Gamble Jones Investment Counsel boosted its position in Automatic Data Processing (NASDAQ:ADP) by 8.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,453 shares of the business services provider’s stock after acquiring an additional 999 shares during the quarter. Gamble Jones Investment Counsel’s holdings in Automatic Data Processing were worth $2,059,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently modified their holdings of the stock. Ellevest Inc. boosted its holdings in Automatic Data Processing by 1,570.3% in the second quarter. Ellevest Inc. now owns 4,610 shares of the business services provider’s stock valued at $762,000 after acquiring an additional 4,334 shares during the last quarter. Griffin Asset Management Inc. acquired a new position in Automatic Data Processing in the second quarter valued at $79,000. Phocas Financial Corp. acquired a new position in Automatic Data Processing in the second quarter valued at $116,000. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in Automatic Data Processing by 1.3% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 33,433 shares of the business services provider’s stock valued at $5,528,000 after acquiring an additional 430 shares during the last quarter. Finally, Magnetar Financial LLC acquired a new position in Automatic Data Processing in the second quarter valued at $441,000. Hedge funds and other institutional investors own 80.26% of the company’s stock.
In other news, VP Brock Albinson sold 6,683 shares of Automatic Data Processing stock in a transaction dated 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 sale, the vice president now directly owns 6,302 shares of the company’s stock, valued at $1,057,916.74. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Carlos A. Rodriguez sold 49,392 shares of Automatic Data Processing stock in a transaction dated 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 sale, the chief executive officer now directly owns 132,338 shares in the company, valued at $21,399,054.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 57,846 shares of company stock worth $9,395,534. 0.31% of the stock is currently owned by insiders.
A number of research analysts recently weighed in on the company. Robert W. Baird lifted their target price on Automatic Data Processing from $167.00 to $178.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Morgan Stanley lifted their target price on Automatic Data Processing from $150.00 to $174.00 and gave the company an “equal weight” rating in a report on Thursday, August 15th. BidaskClub cut Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Wednesday, September 11th. Jefferies Financial Group lifted their target price on Automatic Data Processing to $176.00 and gave the company a “hold” rating in a report on Wednesday, July 31st. Finally, Barclays boosted their price objective on Automatic Data Processing from $180.00 to $190.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. Ten analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $176.10.
Shares of ADP traded up $1.21 during midday trading on Monday, reaching $161.64. 349,648 shares of the company were exchanged, compared to its average volume of 2,099,368. The stock has a 50-day moving average price of $165.54 and a 200-day moving average price of $163.09. The company has a market cap of $70.85 billion, a price-to-earnings ratio of 29.66, a P/E/G ratio of 2.04 and a beta of 0.90. Automatic Data Processing has a 1-year low of $121.40 and a 1-year high of $174.50. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.37.
Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, July 31st. The business services provider reported $1.14 EPS for the quarter, topping the Zacks’ consensus estimate of $1.13 by $0.01. The company had revenue of $3.50 billion for the quarter, compared to analysts’ expectations of $3.50 billion. Automatic Data Processing had a return on equity of 47.48% and a net margin of 16.17%. The firm’s quarterly revenue was up 5.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.99 earnings per share. Equities research analysts anticipate that Automatic Data Processing will post 6.16 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend is Thursday, September 12th. Automatic Data Processing’s dividend payout ratio 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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