Raymond James & Associates Increases Stake in Automatic Data Processing (ADP)

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Raymond James & Associates lifted its holdings in Automatic Data Processing (NASDAQ:ADP) by 1.3% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 493,661 shares of the business services provider’s stock after purchasing an additional 6,132 shares during the period. Raymond James & Associates’ holdings in Automatic Data Processing were worth $66,220,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. lifted its position in shares of Automatic Data Processing by 1.4% in the 2nd quarter. BlackRock Inc. now owns 29,370,904 shares of the business services provider’s stock worth $3,939,812,000 after purchasing an additional 410,257 shares during the period. Polen Capital Management LLC lifted its position in shares of Automatic Data Processing by 1.2% in the 2nd quarter. Polen Capital Management LLC now owns 7,146,946 shares of the business services provider’s stock worth $958,691,000 after purchasing an additional 84,493 shares during the period. Schwab Charles Investment Management Inc. raised its stake in shares of Automatic Data Processing by 2.4% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 2,797,951 shares of the business services provider’s stock worth $375,318,000 after acquiring an additional 65,759 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Automatic Data Processing by 48.9% during the 2nd quarter. PNC Financial Services Group Inc. now owns 2,300,258 shares of the business services provider’s stock worth $308,556,000 after acquiring an additional 755,124 shares in the last quarter. Finally, Winslow Capital Management LLC raised its stake in shares of Automatic Data Processing by 32.3% during the 2nd quarter. Winslow Capital Management LLC now owns 2,051,567 shares of the business services provider’s stock worth $275,197,000 after acquiring an additional 500,640 shares in the last quarter. 79.01% of the stock is owned by hedge funds and other institutional investors.

Several research analysts recently commented on the stock. Zacks Investment Research lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Friday, May 25th. BMO Capital Markets boosted 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 research note on Wednesday, June 13th. Wolfe Research assumed coverage on shares of Automatic Data Processing in a research note on Tuesday, July 17th. They set an “outperform” rating for the company. Credit Suisse Group assumed coverage on shares of Automatic Data Processing in a research note on Friday, August 10th. They set an “outperform” rating and a $160.00 price objective for the company. Finally, Morgan Stanley boosted their price objective on shares of Automatic Data Processing from $122.00 to $134.00 and gave the stock an “equal weight” rating in a research note on Wednesday, June 13th. Eight investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Automatic Data Processing presently has a consensus rating of “Buy” and an average price target of $141.07.

Shares of Automatic Data Processing stock opened at $146.73 on Friday. 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 has a 12-month low of $106.25 and a 12-month high of $147.73. The company has a market cap of $64.52 billion, a price-to-earnings ratio of 33.73, a P/E/G ratio of 2.51 and a beta of 0.91.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings results on Wednesday, August 1st. The business services provider reported $0.92 earnings per share (EPS) for the quarter, beating the Zacks’ 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 business had revenue of $3.32 billion for the quarter, compared to analyst estimates of $3.29 billion. During the same quarter in the prior year, the business posted $0.66 EPS. Automatic Data Processing’s revenue for the quarter was up 8.3% compared to the same quarter last year. research analysts forecast that Automatic Data Processing will post 5.18 EPS for the current year.

The business also recently declared 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 is Thursday, September 13th. This represents a $2.76 dividend on an annualized basis and a yield of 1.88%. Automatic Data Processing’s payout ratio is 63.45%.

In other news, VP Brock Albinson sold 3,345 shares of the company’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $144.35, for a total value of $482,850.75. Following the sale, the vice president now directly owns 6,081 shares of the company’s stock, valued at approximately $877,792.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Maria Black sold 8,137 shares of the company’s stock in a transaction on Wednesday, June 13th. The shares were sold at an average price of $138.22, for a total transaction of $1,124,696.14. The disclosure for this sale can be found here. Insiders have sold a total of 16,188 shares of company stock worth $2,260,110 in the last 90 days. 0.25% of the stock is currently owned by company insiders.

Automatic Data Processing Company Profile

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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Institutional Ownership by Quarter for Automatic Data Processing (NASDAQ:ADP)

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