Raymond James & Associates lessened its stake in shares of Automatic Data Processing (NASDAQ:ADP) by 10.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 447,939 shares of the business services provider’s stock after selling 51,899 shares during the quarter. Raymond James & Associates owned approximately 0.10% of Automatic Data Processing worth $52,494,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors also recently bought and sold shares of ADP. Pershing Square Capital Management L.P. increased its position in Automatic Data Processing by 402.5% during the 3rd quarter. Pershing Square Capital Management L.P. now owns 8,798,442 shares of the business services provider’s stock worth $961,846,000 after purchasing an additional 7,047,575 shares in the last quarter. Janus Henderson Group PLC increased its position in Automatic Data Processing by 5,962.5% during the 2nd quarter. Janus Henderson Group PLC now owns 4,013,865 shares of the business services provider’s stock worth $411,260,000 after purchasing an additional 3,947,657 shares in the last quarter. Generation Investment Management LLP purchased a new stake in Automatic Data Processing during the 4th quarter worth about $165,761,000. Canada Pension Plan Investment Board increased its position in Automatic Data Processing by 42,776.7% during the 3rd quarter. Canada Pension Plan Investment Board now owns 1,376,771 shares of the business services provider’s stock worth $150,509,000 after purchasing an additional 1,373,560 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its position in Automatic Data Processing by 42.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,993,394 shares of the business services provider’s stock worth $467,986,000 after purchasing an additional 1,199,402 shares in the last quarter. Hedge funds and other institutional investors own 78.57% of the company’s stock.
A number of brokerages have issued reports on ADP. Citigroup reissued a “neutral” rating and issued a $118.00 price target (up from $110.00) on shares of Automatic Data Processing in a research note on Friday, January 12th. BMO Capital Markets decreased their price target on Automatic Data Processing from $122.00 to $121.00 and set an “outperform” rating on the stock in a research note on Thursday, February 1st. BidaskClub lowered Automatic Data Processing from a “hold” rating to a “sell” rating in a research note on Saturday, January 13th. Zacks Investment Research lowered Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Finally, Stifel Nicolaus raised their price target on Automatic Data Processing from $113.00 to $133.00 and gave the stock a “hold” rating in a research note on Thursday, February 1st. Eleven analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $118.43.
Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings data on Wednesday, January 31st. The business services provider reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.10. The business had revenue of $3.24 billion for the quarter, compared to analyst estimates of $3.18 billion. Automatic Data Processing had a return on equity of 43.28% and a net margin of 13.47%. The company’s revenue was up 8.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.87 EPS. sell-side analysts anticipate that Automatic Data Processing will post 4.14 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Sunday, April 1st. Stockholders of record on Friday, March 9th will be paid a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 2.15%. The ex-dividend date is Thursday, March 8th. Automatic Data Processing’s dividend payout ratio is currently 65.45%.
In related news, VP Donald Weinstein sold 2,275 shares of the firm’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $116.03, for a total transaction of $263,968.25. Following the sale, the vice president now directly owns 27,399 shares in the company, valued at approximately $3,179,105.97. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Stuart Sackman sold 238 shares of the firm’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $121.65, for a total value of $28,952.70. Following the sale, the vice president now owns 18,676 shares in the company, valued at $2,271,935.40. The disclosure for this sale can be found here. Insiders sold a total of 219,666 shares of company stock worth $25,650,681 over the last ninety days. Corporate insiders own 0.25% of the company’s stock.
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About Automatic Data Processing
Automatic Data Processing, Inc (ADP) is a provider of human capital management (HCM) solutions to employers, offering solutions to businesses of various sizes. The Company also provides business process outsourcing solutions. Its segments include Employer Services and Professional Employer Organization (PEO) Services.
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