Raymond James & Associates lifted its stake in shares of Automatic Data Processing (NASDAQ:ADP) by 20.4% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 715,421 shares of the business services provider’s stock after acquiring an additional 121,141 shares during the period. Raymond James & Associates’ holdings in Automatic Data Processing were worth $114,283,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in the stock. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Automatic Data Processing by 6.1% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 176,717 shares of the business services provider’s stock valued at $28,230,000 after buying an additional 10,212 shares during the period. Family Firm Inc. purchased a new stake in shares of Automatic Data Processing during the 1st quarter valued at about $241,000. Trillium Asset Management LLC purchased a new stake in shares of Automatic Data Processing during the 1st quarter valued at about $218,000. Seelaus Asset Management LLC purchased a new stake in Automatic Data Processing during the 1st quarter worth approximately $224,000. Finally, Cypress Capital Management LLC WY increased its holdings in Automatic Data Processing by 257.1% during the 1st quarter. Cypress Capital Management LLC WY now owns 200 shares of the business services provider’s stock worth $32,000 after purchasing an additional 144 shares during the last quarter. Institutional investors and hedge funds own 80.41% of the company’s stock.
Several equities research analysts have issued reports on ADP shares. Zacks Investment Research upgraded Automatic Data Processing from a “sell” rating to a “hold” rating in a report on Thursday, January 24th. Citigroup lifted their price objective on Automatic Data Processing from $147.00 to $162.00 and gave the stock a “neutral” rating in a report on Thursday, May 2nd. Sanford C. Bernstein downgraded Automatic Data Processing from an “outperform” rating to a “market perform” rating in a report on Tuesday, April 30th. BidaskClub upgraded Automatic Data Processing from a “buy” rating to a “strong-buy” rating in a report on Friday, May 10th. Finally, Barclays lifted their price objective on Automatic Data Processing from $168.00 to $180.00 and gave the stock an “overweight” rating in a report on Monday, May 6th. Nine analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Automatic Data Processing has a consensus rating of “Buy” and a consensus price target of $159.00.
Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, May 1st. The business services provider reported $1.77 EPS for the quarter, topping the consensus estimate of $1.69 by $0.08. The company had revenue of $3.85 billion during the quarter, compared to analyst estimates of $3.91 billion. Automatic Data Processing had a return on equity of 50.53% and a net margin of 13.76%. The business’s revenue was up 4.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.57 EPS. On average, equities analysts forecast that Automatic Data Processing will post 5.44 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a $0.79 dividend. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $3.16 annualized dividend and a dividend yield of 1.93%. Automatic Data Processing’s payout ratio is 72.64%.
In other news, insider Jan Siegmund sold 27,272 shares of Automatic Data Processing 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 transaction, the insider now owns 77,595 shares in the company, valued at approximately $12,803,175. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Stuart Sackman sold 1,478 shares of Automatic Data Processing stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $155.13, for a total value of $229,282.14. Following the completion of the transaction, the vice president now owns 24,122 shares of the company’s stock, valued at approximately $3,742,045.86. The disclosure for this sale can be found here. In the last quarter, insiders sold 30,456 shares of company stock valued at $5,010,669. Insiders own 0.33% of the company’s stock.
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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