Mn Services Vermogensbeheer B.V. raised its position in Automatic Data Processing (NYSE:ADP) by 511.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 73,599 shares of the business services provider’s stock after purchasing an additional 61,567 shares during the quarter. Mn Services Vermogensbeheer B.V.’s holdings in Automatic Data Processing were worth $7,541,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in shares of Automatic Data Processing by 1,971.2% in the 1st quarter. BlackRock Inc. now owns 29,631,769 shares of the business services provider’s stock valued at $3,033,995,000 after purchasing an additional 28,201,085 shares during the period. Gotham Asset Management LLC acquired a new stake in shares of Automatic Data Processing in the 1st quarter valued at about $1,447,000. Meiji Yasuda Asset Management Co Ltd. raised its stake in shares of Automatic Data Processing by 1.0% in the 1st quarter. Meiji Yasuda Asset Management Co Ltd. now owns 38,651 shares of the business services provider’s stock valued at $3,957,000 after purchasing an additional 380 shares during the period. Lazard Asset Management LLC raised its stake in shares of Automatic Data Processing by 37.2% in the 1st quarter. Lazard Asset Management LLC now owns 142,475 shares of the business services provider’s stock valued at $14,587,000 after purchasing an additional 38,603 shares during the period. Finally, Regal Investment Advisors LLC raised its stake in shares of Automatic Data Processing by 15.3% in the 1st quarter. Regal Investment Advisors LLC now owns 11,330 shares of the business services provider’s stock valued at $1,160,000 after purchasing an additional 1,503 shares during the period.
Several analysts have issued reports on ADP shares. Argus dropped their price target on Automatic Data Processing from $118.00 to $101.50 and set a “buy” rating on the stock in a research note on Wednesday, May 31st. Evercore ISI reissued an “underperform” rating and issued a $85.00 price target on shares of Automatic Data Processing in a research note on Friday, June 2nd. Goldman Sachs Group, Inc. (The) downgraded Automatic Data Processing from a “buy” rating to a “neutral” rating and dropped their price target for the company from $115.00 to $108.00 in a research note on Tuesday, June 20th. Zacks Investment Research downgraded Automatic Data Processing from a “hold” rating to a “sell” rating in a research note on Tuesday, July 4th. Finally, BidaskClub downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $107.81.
In related news, VP Donald Weinstein sold 1,933 shares of the firm’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $101.98, for a total value of $197,127.34. Following the transaction, the vice president now owns 25,737 shares of the company’s stock, valued at approximately $2,624,659.26. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Carlos A. Rodriguez sold 36,363 shares of the firm’s stock in a transaction dated Thursday, July 27th. The shares were sold at an average price of $110.00, for a total transaction of $3,999,930.00. Following the completion of the transaction, the chief executive officer now directly owns 146,494 shares in the company, valued at approximately $16,114,340. The disclosure for this sale can be found here. In the last ninety days, insiders sold 45,522 shares of company stock worth $4,953,609.
Automatic Data Processing (ADP) traded up 1.28% during mid-day trading on Friday, hitting $108.16. The company had a trading volume of 1,804,401 shares. The company’s 50 day moving average price is $107.88 and its 200-day moving average price is $103.85. Automatic Data Processing has a 12-month low of $85.48 and a 12-month high of $121.77. The firm has a market capitalization of $48.06 billion and a PE ratio of 28.09.
Automatic Data Processing (NYSE:ADP) last announced its quarterly earnings results on Thursday, July 27th. The business services provider reported $0.65 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.67 by ($0.02). Automatic Data Processing had a net margin of 8.67% and a return on equity of 26.39%. The business had revenue of $3.06 billion during the quarter, compared to the consensus estimate of $3.04 billion. During the same period in the previous year, the business posted $0.69 EPS. Automatic Data Processing’s revenue was up 5.7% compared to the same quarter last year. On average, analysts forecast that Automatic Data Processing will post $3.81 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 8th will be given a $0.57 dividend. The ex-dividend date is Thursday, September 7th. This represents a $2.28 annualized dividend and a yield of 2.11%.
Automatic Data Processing Company Profile
Automatic Data Processing, Inc (ADP) is a provider of human capital management (HCM) solutions to employers, offering solutions to businesses of various sizes. The Company also provides business process outsourcing solutions. Its segments include Employer Services and Professional Employer Organization (PEO) Services.
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