Somerset Trust Co Grows Holdings in Automatic Data Processing (NASDAQ:ADP)

Somerset Trust Co raised its stake in Automatic Data Processing (NASDAQ:ADP) by 2.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,926 shares of the business services provider’s stock after acquiring an additional 455 shares during the quarter. Automatic Data Processing comprises approximately 1.4% of Somerset Trust Co’s investment portfolio, making the stock its 21st biggest holding. Somerset Trust Co’s holdings in Automatic Data Processing were worth $2,350,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of ADP. JPMorgan Chase & Co. increased its position in Automatic Data Processing by 213.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 8,639,847 shares of the business services provider’s stock valued at $1,301,682,000 after acquiring an additional 5,880,242 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Automatic Data Processing during the 3rd quarter worth approximately $156,978,000. Deutsche Bank AG grew its position in shares of Automatic Data Processing by 36.3% during the 3rd quarter. Deutsche Bank AG now owns 2,546,248 shares of the business services provider’s stock worth $383,612,000 after buying an additional 678,657 shares during the period. Los Angeles Capital Management & Equity Research Inc. grew its position in shares of Automatic Data Processing by 9,857.0% during the 3rd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 574,919 shares of the business services provider’s stock worth $86,617,000 after buying an additional 569,145 shares during the period. Finally, Vanguard Group Inc grew its position in shares of Automatic Data Processing by 1.2% during the 3rd quarter. Vanguard Group Inc now owns 36,946,069 shares of the business services provider’s stock worth $5,566,295,000 after buying an additional 425,007 shares during the period. Hedge funds and other institutional investors own 83.57% of the company’s stock.

Automatic Data Processing stock opened at $150.46 on Thursday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.05 and a current ratio of 1.05. Automatic Data Processing has a fifty-two week low of $109.14 and a fifty-two week high of $153.51. The company has a market cap of $63.95 billion, a P/E ratio of 34.59, a PEG ratio of 2.14 and a beta of 0.91.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings results on Wednesday, January 30th. The business services provider reported $1.34 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.18 by $0.16. Automatic Data Processing had a net margin of 13.12% and a return on equity of 51.92%. The firm had revenue of $3.51 billion for the quarter, compared to analyst estimates of $3.43 billion. During the same quarter in the previous year, the firm posted $1.03 earnings per share. The business’s revenue was up 8.3% on a year-over-year basis. Analysts expect that Automatic Data Processing will post 5.37 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 8th will be paid a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date of this dividend is Thursday, March 7th. Automatic Data Processing’s payout ratio is currently 72.64%.

In other Automatic Data Processing news, CEO Carlos A. Rodriguez sold 62,228 shares of Automatic Data Processing stock in a transaction that occurred on Friday, November 16th. The shares were sold at an average price of $145.59, for a total value of $9,059,774.52. Following the transaction, the chief executive officer now owns 137,177 shares of the company’s stock, valued at $19,971,599.43. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Brock Albinson sold 4,389 shares of Automatic Data Processing stock in a transaction that occurred on Wednesday, January 2nd. The shares were sold at an average price of $129.00, for a total transaction of $566,181.00. Following the completion of the transaction, the vice president now directly owns 8,144 shares in the company, valued at approximately $1,050,576. The disclosure for this sale can be found here. In the last ninety days, insiders sold 144,269 shares of company stock worth $20,430,618. Insiders own 0.33% of the company’s stock.

ADP has been the subject of several analyst reports. Zacks Investment Research reiterated a “buy” rating and set a $146.00 price target on shares of Automatic Data Processing in a research report on Monday, December 31st. Jefferies Financial Group lifted their price target on shares of Automatic Data Processing to $167.00 and gave the stock a “hold” rating in a research report on Thursday, November 1st. BMO Capital Markets reduced their price objective on shares of Automatic Data Processing from $155.00 to $150.00 and set a “market perform” rating on the stock in a research note on Thursday, November 1st. Citigroup lifted their price objective on shares of Automatic Data Processing from $137.00 to $147.00 and gave the stock a “neutral” rating in a research note on Thursday, November 1st. Finally, Barclays started coverage on shares of Automatic Data Processing in a research note on Wednesday, November 14th. They set an “overweight” rating and a $168.00 price objective on the stock. Eight investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $151.87.

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Automatic Data Processing Profile

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.

Further Reading: Market Capitalization in the Stock Market

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

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