Cardinal Capital Management Decreases Stock Position in Automatic Data Processing (NASDAQ:ADP)

Cardinal Capital Management cut its holdings in shares of Automatic Data Processing (NASDAQ:ADP) by 1.2% during the third quarter, Holdings Channel reports. The fund owned 43,033 shares of the business services provider’s stock after selling 521 shares during the period. Automatic Data Processing makes up about 1.9% of Cardinal Capital Management’s portfolio, making the stock its 7th biggest position. Cardinal Capital Management’s holdings in Automatic Data Processing were worth $6,946,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ADP. FMR LLC lifted its stake in Automatic Data Processing by 18.3% in the first quarter. FMR LLC now owns 1,703,312 shares of the business services provider’s stock valued at $272,086,000 after buying an additional 263,615 shares during the last quarter. Amundi Pioneer Asset Management Inc. lifted its stake in Automatic Data Processing by 8.7% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 454,241 shares of the business services provider’s stock valued at $72,561,000 after buying an additional 36,533 shares during the last quarter. Cox Capital Mgt LLC lifted its stake in Automatic Data Processing by 3.8% in the second quarter. Cox Capital Mgt LLC now owns 16,455 shares of the business services provider’s stock valued at $2,721,000 after buying an additional 603 shares during the last quarter. Dorsey Wright & Associates lifted its stake in Automatic Data Processing by 9.6% in the second quarter. Dorsey Wright & Associates now owns 2,291 shares of the business services provider’s stock valued at $379,000 after buying an additional 200 shares during the last quarter. Finally, Rockland Trust Co. lifted its stake in Automatic Data Processing by 10.3% in the second quarter. Rockland Trust Co. now owns 9,474 shares of the business services provider’s stock valued at $1,566,000 after buying an additional 883 shares during the last quarter. Institutional investors and hedge funds own 80.38% of the company’s stock.

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

A number of equities research analysts have weighed in on the company. Robert W. Baird boosted their price objective on Automatic Data Processing from $167.00 to $178.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. ValuEngine cut Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. BidaskClub upgraded Automatic Data Processing from a “hold” rating to a “buy” rating in a research note on Tuesday, October 15th. JPMorgan Chase & Co. boosted their price objective on Automatic Data Processing from $170.00 to $177.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Finally, Bank of America cut Automatic Data Processing from a “buy” rating to a “neutral” rating in a research note on Wednesday, September 11th. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $175.67.

Automatic Data Processing stock opened at $163.54 on Friday. Automatic Data Processing has a 12 month low of $121.40 and a 12 month high of $174.50. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.05 and a quick ratio of 1.05. The business has a 50 day simple moving average of $162.83 and a 200-day simple moving average of $163.73. The stock has a market capitalization of $71.05 billion, a PE ratio of 30.01, a price-to-earnings-growth ratio of 2.04 and a beta of 0.90.

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

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were paid a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 1.93%. The ex-dividend date was Thursday, September 12th. Automatic Data Processing’s dividend payout ratio (DPR) is presently 57.98%.

About Automatic Data Processing

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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