Glenview Trust Co Grows Holdings in Automatic Data Processing (ADP)

Glenview Trust Co raised its stake in Automatic Data Processing (NYSE:ADP) by 0.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,204 shares of the business services provider’s stock after purchasing an additional 57 shares during the period. Glenview Trust Co’s holdings in Automatic Data Processing were worth $1,148,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in ADP. BlackRock Inc. increased its holdings in shares of Automatic Data Processing by 1,971.2% in the first 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 last quarter. Vanguard Group Inc. increased its holdings in shares of Automatic Data Processing by 4.4% in the first quarter. Vanguard Group Inc. now owns 34,188,021 shares of the business services provider’s stock valued at $3,500,512,000 after purchasing an additional 1,430,863 shares during the last quarter. APG Asset Management N.V. increased its holdings in shares of Automatic Data Processing by 59.3% in the second quarter. APG Asset Management N.V. now owns 1,766,271 shares of the business services provider’s stock valued at $180,972,000 after purchasing an additional 657,209 shares during the last quarter. Mackenzie Financial Corp acquired a new position in shares of Automatic Data Processing in the first quarter valued at $53,405,000. Finally, Alliancebernstein L.P. increased its holdings in shares of Automatic Data Processing by 6.2% in the first quarter. Alliancebernstein L.P. now owns 8,345,691 shares of the business services provider’s stock valued at $854,515,000 after purchasing an additional 485,320 shares during the last quarter.

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In other news, VP Brock Albinson sold 3,663 shares of the stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $106.54, for a total value of $390,256.02. Following the completion of the transaction, the vice president now owns 6,287 shares of the company’s stock, valued at $669,816.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Maria Black sold 631 shares of the stock in a transaction dated Saturday, September 2nd. The stock was sold at an average price of $106.64, for a total transaction of $67,289.84. Following the completion of the transaction, the vice president now directly owns 10,550 shares of the company’s stock, valued at approximately $1,125,052. The disclosure for this sale can be found here.

A number of equities research analysts have recently issued reports on the stock. BidaskClub cut shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Friday, September 15th. Barclays PLC cut shares of Automatic Data Processing from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $110.00 to $105.00 in a research report on Tuesday, July 18th. William Blair cut shares of Automatic Data Processing from an “outperform” rating to a “market perform” rating in a research report on Friday, July 21st. Deutsche Bank AG reissued a “hold” rating and issued a $102.00 target price on shares of Automatic Data Processing in a research report on Monday, August 21st. Finally, Morgan Stanley cut shares of Automatic Data Processing from an “equal weight” rating to an “underweight” rating and boosted their target price for the company from $98.00 to $100.00 in a research report on Thursday, August 3rd. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $111.43.

Shares of Automatic Data Processing (ADP) opened at $111.09 on Friday. Automatic Data Processing has a 52-week low of $90.45 and a 52-week high of $121.77.

Automatic Data Processing (NYSE:ADP) last posted its quarterly earnings data on Thursday, November 2nd. The business services provider reported $0.91 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.85 by $0.06. Automatic Data Processing had a net margin of 13.04% and a return on equity of 40.61%. The business had revenue of $3.08 billion during the quarter, compared to analysts’ expectations of $3.06 billion. During the same quarter in the prior year, the business posted $0.86 earnings per share. Automatic Data Processing’s revenue was up 5.6% compared to the same quarter last year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 1st. Investors of record on Friday, December 8th will be given a dividend of $0.63 per share. This is a boost from Automatic Data Processing’s previous quarterly dividend of $0.57. The ex-dividend date is Thursday, December 7th. This represents a $2.52 annualized dividend and a yield of 2.27%. Automatic Data Processing’s dividend payout ratio is currently 57.87%.

About Automatic Data Processing

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.

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

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