State Street Corp reduced its position in Automatic Data Processing (NYSE:ADP) by 1.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,466,870 shares of the business services provider’s stock after selling 292,582 shares during the period. State Street Corp’s holdings in Automatic Data Processing were worth $2,095,673,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in 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. bought a new position in shares of Automatic Data Processing during the first quarter worth $113,000. 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. Finally, Weatherly Asset Management L. P. bought a new position in shares of Automatic Data Processing during the first quarter worth $209,000.

Automatic Data Processing (NYSE ADP) traded down 0.4901% during trading on Thursday, hitting $109.1226. 697,765 shares of the stock were exchanged. Automatic Data Processing has a 52 week low of $85.48 and a 52 week high of $121.77. The firm has a market cap of $48.49 billion and a PE ratio of 28.3435. The firm’s 50-day moving average is $105.89 and its 200 day moving average is $102.52. Automatic Data Processing also was the target of unusually large options trading activity on Tuesday. Stock traders acquired 15,090 put options on the stock. This represents an increase of 264% compared to the typical daily volume of 4,143 put options.

Automatic Data Processing (NYSE:ADP) last released its quarterly earnings results on Thursday, July 27th. The business services provider reported $0.65 earnings per share for the quarter, missing the 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 firm had revenue of $3.06 billion for the quarter, compared to analysts’ expectations of $3.04 billion. During the same quarter last year, the firm posted $0.69 earnings per share. The firm’s revenue for the quarter was up 5.7% compared to the same quarter last year. Analysts expect that Automatic Data Processing will post $3.82 earnings per share for the current fiscal 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 given a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 2.08%. The ex-dividend date is Thursday, September 7th.

WARNING: This piece of content was first posted by Watch List News and is owned by of Watch List News. If you are reading this piece of content on another site, it was illegally stolen and reposted in violation of U.S. & international copyright & trademark legislation. The legal version of this piece of content can be viewed at https://www.watchlistnews.com/automatic-data-processing-nyseadp-shares-sold-by-state-street-corp/1470853.html.

A number of brokerages recently weighed in on ADP. BMO Capital Markets reaffirmed a “market perform” rating and issued a $105.00 target price on shares of Automatic Data Processing in a research note on Wednesday. Barclays PLC reaffirmed a “buy” rating on shares of Automatic Data Processing in a research note on Thursday, April 27th. Robert W. Baird reaffirmed a “neutral” rating and issued a $95.00 target price on shares of Automatic Data Processing in a research note on Sunday, July 30th. Evercore ISI lowered shares of Automatic Data Processing from an “in-line” rating to an “underperform” rating and set a $85.00 target price for the company. in a research note on Friday, June 2nd. Finally, Wells Fargo & Company reaffirmed a “market perform” rating on shares of Automatic Data Processing in a research note on Wednesday. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $104.96.

In related news, insider Michael A. Bonarti sold 2,932 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $101.98, for a total transaction of $299,005.36. Following the sale, the insider now owns 46,256 shares of the company’s stock, valued at approximately $4,717,186.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Carlos A. Rodriguez sold 49,392 shares of the company’s stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $100.01, for a total transaction of $4,939,693.92. Following the sale, the chief executive officer now directly owns 159,403 shares in the company, valued at approximately $15,941,894.03. The disclosure for this sale can be found here. In the last three months, insiders sold 90,620 shares of company stock worth $9,435,757.

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.

Want to see what other hedge funds are holding ADP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Automatic Data Processing (NYSE:ADP).

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

Receive News & Ratings for Automatic Data Processing Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Automatic Data Processing and related companies with Analyst Ratings Network's FREE daily email newsletter.