Automatic Data Processing (ADP) Stake Boosted by Spinnaker Trust

Spinnaker Trust lifted its stake in shares of Automatic Data Processing (NASDAQ:ADP) by 36.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 24,925 shares of the business services provider’s stock after purchasing an additional 6,677 shares during the quarter. Spinnaker Trust’s holdings in Automatic Data Processing were worth $3,268,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Pinnacle Financial Partners Inc. grew its stake in Automatic Data Processing by 12.6% in the 4th quarter. Pinnacle Financial Partners Inc. now owns 49,862 shares of the business services provider’s stock valued at $6,538,000 after acquiring an additional 5,563 shares during the last quarter. Securian Asset Management Inc grew its stake in Automatic Data Processing by 1.0% in the 4th quarter. Securian Asset Management Inc now owns 45,483 shares of the business services provider’s stock valued at $5,964,000 after acquiring an additional 452 shares during the last quarter. Ballentine Partners LLC grew its stake in Automatic Data Processing by 9.9% in the 4th quarter. Ballentine Partners LLC now owns 9,729 shares of the business services provider’s stock valued at $1,276,000 after acquiring an additional 875 shares during the last quarter. ETF Managers Group LLC grew its stake in Automatic Data Processing by 18.0% in the 4th quarter. ETF Managers Group LLC now owns 1,171 shares of the business services provider’s stock valued at $154,000 after acquiring an additional 179 shares during the last quarter. Finally, LS Investment Advisors LLC grew its stake in Automatic Data Processing by 13.9% in the 4th quarter. LS Investment Advisors LLC now owns 46,691 shares of the business services provider’s stock valued at $6,122,000 after acquiring an additional 5,702 shares during the last quarter. 83.57% of the stock is currently owned by institutional investors and hedge funds.

In related news, VP Maria Black sold 1,614 shares of the firm’s stock in a transaction that occurred on Friday, February 8th. The shares were sold at an average price of $146.61, for a total value of $236,628.54. Following the transaction, the vice president now owns 17,691 shares in the company, valued at $2,593,677.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Carlos A. Rodriguez sold 62,228 shares of the firm’s stock in a transaction that occurred on Friday, November 16th. The shares were sold at an average price of $145.59, for a total transaction of $9,059,774.52. Following the completion of the transaction, the chief executive officer now owns 137,177 shares in the company, valued at approximately $19,971,599.43. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 144,269 shares of company stock worth $20,430,618. Insiders own 0.33% of the company’s stock.

Shares of ADP stock opened at $149.50 on Wednesday. The stock has a market cap of $63.95 billion, a PE ratio of 34.37, a P/E/G ratio of 2.14 and a beta of 0.91. Automatic Data Processing has a 1-year low of $109.14 and a 1-year high of $153.51. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.05 and a current ratio of 1.05.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings data on Wednesday, January 30th. The business services provider reported $1.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.18 by $0.16. The business had revenue of $3.51 billion for the quarter, compared to analyst estimates of $3.43 billion. Automatic Data Processing had a net margin of 13.12% and a return on equity of 51.92%. The company’s revenue was up 8.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.03 EPS. Analysts forecast that Automatic Data Processing will post 5.37 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 8th will be issued a dividend of $0.79 per share. The ex-dividend date is Thursday, March 7th. This represents a $3.16 annualized dividend and a dividend yield of 2.11%. Automatic Data Processing’s payout ratio is currently 72.64%.

ADP has been the topic of a number of recent research reports. Zacks Investment Research restated a “hold” rating on shares of Automatic Data Processing in a report on Monday, November 12th. Jefferies Financial Group upped their target price on shares of Automatic Data Processing to $167.00 and gave the company a “hold” rating in a report on Thursday, November 1st. Citigroup upped their target price on shares of Automatic Data Processing from $137.00 to $147.00 and gave the company a “neutral” rating in a report on Thursday, November 1st. BMO Capital Markets reduced their target price on shares of Automatic Data Processing from $155.00 to $150.00 and set a “market perform” rating on the stock in a report on Thursday, November 1st. Finally, Barclays initiated coverage on shares of Automatic Data Processing in a report on Wednesday, November 14th. They issued an “overweight” rating and a $168.00 target price on the stock. Eight analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Automatic Data Processing has a consensus rating of “Buy” and an average price target of $151.87.

TRADEMARK VIOLATION NOTICE: “Automatic Data Processing (ADP) Stake Boosted by Spinnaker Trust” was first reported by Markets Daily and is the property of of Markets Daily. If you are viewing this article on another domain, it was stolen and reposted in violation of U.S. and international trademark and copyright laws. The correct version of this article can be viewed at https://www.themarketsdaily.com/2019/02/13/automatic-data-processing-adp-stake-boosted-by-spinnaker-trust.html.

Automatic Data Processing 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.

See Also: Tariff

Want to see what other hedge funds are holding ADP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Automatic Data Processing (NASDAQ:ADP).

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

Receive News & Ratings for Automatic Data Processing Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Automatic Data Processing and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply