Raymond James Trust N.A. grew its stake in shares of Automatic Data Processing (NASDAQ:ADP) by 56.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 56,979 shares of the business services provider’s stock after purchasing an additional 20,570 shares during the period. Raymond James Trust N.A.’s holdings in Automatic Data Processing were worth $9,102,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of ADP. Cerebellum GP LLC raised its stake in Automatic Data Processing by 1,376.9% in the 4th quarter. Cerebellum GP LLC now owns 192 shares of the business services provider’s stock valued at $25,000 after purchasing an additional 179 shares during the last quarter. Tributary Capital Management LLC acquired a new position in Automatic Data Processing in the 4th quarter valued at about $26,000. AlphaMark Advisors LLC raised its stake in Automatic Data Processing by 319.1% in the 4th quarter. AlphaMark Advisors LLC now owns 197 shares of the business services provider’s stock valued at $26,000 after purchasing an additional 150 shares during the last quarter. Lake Point Wealth Management acquired a new position in Automatic Data Processing in the 4th quarter valued at about $26,000. Finally, Horan Securities Inc. acquired a new position in Automatic Data Processing in the 4th quarter valued at about $31,000. Institutional investors own 80.45% of the company’s stock.
Several research analysts recently weighed in on the stock. Zacks Investment Research reissued a “buy” rating and issued a $146.00 target price on shares of Automatic Data Processing in a research note on Monday, December 31st. BidaskClub downgraded shares of Automatic Data Processing from a “strong-buy” rating to a “buy” rating in a research note on Friday, April 5th. Eight equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $153.43.
Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings results on Wednesday, January 30th. The business services provider reported $1.34 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.18 by $0.16. The firm had revenue of $3.51 billion during the quarter, compared to analysts’ expectations of $3.43 billion. Automatic Data Processing had a return on equity of 51.92% and a net margin of 13.12%. Automatic Data Processing’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.03 EPS. Sell-side analysts anticipate 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, July 1st. Shareholders of record on Friday, June 14th will be issued a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date is Thursday, June 13th. Automatic Data Processing’s dividend payout ratio is presently 72.64%.
In other news, VP John Ayala sold 3,121 shares of the stock in a transaction that occurred on Tuesday, January 22nd. The stock was sold at an average price of $133.98, for a total transaction of $418,151.58. Following the completion of the transaction, the vice president now directly owns 4,140 shares in the company, valued at approximately $554,677.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Stuart Sackman sold 1,478 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $155.13, for a total value of $229,282.14. Following the transaction, the vice president now owns 24,122 shares of the company’s stock, valued at $3,742,045.86. The disclosure for this sale can be found here. In the last 90 days, insiders sold 86,721 shares of company stock valued at $12,714,980. 0.33% of the stock is owned by company insiders.
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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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