East Coast Asset Management LLC. Has $1.99 Million Position in Automatic Data Processing (ADP)

East Coast Asset Management LLC. lessened its position in Automatic Data Processing (NASDAQ:ADP) by 2.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,838 shares of the business services provider’s stock after selling 356 shares during the quarter. Automatic Data Processing accounts for approximately 0.6% of East Coast Asset Management LLC.’s portfolio, making the stock its 27th largest holding. East Coast Asset Management LLC.’s holdings in Automatic Data Processing were worth $1,990,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Millennium Management LLC boosted its position in Automatic Data Processing by 328.6% during the second quarter. Millennium Management LLC now owns 2,221,504 shares of the business services provider’s stock valued at $297,993,000 after buying an additional 1,703,162 shares during the period. Morgan Stanley boosted its position in Automatic Data Processing by 11.7% during the second quarter. Morgan Stanley now owns 7,671,784 shares of the business services provider’s stock valued at $1,029,094,000 after buying an additional 801,928 shares during the period. PNC Financial Services Group Inc. boosted its position in Automatic Data Processing by 48.9% during the second quarter. PNC Financial Services Group Inc. now owns 2,300,258 shares of the business services provider’s stock valued at $308,556,000 after buying an additional 755,124 shares during the period. BTIM Corp. purchased a new stake in Automatic Data Processing during the second quarter valued at about $93,401,000. Finally, Winslow Capital Management LLC boosted its position in Automatic Data Processing by 32.3% during the second quarter. Winslow Capital Management LLC now owns 2,051,567 shares of the business services provider’s stock valued at $275,197,000 after buying an additional 500,640 shares during the period. 77.73% of the stock is currently owned by institutional investors and hedge funds.

ADP has been the subject of a number of analyst reports. Wedbush increased their target price on shares of Automatic Data Processing from $101.25 to $145.00 and gave the stock a “neutral” rating in a report on Wednesday, June 13th. BMO Capital Markets increased their target price on shares of Automatic Data Processing from $126.00 to $138.00 and gave the stock a “market perform” rating in a report on Wednesday, June 13th. Morgan Stanley increased their target price on shares of Automatic Data Processing from $122.00 to $134.00 and gave the stock an “equal weight” rating in a report on Wednesday, June 13th. Deutsche Bank increased their target price on shares of Automatic Data Processing from $128.00 to $138.00 and gave the stock a “hold” rating in a report on Wednesday, June 13th. Finally, BidaskClub lowered shares of Automatic Data Processing from a “strong-buy” rating to a “buy” rating in a report on Monday, June 18th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $144.47.

In related news, VP Brock Albinson sold 3,345 shares of the firm’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $144.35, for a total value of $482,850.75. Following the sale, the vice president now owns 6,081 shares in the company, valued at $877,792.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael A. Bonarti sold 2,334 shares of Automatic Data Processing stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $144.77, for a total transaction of $337,893.18. The disclosure for this sale can be found here. Insiders sold 15,919 shares of company stock worth $2,351,933 in the last 90 days. 0.33% of the stock is currently owned by corporate insiders.

Shares of NASDAQ ADP opened at $149.30 on Tuesday. Automatic Data Processing has a fifty-two week low of $107.61 and a fifty-two week high of $153.51. The company has a market cap of $65.90 billion, a price-to-earnings ratio of 34.60, a price-to-earnings-growth ratio of 2.57 and a beta of 0.92. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.58.

Automatic Data Processing (NASDAQ:ADP) last announced its earnings results on Wednesday, August 1st. The business services provider reported $0.92 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.90 by $0.02. Automatic Data Processing had a net margin of 12.16% and a return on equity of 50.17%. The business had revenue of $3.32 billion during the quarter, compared to the consensus estimate of $3.29 billion. During the same quarter last year, the firm earned $0.66 earnings per share. The business’s revenue for the quarter was up 8.3% on a year-over-year basis. On average, sell-side analysts anticipate that Automatic Data Processing will post 5.18 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, October 1st. Investors of record on Friday, September 14th were issued a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 1.85%. The ex-dividend date was Thursday, September 13th. Automatic Data Processing’s dividend payout ratio is currently 63.45%.

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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