Cornerstone Capital Management Holdings LLC. raised its stake in shares of Automatic Data Processing (NASDAQ:ADP) by 9.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 83,382 shares of the business services provider’s stock after purchasing an additional 7,097 shares during the period. Cornerstone Capital Management Holdings LLC.’s holdings in Automatic Data Processing were worth $9,770,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of ADP. Prudential PLC raised its position in Automatic Data Processing by 591.3% during the second quarter. Prudential PLC now owns 123,397 shares of the business services provider’s stock valued at $12,643,000 after purchasing an additional 105,546 shares during the period. Macquarie Group Ltd. raised its holdings in shares of Automatic Data Processing by 20.9% in the second quarter. Macquarie Group Ltd. now owns 25,500 shares of the business services provider’s stock worth $2,612,000 after buying an additional 4,400 shares during the period. San Francisco Sentry Investment Group CA purchased a new stake in shares of Automatic Data Processing in the second quarter worth approximately $136,000. Janus Henderson Group PLC raised its holdings in shares of Automatic Data Processing by 5,962.5% in the second quarter. Janus Henderson Group PLC now owns 4,013,865 shares of the business services provider’s stock worth $411,260,000 after buying an additional 3,947,657 shares during the period. Finally, FTB Advisors Inc. raised its holdings in shares of Automatic Data Processing by 28.9% in the second quarter. FTB Advisors Inc. now owns 3,246 shares of the business services provider’s stock worth $334,000 after buying an additional 728 shares during the period. Institutional investors and hedge funds own 78.52% of the company’s stock.
Automatic Data Processing stock opened at $117.16 on Monday. Automatic Data Processing has a 52 week low of $95.50 and a 52 week high of $125.24. The stock has a market capitalization of $51,933.48, a P/E ratio of 30.35, a P/E/G ratio of 2.57 and a beta of 0.90. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.51.
Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings data on Wednesday, January 31st. The business services provider reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.10. Automatic Data Processing had a return on equity of 43.28% and a net margin of 13.47%. The company had revenue of $3.24 billion for the quarter, compared to analysts’ expectations of $3.18 billion. During the same quarter in the prior year, the firm earned $0.87 earnings per share. Automatic Data Processing’s revenue was up 8.3% compared to the same quarter last year. analysts expect that Automatic Data Processing will post 4.14 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Sunday, April 1st. Investors of record on Friday, March 9th will be paid a $0.63 dividend. The ex-dividend date of this dividend is Thursday, March 8th. This represents a $2.52 annualized dividend and a yield of 2.15%. Automatic Data Processing’s dividend payout ratio (DPR) is currently 65.45%.
Several equities research analysts have recently weighed in on ADP shares. Zacks Investment Research upgraded Automatic Data Processing from a “hold” rating to a “buy” rating and set a $136.00 price target on the stock in a report on Tuesday, January 23rd. Goldman Sachs upgraded Automatic Data Processing from a “neutral” rating to a “buy” rating and increased their price target for the stock from $116.02 to $135.00 in a report on Monday, December 11th. Bank of America upgraded Automatic Data Processing from a “neutral” rating to a “buy” rating in a report on Tuesday, December 5th. Barclays increased their price target on Automatic Data Processing from $121.00 to $128.00 and gave the stock an “equal weight” rating in a report on Thursday, February 1st. Finally, Stifel Nicolaus increased their price target on Automatic Data Processing from $113.00 to $133.00 and gave the stock a “hold” rating in a report on Thursday, February 1st. Eleven analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $118.43.
In related news, insider Michael A. Bonarti sold 3,900 shares of the stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $116.03, for a total value of $452,517.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Carlos A. Rodriguez sold 95,756 shares of the stock in a transaction on Thursday, January 4th. The shares were sold at an average price of $118.09, for a total value of $11,307,826.04. Following the sale, the chief executive officer now directly owns 124,722 shares in the company, valued at approximately $14,728,420.98. The disclosure for this sale can be found here. In the last three months, insiders sold 219,666 shares of company stock worth $25,650,681. 0.25% of the stock is owned by insiders.
Automatic Data Processing Company Profile
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.
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