Wilkins Investment Counsel Inc. reduced its position in Automatic Data Processing (NASDAQ:ADP) by 2.2% in the 2nd quarter, HoldingsChannel reports. The firm owned 76,806 shares of the business services provider’s stock after selling 1,700 shares during the period. Automatic Data Processing accounts for about 3.2% of Wilkins Investment Counsel Inc.’s holdings, making the stock its 9th largest holding. Wilkins Investment Counsel Inc.’s holdings in Automatic Data Processing were worth $10,303,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. BTIM Corp. purchased a new position in Automatic Data Processing during the second quarter worth $93,401,000. Chevy Chase Trust Holdings Inc. purchased a new position in Automatic Data Processing during the second quarter worth $56,997,000. Fred Alger Management Inc. purchased a new position in Automatic Data Processing during the second quarter worth $53,919,000. Gateway Investment Advisers LLC purchased a new position in Automatic Data Processing during the second quarter worth $37,039,000. Finally, Welch & Forbes LLC purchased a new position in Automatic Data Processing during the second quarter worth $36,553,000. 78.93% of the stock is owned by hedge funds and other institutional investors.
In related news, VP Stuart Sackman sold 2,685 shares of the stock in a transaction dated Thursday, June 7th. The shares were sold at an average price of $135.01, for a total value of $362,501.85. Following the completion of the transaction, the vice president now owns 21,740 shares of the company’s stock, valued at $2,935,117.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael A. Bonarti sold 2,372 shares of the stock in a transaction dated Monday, July 2nd. The stock was sold at an average price of $132.66, for a total transaction of $314,669.52. Following the completion of the transaction, the insider now directly 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 worth $3,223,283 in the last quarter. 0.25% of the stock is owned by insiders.
Automatic Data Processing stock traded down $0.22 during midday trading on Monday, reaching $142.33. The stock had a trading volume of 3,834 shares, compared to its average volume of 2,265,655. Automatic Data Processing has a twelve month low of $102.81 and a twelve month high of $142.95. The stock has a market capitalization of $61.02 billion, a P/E ratio of 32.81, a PEG ratio of 2.37 and a beta of 0.88. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.58.
Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, August 1st. The business services provider reported $0.92 earnings per share for the quarter, beating the Zacks’ 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 for the quarter, compared to analysts’ expectations of $3.29 billion. During the same quarter last year, the firm earned $0.66 earnings per share. The firm’s revenue for the quarter was up 8.3% compared to the same quarter last year. sell-side analysts predict that Automatic Data Processing will post 5.18 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Friday, September 14th will be issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date of this dividend is Thursday, September 13th. Automatic Data Processing’s payout ratio is currently 63.45%.
Several equities research analysts have recently issued reports on ADP shares. Zacks Investment Research cut Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Friday, May 25th. BMO Capital Markets raised their price objective on Automatic Data Processing from $126.00 to $138.00 and gave the stock a “market perform” rating in a report on Wednesday, June 13th. Wolfe Research started coverage on Automatic Data Processing in a report on Tuesday, July 17th. They set an “outperform” rating on the stock. Credit Suisse Group started coverage on Automatic Data Processing in a report on Friday, August 10th. They set an “outperform” rating and a $160.00 price objective on the stock. Finally, Morgan Stanley raised their price objective on Automatic Data Processing from $122.00 to $134.00 and gave the stock an “equal weight” rating in a report on Wednesday, June 13th. Nine analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $137.07.
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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