nd quarter. BlackRock Inc. now owns 29,869,208 shares of the business services provider’s stock worth $3,060,398,000 after acquiring an additional 237,439 shares during the last quarter. Pershing Square Capital Management L.P. raised its holdings in Automatic Data Processing by 402.5% in the 3rd quarter. Pershing Square Capital Management L.P. now owns 8,798,442 shares of the business services provider’s stock worth $961,846,000 after acquiring an additional 7,047,575 shares during the last quarter. Polen Capital Management LLC raised its holdings in Automatic Data Processing by 1.5% in the 4th quarter. Polen Capital Management LLC now owns 6,915,960 shares of the business services provider’s stock worth $810,481,000 after acquiring an additional 102,031 shares during the last quarter. Finally, Wells Fargo & Company MN raised its stake in Automatic Data Processing by 2.9% during the 2nd quarter. Wells Fargo & Company MN now owns 6,794,660 shares of the business services provider’s stock valued at $696,182,000 after buying an additional 190,717 shares during the last quarter. Hedge funds and other institutional investors own 78.55% of the company’s stock.

A number of equities research analysts have weighed in on ADP shares. Bank of America upgraded shares of Automatic Data Processing from a “neutral” rating to a “buy” rating in a research note on Tuesday, December 5th. BidaskClub upgraded shares of Automatic Data Processing from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 21st. Morgan Stanley upgraded 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 research note on Tuesday, November 14th. Sanford C. Bernstein boosted their target price on shares of Automatic Data Processing from $115.00 to $125.00 and gave the company an “outperform” rating in a research note on Tuesday, October 31st. Finally, Goldman Sachs Group upgraded shares of Automatic Data Processing from a “neutral” rating to a “buy” rating and boosted their target price for the company from $116.02 to $135.00 in a research note on Monday, December 11th. Eleven research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $118.43.

Shares of Automatic Data Processing (ADP) opened at $116.18 on Friday. Automatic Data Processing has a 1 year low of $95.50 and a 1 year high of $125.24. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.06 and a current ratio of 1.06. The stock has a market cap of $51,800.00, a price-to-earnings ratio of 30.10, a PEG ratio of 2.52 and a beta of 0.86.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, January 31st. The business services provider reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.10. Automatic Data Processing had a net margin of 13.47% and a return on equity of 43.28%. The firm had revenue of $3.24 billion during the quarter, compared to the consensus estimate of $3.18 billion. During the same quarter in the previous year, the firm posted $0.87 EPS. The company’s revenue for the quarter was up 8.3% compared to the same quarter last year. sell-side analysts forecast that Automatic Data Processing will post 4.17 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, April 1st. Stockholders of record on Friday, March 9th will be given a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date is Thursday, March 8th. Automatic Data Processing’s payout ratio is 65.28%.

In other news, VP Stuart Sackman sold 238 shares of the business’s stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $121.65, for a total transaction of $28,952.70. Following the completion of the sale, the vice president now owns 18,676 shares of the company’s stock, valued at approximately $2,271,935.40. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Michael A. Bonarti sold 3,900 shares of the business’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $116.03, for a total transaction of $452,517.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 219,666 shares of company stock valued at $25,650,681. Insiders own 0.25% of the company’s stock.

TRADEMARK VIOLATION WARNING: This story was first posted by The Lincolnian Online and is the sole property of of The Lincolnian Online. If you are reading this story on another site, it was stolen and reposted in violation of United States and international trademark & copyright law. The original version of this story can be viewed at https://www.thelincolnianonline.com/2018/02/18/bank-of-new-york-mellon-corp-sells-335861-shares-of-automatic-data-processing-adp.html.

Automatic Data Processing Profile

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.

Want to see what other hedge funds are holding ADP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Automatic Data Processing (NASDAQ:ADP).

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

Receive News & Ratings for Automatic Data Processing Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Automatic Data Processing and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply