Automatic Data Processing (ADP) Shares Bought by Piedmont Investment Advisors LLC
Piedmont Investment Advisors LLC raised its position in Automatic Data Processing (NYSE:ADP) by 0.9% during the first quarter, Holdings Channel reports. The fund owned 98,126 shares of the business services provider’s stock after buying an additional 828 shares during the period. Piedmont Investment Advisors LLC’s holdings in Automatic Data Processing were worth $10,047,000 at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. Coconut Grove Bank raised its position in shares of 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 worth $106,000 after buying an additional 460 shares during the last quarter. 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 last quarter. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Automatic Data Processing during the first quarter worth $113,000. Harbour Capital Advisors LLC purchased a new position in shares of Automatic Data Processing during the first quarter worth $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 last quarter.
Shares of Automatic Data Processing (NYSE:ADP) traded up 1.164% during midday trading on Tuesday, hitting $110.967. The stock had a trading volume of 2,883,863 shares. The stock’s 50-day moving average is $106.50 and its 200-day moving average is $102.66. The stock has a market cap of $49.31 billion and a PE ratio of 28.823. Automatic Data Processing has a 12 month low of $85.48 and a 12 month high of $121.77.
Automatic Data Processing (NYSE:ADP) last posted its quarterly earnings results on Thursday, July 27th. The business services provider reported $0.65 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.67 by $0.02. Automatic Data Processing had a return on equity of 59.56% and a net margin of 17.24%. The business had revenue of $3.06 billion during the quarter, compared to analysts’ expectations of $3.04 billion. During the same quarter in the prior year, the firm earned $0.69 EPS. The firm’s revenue for the quarter was up 5.7% compared to the same quarter last year. Equities analysts anticipate that Automatic Data Processing will post $3.82 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 8th will be paid a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 2.08%. The ex-dividend date of this dividend is Thursday, September 7th.
A number of brokerages have recently weighed in on ADP. Wells Fargo & Company reaffirmed a “market perform” rating on shares of Automatic Data Processing in a research report on Wednesday, August 9th. BMO Capital Markets reissued a “market perform” rating and issued a $105.00 price target on shares of Automatic Data Processing in a research report on Wednesday, August 9th. Argus increased their price target on Automatic Data Processing from $118.00 to $130.00 and gave the company a “buy” rating in a research report on Thursday, August 3rd. Morgan Stanley lowered Automatic Data Processing from an “equal weight” rating to an “underweight” rating and increased their price target for the company from $98.00 to $100.00 in a research report on Thursday, August 3rd. Finally, Royal Bank Of Canada increased their price target on Automatic Data Processing from $94.00 to $95.00 and gave the company a “sector perform” rating in a research report on Tuesday, August 1st. Three analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $104.96.
In related news, CEO Carlos A. Rodriguez sold 36,363 shares of the company’s 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 completion of 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 can be accessed through this hyperlink. Also, VP Donald Weinstein sold 1,933 shares of the company’s stock in a transaction on Monday, July 3rd. The shares were 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 of the company’s stock, valued at approximately $2,624,659.26. The disclosure for this sale can be found here. Insiders sold 90,620 shares of company stock valued at $9,435,757 in the last 90 days.
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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