Archford Capital Strategies LLC reduced its stake in shares of Automatic Data Processing (NASDAQ:ADP) by 7.1% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 11,736 shares of the business services provider’s stock after selling 892 shares during the period. Archford Capital Strategies LLC’s holdings in Automatic Data Processing were worth $1,574,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Integrated Investment Consultants LLC purchased a new stake in shares of Automatic Data Processing during the 2nd quarter worth $111,000. Jolley Asset Management LLC purchased a new stake in shares of Automatic Data Processing during the 2nd quarter worth $117,000. Kaizen Advisory LLC boosted its position in shares of Automatic Data Processing by 149.7% in the 2nd quarter. Kaizen Advisory LLC now owns 1,081 shares of the business services provider’s stock worth $145,000 after buying an additional 648 shares in the last quarter. Howe & Rusling Inc. boosted its position in shares of Automatic Data Processing by 1,746.2% in the 2nd quarter. Howe & Rusling Inc. now owns 1,200 shares of the business services provider’s stock worth $161,000 after buying an additional 1,135 shares in the last quarter. Finally, Landaas & Co. WI ADV purchased a new stake in shares of Automatic Data Processing in the 2nd quarter worth about $165,000. Institutional investors own 78.99% of the company’s stock.
In related news, insider Michael A. Bonarti sold 2,334 shares of the business’s stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $144.77, for a total value of $337,893.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael A. Bonarti sold 2,372 shares of the business’s stock in a transaction dated Monday, July 2nd. The shares were 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 a total of 16,188 shares of company stock valued at $2,260,110 in the last three months. 0.25% of the stock is currently owned by corporate insiders.
Several equities research analysts recently commented on the stock. Guggenheim assumed coverage on shares of Automatic Data Processing in a research report on Monday, August 20th. They issued a “buy” rating and a $175.00 price objective on the stock. Zacks Investment Research lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Tuesday, August 14th. BidaskClub upgraded shares of Automatic Data Processing from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, August 15th. Credit Suisse Group assumed coverage on shares of Automatic Data Processing in a research report on Friday, August 10th. They issued an “outperform” rating and a $160.00 price objective on the stock. Finally, Deutsche Bank boosted their price objective on shares of Automatic Data Processing from $128.00 to $138.00 and gave the stock a “hold” rating in a research report on Wednesday, June 13th. Eight 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. The company currently has an average rating of “Buy” and a consensus target price of $141.07.
Shares of ADP stock opened at $146.14 on Thursday. Automatic Data Processing has a twelve month low of $106.25 and a twelve month high of $146.96. The stock has a market capitalization of $64.29 billion, a P/E ratio of 33.60, a PEG ratio of 2.50 and a beta of 0.91. 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 (NASDAQ:ADP) last announced its earnings results on Wednesday, August 1st. The business services provider reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.02. Automatic Data Processing had a net margin of 12.16% and a return on equity of 50.17%. The firm had revenue of $3.32 billion during the quarter, compared to the consensus estimate of $3.29 billion. During the same quarter in the previous year, the company posted $0.66 EPS. The firm’s revenue for the quarter was up 8.3% on a year-over-year basis. analysts expect 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 paid a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend is Thursday, September 13th. Automatic Data Processing’s payout ratio is 63.45%.
About Automatic Data Processing
Automatic Data Processing, Inc provides business process outsourcing services worldwide. It operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) outsourcing and technology-based human capital management solutions.
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