Somerset Trust Co acquired a new position in Automatic Data Processing (NASDAQ:ADP) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 17,325 shares of the business services provider’s stock, valued at approximately $2,324,000. Automatic Data Processing makes up 1.2% of Somerset Trust Co’s investment portfolio, making the stock its 22nd biggest holding.
Several other institutional investors and hedge funds have also recently bought and sold shares of ADP. Fred Alger Management Inc. purchased a new stake in Automatic Data Processing during the 2nd quarter valued at about $53,919,000. Gateway Investment Advisers LLC purchased a new stake in Automatic Data Processing during the 2nd quarter valued at about $37,039,000. Welch & Forbes LLC purchased a new stake in Automatic Data Processing during the 2nd quarter valued at about $36,553,000. Wendell David Associates Inc. purchased a new stake in Automatic Data Processing during the 2nd quarter valued at about $29,057,000. Finally, Nisa Investment Advisors LLC purchased a new stake in Automatic Data Processing during the 2nd quarter valued at about $25,985,000. Hedge funds and other institutional investors own 78.67% of the company’s stock.
In other news, insider Michael A. Bonarti sold 2,372 shares of the stock in a transaction that occurred on Monday, July 2nd. The stock was sold at an average price of $132.66, for a total value of $314,669.52. Following the completion of the transaction, the insider now owns 41,023 shares of the company’s stock, valued at approximately $5,442,111.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Maria Black sold 8,137 shares of the stock in a transaction that occurred on Wednesday, June 13th. The stock was sold at an average price of $138.22, for a total value of $1,124,696.14. The disclosure for this sale can be found here. Insiders sold a total of 23,810 shares of company stock valued at $3,234,158 in the last three months. Corporate insiders own 0.25% of the company’s stock.
ADP has been the subject of several analyst reports. Wolfe Research assumed coverage on Automatic Data Processing in a report on Tuesday, July 17th. They set an “outperform” rating for the company. Zacks Investment Research raised Automatic Data Processing from a “hold” rating to a “buy” rating and set a $146.00 price target for the company in a research report on Monday, May 28th. BMO Capital Markets reaffirmed a “hold” rating and set a $118.00 price target on shares of Automatic Data Processing in a research report on Thursday, April 19th. Royal Bank of Canada raised Automatic Data Processing from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $119.00 to $130.00 in a research report on Monday, April 2nd. They noted that the move was a valuation call. Finally, BidaskClub raised Automatic Data Processing from a “hold” rating to a “buy” rating in a research report on Wednesday, April 4th. Eleven analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $132.40.
Automatic Data Processing opened at $137.33 on Friday, according to MarketBeat. The company has a market cap of $60.50 billion, a price-to-earnings ratio of 33.74, a price-to-earnings-growth ratio of 2.41 and a beta of 0.90. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.05 and a quick ratio of 1.05. Automatic Data Processing has a one year low of $102.46 and a one year high of $141.52.
Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings results on Wednesday, May 2nd. The business services provider reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.08. Automatic Data Processing had a return on equity of 45.69% and a net margin of 13.60%. The business had revenue of $3.69 billion during the quarter, compared to analyst estimates of $3.67 billion. During the same quarter in the prior year, the company posted $1.31 EPS. Automatic Data Processing’s quarterly revenue was up 8.3% compared to the same quarter last year. equities research analysts forecast that Automatic Data Processing will post 4.33 EPS for the current fiscal year.
Automatic Data Processing Profile
Automatic Data Processing, Inc provides business process outsourcing services worldwide. The company operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) business process outsourcing and technology-enabled human capital management solutions.
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