Rikoon Group LLC Trims Stake in Automatic Data Processing (ADP)

Rikoon Group LLC reduced its position in Automatic Data Processing (NASDAQ:ADP) by 6.4% in the 1st quarter, Holdings Channel reports. The firm owned 3,782 shares of the business services provider’s stock after selling 259 shares during the period. Rikoon Group LLC’s holdings in Automatic Data Processing were worth $607,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of ADP. Oregon Public Employees Retirement Fund increased its position in Automatic Data Processing by 18,918.6% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 23,462,482 shares of the business services provider’s stock valued at $179,000 after acquiring an additional 23,339,116 shares during the period. Lunia Capital LP increased its position in Automatic Data Processing by 14,251.9% in the 4th quarter. Lunia Capital LP now owns 18,367,683 shares of the business services provider’s stock valued at $18,368,000 after acquiring an additional 18,239,702 shares during the period. 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 during the period. Norges Bank acquired a new position in Automatic Data Processing in the 4th quarter valued at about $522,489,000. Finally, Ronna Sue Cohen increased its position in Automatic Data Processing by 15,564.1% in the 1st quarter. Ronna Sue Cohen now owns 3,468,349 shares of the business services provider’s stock valued at $3,468,000 after acquiring an additional 3,446,207 shares during the period. 80.53% of the stock is owned by institutional investors and hedge funds.

ADP has been the topic of several recent research reports. Sanford C. Bernstein cut Automatic Data Processing from an “outperform” rating to a “market perform” rating in a research report on Tuesday, April 30th. Barclays boosted their price target on Automatic Data Processing from $168.00 to $180.00 and gave the company an “overweight” rating in a research report on Monday, May 6th. Citigroup boosted their price target on Automatic Data Processing from $147.00 to $162.00 and gave the company a “neutral” rating in a research report on Thursday, May 2nd. Zacks Investment Research upgraded Automatic Data Processing from a “sell” rating to a “hold” rating in a research report on Wednesday, January 16th. Finally, BidaskClub cut Automatic Data Processing from a “strong-buy” rating to a “buy” rating in a research report on Friday, April 5th. Eight investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $159.00.

NASDAQ ADP opened at $161.03 on Friday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.05 and a current ratio of 1.04. Automatic Data Processing has a 12-month low of $121.40 and a 12-month high of $165.50. The company has a market cap of $70.09 billion, a price-to-earnings ratio of 37.02, a price-to-earnings-growth ratio of 2.28 and a beta of 0.95.

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

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given 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 payout ratio is 72.64%.

In other Automatic Data Processing news, VP Donald Weinstein sold 1,706 shares of the business’s stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $165.01, for a total transaction of $281,507.06. Following the transaction, the vice president now owns 26,220 shares in the company, valued at approximately $4,326,562.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Carlos A. Rodriguez sold 36,364 shares of the business’s stock in a transaction that occurred on Thursday, February 14th. The stock was sold at an average price of $149.05, for a total value of $5,420,054.20. Following the transaction, the chief executive officer now owns 148,842 shares in the company, valued at approximately $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 worth $10,687,289 in the last quarter. 0.33% of the stock is currently owned by insiders.

COPYRIGHT VIOLATION NOTICE: “Rikoon Group LLC Trims Stake in Automatic Data Processing (ADP)” was first posted by Baseball Daily News and is owned by of Baseball Daily News. If you are accessing this piece of content on another domain, it was illegally stolen and republished in violation of U.S. and international trademark and copyright law. The legal version of this piece of content can be viewed at https://www.baseballdailydigest.com/news/2019/05/12/rikoon-group-llc-trims-stake-in-automatic-data-processing-adp.html.

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.

Featured Story: How mutual funds make money

Want to see what other hedge funds are holding ADP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Automatic Data Processing (NASDAQ:ADP).

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

Receive News & Ratings for Automatic Data Processing Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Automatic Data Processing and related companies with MarketBeat.com's FREE daily email newsletter.