2,119 Shares in Automatic Data Processing (ADP) Acquired by Fort Pitt Capital Group LLC

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Fort Pitt Capital Group LLC bought a new stake in Automatic Data Processing (NASDAQ:ADP) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 2,119 shares of the business services provider’s stock, valued at approximately $284,000.

A number of other large investors have also recently modified their holdings of the stock. Schwab Charles Investment Management Inc. raised its holdings in Automatic Data Processing by 2.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 2,797,951 shares of the business services provider’s stock valued at $375,318,000 after acquiring an additional 65,759 shares in the last quarter. Swiss National Bank raised its holdings in Automatic Data Processing by 2.5% in the second quarter. Swiss National Bank now owns 1,827,185 shares of the business services provider’s stock valued at $245,099,000 after acquiring an additional 44,500 shares in the last quarter. Bessemer Group Inc. raised its holdings in Automatic Data Processing by 1.9% in the second quarter. Bessemer Group Inc. now owns 1,817,159 shares of the business services provider’s stock valued at $243,752,000 after acquiring an additional 34,105 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Automatic Data Processing by 2.6% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,489,616 shares of the business services provider’s stock valued at $199,817,000 after acquiring an additional 37,131 shares in the last quarter. Finally, Coho Partners Ltd. raised its holdings in Automatic Data Processing by 2.8% in the second quarter. Coho Partners Ltd. now owns 1,123,503 shares of the business services provider’s stock valued at $150,707,000 after acquiring an additional 30,718 shares in the last quarter. 77.81% of the stock is currently owned by hedge funds and other institutional investors.

ADP stock opened at $142.16 on Tuesday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.05 and a current ratio of 1.05. Automatic Data Processing has a twelve month low of $102.81 and a twelve month high of $142.95. The company has a market cap of $62.45 billion, a price-to-earnings ratio of 32.85, a P/E/G ratio of 2.43 and a beta of 0.88.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings data on Wednesday, August 1st. The business services provider reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.02. The company had revenue of $3.32 billion for the quarter, compared to analysts’ expectations of $3.29 billion. Automatic Data Processing had a net margin of 12.16% and a return on equity of 50.17%. The firm’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter last year, the company earned $0.66 earnings per share. analysts predict that Automatic Data Processing will post 5.18 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Friday, September 14th will be given a dividend of $0.69 per share. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.94%. Automatic Data Processing’s dividend payout ratio (DPR) is presently 63.45%.

A number of analysts have weighed in on the stock. BidaskClub raised shares of Automatic Data Processing from a “buy” rating to a “strong-buy” rating in a report on Wednesday, August 15th. Argus raised their price objective on shares of Automatic Data Processing from $145.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, August 13th. BMO Capital Markets raised their price objective on shares of Automatic Data Processing from $126.00 to $138.00 and gave the stock a “market perform” rating in a report on Wednesday, June 13th. Zacks Investment Research cut shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Tuesday, August 14th. Finally, Guggenheim assumed coverage on shares of Automatic Data Processing in a report on Monday. They set a “buy” rating on the stock. Eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $138.64.

In other news, VP Stuart Sackman sold 2,685 shares of the firm’s stock in a transaction that occurred on Thursday, June 7th. The shares were sold at an average price of $135.01, for a total transaction of $362,501.85. Following the transaction, the vice president now directly owns 21,740 shares in the company, valued at $2,935,117.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Michael A. Bonarti sold 2,372 shares of the firm’s stock in a transaction that occurred on Monday, July 2nd. The stock was sold at an average price of $132.66, for a total transaction of $314,669.52. Following the transaction, the insider now owns 41,023 shares in the company, valued at $5,442,111.18. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,723 shares of company stock worth $3,223,283. 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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Institutional Ownership by Quarter for Automatic Data Processing (NASDAQ:ADP)

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