First Republic Investment Management Inc. boosted its position in Automatic Data Processing (NASDAQ:ADP) by 10.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 151,140 shares of the business services provider’s stock after acquiring an additional 14,219 shares during the quarter. First Republic Investment Management Inc.’s holdings in Automatic Data Processing were worth $22,771,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. Acadian Asset Management LLC purchased a new stake in Automatic Data Processing in the second quarter valued at approximately $582,000. Dupont Capital Management Corp purchased a new stake in Automatic Data Processing in the second quarter valued at approximately $585,000. Smith Asset Management Group LP purchased a new stake in Automatic Data Processing in the second quarter valued at approximately $10,191,000. Integrated Investment Consultants LLC purchased a new stake in Automatic Data Processing in the second quarter valued at approximately $111,000. Finally, Victory Capital Management Inc. lifted its stake in Automatic Data Processing by 8.8% in the second quarter. Victory Capital Management Inc. now owns 37,110 shares of the business services provider’s stock valued at $4,978,000 after buying an additional 2,997 shares during the last quarter. 77.93% of the stock is currently owned by institutional investors and hedge funds.
In related news, VP Michael C. Eberhard sold 9,100 shares of the company’s stock in a transaction on Friday, September 21st. The stock was sold at an average price of $150.00, for a total transaction of $1,365,000.00. Following the transaction, the vice president now owns 48,468 shares of the company’s stock, valued at $7,270,200. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Carlos A. Rodriguez sold 101,620 shares of the company’s stock in a transaction on Thursday, November 8th. The stock was sold at an average price of $147.46, for a total value of $14,984,885.20. Following the transaction, the chief executive officer now directly owns 199,405 shares in the company, valued at approximately $29,404,261.30. The disclosure for this sale can be found here. Insiders have sold 172,948 shares of company stock worth $25,409,660 in the last ninety days. 0.33% of the stock is currently owned by corporate insiders.
ADP has been the subject of a number of research reports. Guggenheim initiated coverage on Automatic Data Processing in a research note on Monday, August 20th. They issued a “buy” rating and a $175.00 price objective for the company. Argus boosted their price objective on Automatic Data Processing from $145.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, August 13th. Moffett Nathanson initiated coverage on Automatic Data Processing in a research note on Thursday, October 4th. They issued a “buy” rating and a $180.00 price objective for the company. Jefferies Financial Group initiated coverage on Automatic Data Processing in a research note on Monday, October 1st. They issued a “hold” rating and a $160.00 price objective for the company. Finally, Zacks Investment Research upgraded Automatic Data Processing from a “sell” rating to a “hold” rating in a research note on Friday, October 26th. Eight analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $151.19.
Automatic Data Processing stock opened at $139.33 on Friday. Automatic Data Processing has a 12 month low of $107.61 and a 12 month high of $153.51. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market cap of $62.67 billion, a PE ratio of 32.03, a P/E/G ratio of 2.17 and a beta of 0.89.
Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings results on Wednesday, October 31st. The business services provider reported $1.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.11 by $0.09. Automatic Data Processing had a return on equity of 50.96% and a net margin of 12.71%. The business had revenue of $3.32 billion during the quarter, compared to analysts’ expectations of $3.28 billion. During the same quarter in the prior year, the business earned $0.94 earnings per share. The company’s quarterly revenue was up 8.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Automatic Data Processing will post 5.27 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 1st. Investors of record on Friday, December 14th will be issued a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date of this dividend is Thursday, December 13th. This is a positive change from Automatic Data Processing’s previous quarterly dividend of $0.69. Automatic Data Processing’s dividend payout ratio is currently 63.45%.
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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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