Automatic Data Processing (ADP) Shares Sold by Evercore Wealth Management LLC

Evercore Wealth Management LLC decreased its stake in shares of Automatic Data Processing (NYSE:ADP) by 1.4% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 123,132 shares of the business services provider’s stock after selling 1,796 shares during the period. Evercore Wealth Management LLC’s holdings in Automatic Data Processing were worth $12,616,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Proficio Capital Partners LLC lifted its position in shares of Automatic Data Processing by 1.8% during the second quarter. Proficio Capital Partners LLC now owns 964 shares of the business services provider’s stock worth $111,000 after purchasing an additional 17 shares during the last quarter. Acrospire Investment Management LLC bought a new position in shares of Automatic Data Processing during the second quarter worth about $102,000. Edmond DE Rothschild Holding S.A. bought a new position in shares of Automatic Data Processing during the first quarter worth about $113,000. Grove Bank & Trust lifted its position in shares of Automatic Data Processing by 16.4% during the second quarter. Grove Bank & Trust now owns 1,208 shares of the business services provider’s stock worth $124,000 after purchasing an additional 170 shares during the last quarter. Finally, Armbruster Capital Management Inc. lifted its position in shares of Automatic Data Processing by 2.5% during the second quarter. Armbruster Capital Management Inc. now owns 1,322 shares of the business services provider’s stock worth $135,000 after purchasing an additional 32 shares during the last quarter.

Several brokerages have recently commented on ADP. BMO Capital Markets reaffirmed a “market perform” rating and set a $105.00 price target on shares of Automatic Data Processing in a research report on Wednesday, August 9th. Wells Fargo & Company reaffirmed a “market perform” rating on shares of Automatic Data Processing in a research report on Wednesday, August 9th. Zacks Investment Research raised shares of Automatic Data Processing from a “hold” rating to a “buy” rating and set a $126.00 target price on the stock in a report on Wednesday, November 8th. BidaskClub cut shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Wednesday, November 8th. Finally, Royal Bank Of Canada cut their target price on shares of Automatic Data Processing from $100.00 to $95.00 and set a “sector perform” rating on the stock in a report on Monday, November 6th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $111.43.

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

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Shares of Automatic Data Processing (NYSE ADP) opened at $111.53 on Tuesday. Automatic Data Processing has a 12 month low of $90.90 and a 12 month high of $121.77.

Automatic Data Processing (NYSE:ADP) last announced its quarterly earnings results on Thursday, November 2nd. The business services provider reported $0.91 EPS for the quarter, beating the 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 company had revenue of $3.08 billion for the quarter, compared to analyst estimates of $3.06 billion. During the same quarter last year, the business earned $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 declared a quarterly dividend, which will be paid on Monday, January 1st. Shareholders of record on Friday, December 8th will be paid a $0.63 dividend. The ex-dividend date is Thursday, December 7th. This represents a $2.52 annualized dividend and a dividend yield of 2.26%. This is a positive change from Automatic Data Processing’s previous quarterly dividend of $0.57. Automatic Data Processing’s dividend payout ratio (DPR) is presently 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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