Parallel Advisors LLC Purchases 791 Shares of Automatic Data Processing (ADP)

Parallel Advisors LLC raised its position in Automatic Data Processing (NASDAQ:ADP) by 14.9% during the first quarter, HoldingsChannel.com reports. The fund owned 6,113 shares of the business services provider’s stock after acquiring an additional 791 shares during the period. Parallel Advisors LLC’s holdings in Automatic Data Processing were worth $977,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Enterprise Financial Services Corp grew its position in shares of Automatic Data Processing by 2.0% during the first quarter. Enterprise Financial Services Corp now owns 3,215 shares of the business services provider’s stock worth $514,000 after purchasing an additional 64 shares in the last quarter. Bank of The West grew its position in shares of Automatic Data Processing by 1.4% during the first quarter. Bank of The West now owns 4,649 shares of the business services provider’s stock worth $743,000 after purchasing an additional 66 shares in the last quarter. BTR Capital Management Inc. grew its position in shares of Automatic Data Processing by 1.3% during the first quarter. BTR Capital Management Inc. now owns 5,252 shares of the business services provider’s stock worth $839,000 after purchasing an additional 67 shares in the last quarter. PagnatoKarp Partners LLC grew its position in shares of Automatic Data Processing by 2.5% during the fourth quarter. PagnatoKarp Partners LLC now owns 2,879 shares of the business services provider’s stock worth $380,000 after purchasing an additional 70 shares in the last quarter. Finally, Valley National Advisers Inc. grew its position in shares of Automatic Data Processing by 27.5% during the fourth quarter. Valley National Advisers Inc. now owns 325 shares of the business services provider’s stock worth $43,000 after purchasing an additional 70 shares in the last quarter. 80.53% of the stock is currently owned by institutional investors.

Several research firms recently issued reports on ADP. Zacks Investment Research upgraded Automatic Data Processing from a “sell” rating to a “hold” rating in a research report on Thursday, January 24th. Citigroup increased their target price on Automatic Data Processing from $147.00 to $162.00 and gave the stock a “neutral” rating in a research report on Thursday, May 2nd. BidaskClub upgraded Automatic Data Processing from a “buy” rating to a “strong-buy” rating in a research report on Friday. Sanford C. Bernstein cut Automatic Data Processing from an “outperform” rating to a “market perform” rating in a research report on Tuesday, April 30th. Finally, Barclays increased their target price on Automatic Data Processing from $168.00 to $180.00 and gave the stock an “overweight” rating in a research report on Monday, May 6th. Eight analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $159.00.

In other news, insider Jan Siegmund sold 27,272 shares of the firm’s stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $165.00, for a total value of $4,499,880.00. Following the completion of the sale, the insider now directly owns 77,595 shares of the company’s stock, valued at approximately $12,803,175. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Carlos A. Rodriguez sold 36,364 shares of the firm’s stock in a transaction that occurred on Thursday, February 14th. The shares were sold at an average price of $149.05, for a total value of $5,420,054.20. Following the completion of the sale, the chief executive officer now directly owns 148,842 shares of the company’s stock, valued at $22,184,900.10. The disclosure for this sale can be found here. Insiders have sold a total of 68,526 shares of company stock valued at $10,687,289 in the last 90 days. 0.33% of the stock is currently owned by company insiders.

NASDAQ ADP opened at $161.03 on Friday. The company has a market cap of $70.09 billion, a price-to-earnings ratio of 37.02, a PEG ratio of 2.28 and a beta of 0.95. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.04 and a quick ratio of 1.05. Automatic Data Processing has a 1-year low of $121.40 and a 1-year high of $165.50.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings results on Wednesday, May 1st. The business services provider reported $1.77 earnings per share for the quarter, beating the consensus estimate of $1.69 by $0.08. The business had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $3.91 billion. Automatic Data Processing had a return on equity of 50.53% and a net margin of 13.76%. The firm’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.57 EPS. As a group, research analysts forecast that Automatic Data Processing will post 5.43 EPS for the current fiscal year.

The company 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 dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 1.96%. The ex-dividend date is Thursday, June 13th. Automatic Data Processing’s dividend payout ratio is presently 72.64%.

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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.

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

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