Prio Wealth Limited Partnership decreased its stake in shares of Automatic Data Processing (NASDAQ:ADP) by 3.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 134,966 shares of the business services provider’s stock after selling 4,682 shares during the quarter. Prio Wealth Limited Partnership’s holdings in Automatic Data Processing were worth $18,104,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in ADP. Integrated Investment Consultants LLC purchased a new position in Automatic Data Processing during the second quarter valued at $111,000. Jolley Asset Management LLC purchased a new position in Automatic Data Processing during the second quarter valued at $117,000. Kaizen Advisory LLC raised its stake in Automatic Data Processing by 149.7% during the second quarter. Kaizen Advisory LLC now owns 1,081 shares of the business services provider’s stock valued at $145,000 after buying an additional 648 shares during the last quarter. Howe & Rusling Inc. raised its stake in Automatic Data Processing by 1,746.2% during the second quarter. Howe & Rusling Inc. now owns 1,200 shares of the business services provider’s stock valued at $161,000 after buying an additional 1,135 shares during the last quarter. Finally, Summit Financial Wealth Advisors LLC purchased a new position in Automatic Data Processing during the second quarter valued at $203,000. Institutional investors and hedge funds own 78.66% of the company’s stock.
A number of brokerages have issued reports on ADP. BMO Capital Markets lifted their price objective on Automatic Data Processing from $118.00 to $126.00 and gave the company a “market perform” rating in a research note on Thursday, May 3rd. Zacks Investment Research cut Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Friday, May 18th. Deutsche Bank lifted their price objective on Automatic Data Processing from $128.00 to $138.00 and gave the company a “hold” rating in a research note on Wednesday, June 13th. BidaskClub cut Automatic Data Processing from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 1st. Finally, Wedbush boosted their price target on Automatic Data Processing from $101.25 to $145.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 13th. Nine analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $136.73.
Automatic Data Processing opened at $139.29 on Friday, Marketbeat.com reports. Automatic Data Processing has a 1-year low of $102.81 and a 1-year high of $141.52. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market capitalization of $60.62 billion, a PE ratio of 31.88, a price-to-earnings-growth ratio of 2.36 and a beta of 0.88.
Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings results on Wednesday, August 1st. The business services provider reported $0.92 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.90 by $0.02. Automatic Data Processing had a return on equity of 50.17% and a net margin of 12.16%. The firm had revenue of $3.32 billion during the quarter, compared to analysts’ expectations of $3.29 billion. During the same quarter in the previous year, the business earned $0.66 earnings per share. The company’s revenue was up 8.3% on a year-over-year basis. research analysts anticipate that Automatic Data Processing will post 5.18 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Friday, September 14th will be paid a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 1.98%. The ex-dividend date is Thursday, September 13th. Automatic Data Processing’s dividend payout ratio is currently 63.45%.
In related news, VP Stuart Sackman sold 2,566 shares of the company’s stock in a transaction on Tuesday, June 5th. The stock was sold at an average price of $135.00, for a total transaction of $346,410.00. Following the completion of the sale, the vice president now owns 21,740 shares in the company, valued at $2,934,900. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Michael A. Bonarti sold 2,372 shares of the company’s stock in a transaction on Monday, July 2nd. The shares were sold at an average price of $132.66, for a total value of $314,669.52. Following the sale, the insider now owns 41,023 shares of the company’s stock, valued at approximately $5,442,111.18. The disclosure for this sale can be found here. Insiders sold 23,723 shares of company stock valued at $3,223,283 in the last 90 days. Company insiders own 0.25% of the company’s stock.
Automatic Data Processing Company 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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