Puzo Michael J cut its stake in Automatic Data Processing (NYSE:ADP) by 1.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 65,344 shares of the business services provider’s stock after selling 970 shares during the period. Automatic Data Processing comprises 3.6% of Puzo Michael J’s holdings, making the stock its 5th largest position. Puzo Michael J’s holdings in Automatic Data Processing were worth $6,694,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Coconut Grove Bank raised its stake in Automatic Data Processing by 79.6% in the first quarter. Coconut Grove Bank now owns 1,038 shares of the business services provider’s stock valued at $106,000 after buying an additional 460 shares during the period. Grisanti Capital Management LLC raised its position in shares of Automatic Data Processing by 4.5% in the first quarter. Grisanti Capital Management LLC now owns 1,045 shares of the business services provider’s stock worth $107,000 after buying an additional 45 shares during the period. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Automatic Data Processing during the first quarter worth approximately $113,000. Harbour Capital Advisors LLC acquired a new position in shares of Automatic Data Processing during the first quarter worth approximately $176,000. Finally, Guardian Life Insurance Co. of America raised its position in shares of Automatic Data Processing by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 1,740 shares of the business services provider’s stock worth $178,000 after buying an additional 12 shares during the period.

Automatic Data Processing (NYSE:ADP) traded up 0.29% during mid-day trading on Tuesday, hitting $105.06. The stock had a trading volume of 906,213 shares. The stock’s 50 day moving average price is $107.18 and its 200 day moving average price is $103.06. Automatic Data Processing has a one year low of $85.48 and a one year high of $121.77. The firm has a market capitalization of $46.69 billion and a price-to-earnings ratio of 27.29.

Automatic Data Processing (NYSE:ADP) last posted its earnings results on Thursday, July 27th. The business services provider reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by $0.02. The company had revenue of $3.06 billion for the quarter, compared to analysts’ expectations of $3.04 billion. Automatic Data Processing had a return on equity of 26.39% and a net margin of 8.67%. The company’s revenue was up 5.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.69 EPS. Analysts forecast that Automatic Data Processing will post $3.81 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 8th will be given a dividend of $0.57 per share. The ex-dividend date is Thursday, September 7th. This represents a $2.28 annualized dividend and a dividend yield of 2.18%.

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A number of brokerages have recently commented on ADP. BMO Capital Markets reiterated a “market perform” rating and set a $105.00 price target on shares of Automatic Data Processing in a report on Wednesday, August 9th. Wells Fargo & Company reiterated a “market perform” rating on shares of Automatic Data Processing in a report on Wednesday, August 9th. Evercore ISI reiterated an “in-line” rating and set a $115.00 price target on shares of Automatic Data Processing in a report on Sunday, August 20th. Barclays PLC reiterated an “equal weight” rating and set a $105.00 price target on shares of Automatic Data Processing in a report on Tuesday, August 15th. Finally, Deutsche Bank AG reiterated a “hold” rating and set a $102.00 price target on shares of Automatic Data Processing in a report on Monday, August 21st. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and two have issued a buy rating to the company’s stock. Automatic Data Processing currently has an average rating of “Hold” and an average target price of $107.25.

In other Automatic Data Processing news, CEO Carlos A. Rodriguez sold 36,363 shares of the stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $110.00, for a total transaction of $3,999,930.00. Following the sale, the chief executive officer now owns 146,494 shares in the company, valued at $16,114,340. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Donald Weinstein sold 1,933 shares of the stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $101.98, for a total value of $197,127.34. Following the sale, the vice president now owns 25,737 shares in the company, valued at approximately $2,624,659.26. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 41,228 shares of company stock worth $4,496,063.

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.

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

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