OLD National Bancorp IN Sells 1,458 Shares of Automatic Data Processing (NASDAQ:ADP)

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OLD National Bancorp IN trimmed its position in Automatic Data Processing (NASDAQ:ADP) by 8.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,803 shares of the business services provider’s stock after selling 1,458 shares during the quarter. OLD National Bancorp IN’s holdings in Automatic Data Processing were worth $2,712,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Automatic Data Processing by 1.7% during the second quarter. Vanguard Group Inc. now owns 38,214,507 shares of the business services provider’s stock worth $6,318,005,000 after purchasing an additional 644,178 shares during the period. BlackRock Inc. lifted its holdings in shares of Automatic Data Processing by 1.2% during the second quarter. BlackRock Inc. now owns 30,955,650 shares of the business services provider’s stock worth $5,117,899,000 after purchasing an additional 368,108 shares during the period. Morgan Stanley raised its stake in Automatic Data Processing by 6.5% during the second quarter. Morgan Stanley now owns 8,414,928 shares of the business services provider’s stock worth $1,391,241,000 after buying an additional 516,484 shares during the last quarter. Nuveen Asset Management LLC raised its stake in Automatic Data Processing by 40,836.2% during the second quarter. Nuveen Asset Management LLC now owns 4,719,538 shares of the business services provider’s stock worth $780,281,000 after buying an additional 4,708,009 shares during the last quarter. Finally, UBS Asset Management Americas Inc. raised its stake in Automatic Data Processing by 1.9% during the second quarter. UBS Asset Management Americas Inc. now owns 2,654,667 shares of the business services provider’s stock worth $438,896,000 after buying an additional 48,315 shares during the last quarter. 80.40% of the stock is currently owned by institutional investors and hedge funds.

ADP traded up $0.03 during midday trading on Wednesday, reaching $159.52. The company had a trading volume of 50,271 shares, compared to its average volume of 1,754,842. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market cap of $70.27 billion, a PE ratio of 29.27, a P/E/G ratio of 2.02 and a beta of 0.90. Automatic Data Processing has a 12-month low of $121.40 and a 12-month high of $174.50. The business has a 50-day moving average price of $162.23 and a two-hundred day moving average price of $163.75.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings results on Wednesday, July 31st. The business services provider reported $1.14 EPS for the quarter, beating the Zacks’ consensus estimate of $1.13 by $0.01. The company had revenue of $3.50 billion for the quarter, compared to analysts’ expectations of $3.50 billion. Automatic Data Processing had a net margin of 16.17% and a return on equity of 47.48%. Automatic Data Processing’s revenue was up 5.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.99 EPS. On average, research analysts anticipate that Automatic Data Processing will post 6.16 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were paid a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date of this dividend was Thursday, September 12th. Automatic Data Processing’s payout ratio is currently 57.98%.

ADP has been the subject of a number of analyst reports. BidaskClub raised shares of Automatic Data Processing from a “hold” rating to a “buy” rating in a research note on Tuesday, October 15th. ValuEngine downgraded shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Jefferies Financial Group lifted their price target on shares of Automatic Data Processing to $176.00 and gave the company a “hold” rating in a research note on Wednesday, July 31st. Bank of America downgraded shares of Automatic Data Processing from a “buy” rating to a “neutral” rating in a research note on Wednesday, September 11th. Finally, Morgan Stanley lifted their price target on shares of Automatic Data Processing from $150.00 to $174.00 and gave the company an “equal weight” rating in a research note on Thursday, August 15th. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $175.67.

In related news, CEO Carlos A. Rodriguez sold 49,392 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $161.70, for a total transaction of $7,986,686.40. Following the sale, the chief executive officer now owns 132,338 shares of the company’s stock, valued at approximately $21,399,054.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Brock Albinson sold 6,683 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $167.87, for a total transaction of $1,121,875.21. Following the sale, the vice president now directly owns 6,302 shares in the company, valued at approximately $1,057,916.74. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

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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