Automatic Data Processing (ADP) Position Trimmed by YorkBridge Wealth Partners LLC
YorkBridge Wealth Partners LLC trimmed its holdings in shares of Automatic Data Processing (NASDAQ:ADP) by 6.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,927 shares of the business services provider’s stock after selling 1,273 shares during the period. Automatic Data Processing accounts for approximately 1.1% of YorkBridge Wealth Partners LLC’s holdings, making the stock its 19th largest holding. YorkBridge Wealth Partners LLC’s holdings in Automatic Data Processing were worth $2,069,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Acrospire Investment Management LLC bought a new position in shares of Automatic Data Processing in the 2nd quarter worth $102,000. Proficio Capital Partners LLC boosted its position in shares of Automatic Data Processing by 1.8% in the 2nd quarter. Proficio Capital Partners LLC now owns 964 shares of the business services provider’s stock worth $111,000 after purchasing an additional 17 shares during the last quarter. Edmond DE Rothschild Holding S.A. bought a new position in shares of Automatic Data Processing in the 1st quarter worth $113,000. Grove Bank & Trust boosted its position in shares of Automatic Data Processing by 16.4% in the 2nd quarter. Grove Bank & Trust now owns 1,208 shares of the business services provider’s stock worth $124,000 after purchasing an additional 170 shares during the last quarter. Finally, Armbruster Capital Management Inc. lifted its holdings in Automatic Data Processing by 2.5% during the second quarter. Armbruster Capital Management Inc. now owns 1,322 shares of the business services provider’s stock worth $135,000 after acquiring an additional 32 shares in the last quarter. 78.64% of the stock is owned by hedge funds and other institutional investors.
Automatic Data Processing (NASDAQ ADP) opened at $116.02 on Friday. Automatic Data Processing has a 1-year low of $94.11 and a 1-year high of $121.77. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $51,409.32, a PE ratio of 31.00, a P/E/G ratio of 2.87 and a beta of 0.85.
Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Thursday, November 2nd. The business services provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.06. Automatic Data Processing had a return on equity of 42.34% and a net margin of 14.08%. The company had revenue of $3.08 billion during the quarter, compared to analysts’ expectations of $3.06 billion. During the same quarter in the previous year, the company posted $0.86 earnings per share. The business’s revenue was up 5.6% on a year-over-year basis. analysts forecast that Automatic Data Processing will post 3.91 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, January 1st. Investors 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 annualized dividend and a dividend yield of 2.17%. The ex-dividend date is Thursday, December 7th. Automatic Data Processing’s payout ratio is 58.02%.
Several research analysts have weighed in on ADP shares. BidaskClub lowered Automatic Data Processing from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 2nd. Deutsche Bank reiterated a “hold” rating and set a $102.00 target price on shares of Automatic Data Processing in a report on Monday, August 21st. Morgan Stanley reiterated an “equal weight” rating on shares of Automatic Data Processing in a report on Wednesday, November 15th. Evercore ISI reissued an “in-line” rating and issued a $115.00 price target on shares of Automatic Data Processing in a research note on Sunday, August 20th. Finally, Bank of America lifted their price target on Automatic Data Processing from $111.00 to $114.00 and gave the company a “neutral” rating in a research note on Friday, October 13th. Twelve equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $112.37.
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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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