Avalon Advisors LLC Lowers Holdings in Automatic Data Processing (ADP)

Avalon Advisors LLC lowered its holdings in shares of Automatic Data Processing (NASDAQ:ADP) by 1.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 99,973 shares of the business services provider’s stock after selling 1,739 shares during the quarter. Avalon Advisors LLC’s holdings in Automatic Data Processing were worth $11,345,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in ADP. Generation Investment Management LLP bought a new position in Automatic Data Processing during the fourth quarter valued at $165,761,000. Two Sigma Advisers LP bought a new position in Automatic Data Processing during the fourth quarter valued at $53,372,000. Amundi Pioneer Asset Management Inc. bought a new position in Automatic Data Processing during the fourth quarter valued at $49,058,000. Element Capital Management LLC bought a new position in Automatic Data Processing during the fourth quarter valued at $43,062,000. Finally, BlueCrest Capital Management Ltd purchased a new stake in shares of Automatic Data Processing in the fourth quarter valued at $20,308,000. Institutional investors and hedge funds own 78.64% of the company’s stock.

Several equities research analysts have recently weighed in on the stock. BMO Capital Markets increased their target price on shares of Automatic Data Processing from $126.00 to $138.00 and gave the company a “market perform” rating in a research note on Wednesday, June 13th. BidaskClub downgraded shares of Automatic Data Processing from a “strong-buy” rating to a “buy” rating in a research note on Monday, June 18th. Morgan Stanley increased their target price on shares of Automatic Data Processing from $122.00 to $134.00 and gave the company an “equal weight” rating in a research note on Wednesday, June 13th. Wedbush increased their target price on shares of Automatic Data Processing from $101.25 to $145.00 and gave the company a “neutral” rating in a research note on Wednesday, June 13th. Finally, Deutsche Bank increased their target price on shares of Automatic Data Processing from $128.00 to $138.00 and gave the company a “hold” rating in a research note on Wednesday, June 13th. Eleven analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $132.00.

In related news, VP Maria Black sold 8,137 shares of the firm’s stock in a transaction dated Wednesday, June 13th. The shares were sold at an average price of $138.22, for a total value of $1,124,696.14. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Michael C. Eberhard sold 7,963 shares of the firm’s stock in a transaction dated Tuesday, June 5th. The stock was sold at an average price of $135.00, for a total transaction of $1,075,005.00. Following the completion of the transaction, the insider now directly owns 43,437 shares in the company, valued at approximately $5,863,995. The disclosure for this sale can be found here. Insiders sold a total of 21,438 shares of company stock worth $2,919,488 in the last ninety days. 0.25% of the stock is currently owned by insiders.

Automatic Data Processing opened at $135.09 on Wednesday, MarketBeat Ratings reports. The stock has a market capitalization of $61.27 billion, a P/E ratio of 36.51, a P/E/G ratio of 2.83 and a beta of 0.89. Automatic Data Processing has a 12 month low of $100.51 and a 12 month high of $141.52. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.50.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings results on Wednesday, May 2nd. The business services provider reported $1.52 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.44 by $0.08. The company had revenue of $3.69 billion for the quarter, compared to the consensus estimate of $3.67 billion. Automatic Data Processing had a net margin of 13.60% and a return on equity of 45.69%. The firm’s revenue was up 8.3% compared to the same quarter last year. During the same quarter last year, the firm posted $1.31 EPS. equities research analysts expect that Automatic Data Processing will post 4.34 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Sunday, July 1st. Investors of record on Friday, June 8th will be paid a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 2.04%. The ex-dividend date is Thursday, June 7th. This is an increase from Automatic Data Processing’s previous quarterly dividend of $0.63. Automatic Data Processing’s dividend payout ratio (DPR) is currently 74.59%.

Automatic Data Processing Profile

Automatic Data Processing, Inc provides business process outsourcing services worldwide. The company operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) business process outsourcing and technology-enabled human capital management solutions.

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

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