Automatic Data Processing (ADP) Position Held by Sawgrass Asset Management LLC
Sawgrass Asset Management LLC maintained its stake in shares of Automatic Data Processing (NYSE:ADP) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,406 shares of the business services provider’s stock at the end of the second quarter. Sawgrass Asset Management LLC’s holdings in Automatic Data Processing were worth $554,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. boosted its stake in Automatic Data Processing by 1,971.2% in the 1st quarter. BlackRock Inc. now owns 29,631,769 shares of the business services provider’s stock worth $3,033,995,000 after purchasing an additional 28,201,085 shares during the period. Cedar Capital LLC bought a new stake in shares of Automatic Data Processing during the 2nd quarter valued at about $254,000. Gardiner Nancy B boosted its position in shares of Automatic Data Processing by 8.8% during the 2nd quarter. Gardiner Nancy B now owns 21,027 shares of the business services provider’s stock valued at $2,153,000 after acquiring an additional 1,705 shares during the last quarter. Gotham Asset Management LLC bought a new stake in shares of Automatic Data Processing during the 1st quarter valued at about $1,447,000. Finally, Meiji Yasuda Asset Management Co Ltd. boosted its position in shares of Automatic Data Processing by 1.0% during the 1st quarter. Meiji Yasuda Asset Management Co Ltd. now owns 38,651 shares of the business services provider’s stock valued at $3,957,000 after acquiring an additional 380 shares during the last quarter.
In other Automatic Data Processing news, VP Maria Black sold 631 shares of Automatic Data Processing stock in a transaction that occurred on Saturday, September 2nd. The stock was sold at an average price of $106.64, for a total value of $67,289.84. Following the transaction, the vice president now directly owns 10,550 shares of the company’s stock, valued at approximately $1,125,052. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Brock Albinson sold 3,663 shares of Automatic Data Processing stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $106.54, for a total value of $390,256.02. Following the completion of the transaction, the vice president now directly owns 6,287 shares in the company, valued at $669,816.98. The disclosure for this sale can be found here.
Shares of Automatic Data Processing (NYSE ADP) opened at $111.09 on Friday. Automatic Data Processing has a 12-month low of $90.45 and a 12-month high of $121.77.
Automatic Data Processing (NYSE:ADP) last announced its quarterly earnings results on Thursday, November 2nd. The business services provider reported $0.91 EPS for the quarter, topping the Zacks’ consensus estimate of $0.85 by $0.06. The business had revenue of $3.08 billion for the quarter, compared to analysts’ expectations of $3.06 billion. Automatic Data Processing had a return on equity of 40.61% and a net margin of 13.04%. The business’s quarterly revenue was up 5.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.86 EPS.
The business also recently declared a quarterly dividend, which will be paid on Monday, January 1st. Shareholders of record on Friday, December 8th will be paid a $0.63 dividend. This is a boost from Automatic Data Processing’s previous quarterly dividend of $0.57. This represents a $2.52 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date of this dividend is Thursday, December 7th. Automatic Data Processing’s payout ratio is 57.87%.
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ADP has been the subject of a number of research analyst reports. BidaskClub upgraded Automatic Data Processing from a “hold” rating to a “buy” rating in a research report on Thursday, September 28th. BMO Capital Markets dropped their price target on Automatic Data Processing from $122.00 to $114.00 and set an “outperform” rating for the company in a research report on Friday, November 3rd. Morgan Stanley downgraded Automatic Data Processing from an “equal weight” rating to an “underweight” rating and lifted their price target for the company from $98.00 to $100.00 in a research report on Thursday, August 3rd. Bank of America Corporation lifted their price target on Automatic Data Processing from $111.00 to $114.00 and gave the company a “neutral” rating in a research report on Friday, October 13th. Finally, Barclays PLC reiterated an “equal weight” rating and set a $105.00 price target on shares of Automatic Data Processing in a research report on Tuesday, August 15th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $111.43.
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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