Automatic Data Processing (NASDAQ:ADP) Stake Reduced by Webster Bank N. A.

Webster Bank N. A. reduced its stake in shares of Automatic Data Processing (NASDAQ:ADP) by 3.3% in the second quarter, Holdings Channel.com reports. The institutional investor owned 14,705 shares of the business services provider’s stock after selling 500 shares during the period. Webster Bank N. A.’s holdings in Automatic Data Processing were worth $2,432,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. TCG Advisors LP bought a new position in Automatic Data Processing during the 1st quarter worth $161,000. Parallel Advisors LLC increased its position in Automatic Data Processing by 14.9% during the first quarter. Parallel Advisors LLC now owns 6,113 shares of the business services provider’s stock worth $977,000 after buying an additional 791 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Automatic Data Processing by 3.9% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,854,222 shares of the business services provider’s stock worth $296,193,000 after acquiring an additional 69,989 shares during the period. OLD National Bancorp IN boosted its holdings in shares of Automatic Data Processing by 0.6% during the first quarter. OLD National Bancorp IN now owns 20,493 shares of the business services provider’s stock worth $3,274,000 after acquiring an additional 130 shares during the period. Finally, WESPAC Advisors SoCal LLC boosted its holdings in shares of Automatic Data Processing by 7,029.3% during the first quarter. WESPAC Advisors SoCal LLC now owns 35,290 shares of the business services provider’s stock worth $5,637,000 after acquiring an additional 34,795 shares during the period. Hedge funds and other institutional investors own 79.80% of the company’s stock.

Shares of NASDAQ:ADP traded down $2.10 during trading on Friday, reaching $162.20. 26,205 shares of the stock were exchanged, compared to its average volume of 1,561,465. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.04 and a current ratio of 1.04. The company has a market cap of $71.51 billion, a price-to-earnings ratio of 29.99, a PEG ratio of 2.11 and a beta of 0.90. The company’s 50-day moving average is $166.09. Automatic Data Processing has a 12 month low of $121.40 and a 12 month high of $172.00.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings results on Wednesday, July 31st. The business services provider reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.01. The business had revenue of $3.50 billion during the quarter, compared to analysts’ expectations of $3.50 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 5.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.99 earnings per share. On average, analysts anticipate that Automatic Data Processing will post 6.12 earnings per share for the current year.

A number of equities research analysts have recently issued reports on the company. ValuEngine cut Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Thursday. Robert W. Baird boosted their price objective on Automatic Data Processing from $167.00 to $178.00 and gave the stock a “neutral” rating in a report on Thursday. Jefferies Financial Group boosted their price objective on Automatic Data Processing to $176.00 and gave the stock a “hold” rating in a report on Wednesday. Zacks Investment Research upgraded Automatic Data Processing from a “hold” rating to a “buy” rating and set a $179.00 price objective for the company in a report on Friday, June 21st. Finally, JPMorgan Chase & Co. boosted their price objective on Automatic Data Processing from $170.00 to $177.00 and gave the stock a “neutral” rating in a report on Thursday. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $169.73.

In related news, VP Dermot J. O’brien sold 1,771 shares of the business’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $162.04, for a total value of $286,972.84. Following the completion of the sale, the vice president now directly owns 14,896 shares in the company, valued at $2,413,747.84. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.33% of the company’s stock.

Automatic Data Processing Company 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: NASDAQ Stock Market Explained

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

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