First Allied Advisory Services Inc. trimmed its holdings in Automatic Data Processing (NASDAQ:ADP) by 16.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 32,682 shares of the business services provider’s stock after selling 6,259 shares during the quarter. First Allied Advisory Services Inc.’s holdings in Automatic Data Processing were worth $4,394,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also bought and sold shares of the company. Integrated Investment Consultants LLC bought a new position in Automatic Data Processing in the second quarter worth $111,000. Jolley Asset Management LLC bought a new position in Automatic Data Processing in the second quarter worth $117,000. Kaizen Advisory LLC lifted its position in Automatic Data Processing by 149.7% in the second quarter. Kaizen Advisory LLC now owns 1,081 shares of the business services provider’s stock worth $145,000 after purchasing an additional 648 shares during the period. Howe & Rusling Inc. lifted its position in Automatic Data Processing by 1,746.2% in the second quarter. Howe & Rusling Inc. now owns 1,200 shares of the business services provider’s stock worth $161,000 after purchasing an additional 1,135 shares during the period. Finally, Landaas & Co. WI ADV bought a new position in Automatic Data Processing in the second quarter worth $165,000. 77.81% of the stock is owned by institutional investors.
In other Automatic Data Processing news, insider Michael C. Eberhard sold 7,963 shares of the stock in a transaction on Tuesday, June 5th. The stock was sold at an average price of $135.00, for a total transaction of $1,075,005.00. Following the completion of the transaction, the insider now directly owns 43,437 shares in the company, valued at $5,863,995. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Stuart Sackman sold 2,685 shares of the stock in a transaction on Thursday, June 7th. The stock was sold at an average price of $135.01, for a total value of $362,501.85. Following the transaction, the vice president now owns 21,740 shares of the company’s stock, valued at $2,935,117.40. The disclosure for this sale can be found here. Insiders have sold 23,723 shares of company stock valued at $3,223,283 over the last quarter. Corporate insiders own 0.25% of the company’s stock.
Several research analysts recently commented on the company. Guggenheim assumed coverage on Automatic Data Processing in a research report on Monday. They issued a “buy” rating and a $175.00 target price for the company. BidaskClub raised Automatic Data Processing from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, August 15th. Zacks Investment Research cut Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Tuesday, August 14th. Argus raised their target price on Automatic Data Processing from $145.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, August 13th. Finally, Credit Suisse Group assumed coverage on Automatic Data Processing in a research report on Friday, August 10th. They issued an “outperform” rating and a $160.00 target price for the company. Eight equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Automatic Data Processing presently has an average rating of “Buy” and an average price target of $141.07.
Automatic Data Processing stock opened at $143.04 on Wednesday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.05 and a quick ratio of 1.05. Automatic Data Processing has a 52-week low of $102.81 and a 52-week high of $143.49. The firm has a market cap of $62.45 billion, a price-to-earnings ratio of 32.88, 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 (EPS) for the quarter, topping the 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 analyst estimates of $3.29 billion. During the same period in the prior year, the company posted $0.66 earnings per share. The business’s revenue for the quarter was up 8.3% compared to the same quarter last year. equities analysts anticipate that Automatic Data Processing will post 5.18 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Friday, September 14th will be paid a dividend of $0.69 per share. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $2.76 annualized dividend and a yield of 1.93%. Automatic Data Processing’s dividend payout ratio is currently 63.45%.
About Automatic Data Processing
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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