Bank of Montreal Can Purchases 384,050 Shares of Automatic Data Processing (ADP)
Bank of Montreal Can increased its position in Automatic Data Processing (NASDAQ:ADP) by 58.3% in the fourth quarter, Holdings Channel reports. The institutional investor owned 1,042,969 shares of the business services provider’s stock after buying an additional 384,050 shares during the quarter. Bank of Montreal Can’s holdings in Automatic Data Processing were worth $122,227,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the stock. Acrospire Investment Management LLC bought a new stake in Automatic Data Processing in the second quarter valued at approximately $102,000. Proficio Capital Partners LLC lifted its position in Automatic Data Processing by 1.8% in the second quarter. Proficio Capital Partners LLC now owns 964 shares of the business services provider’s stock valued at $111,000 after purchasing an additional 17 shares during the last quarter. Wealthcare Advisory Partners LLC bought a new stake in Automatic Data Processing in the third quarter valued at approximately $114,000. Grove Bank & Trust lifted its position in Automatic Data Processing by 16.4% in the second quarter. Grove Bank & Trust now owns 1,208 shares of the business services provider’s stock valued at $124,000 after purchasing an additional 170 shares during the last quarter. Finally, Armbruster Capital Management Inc. lifted its position in Automatic Data Processing by 2.5% in the second quarter. Armbruster Capital Management Inc. now owns 1,322 shares of the business services provider’s stock valued at $135,000 after purchasing an additional 32 shares during the last quarter. Institutional investors own 78.68% of the company’s stock.
In related news, CEO Carlos A. Rodriguez sold 95,756 shares of the company’s stock in a transaction on Thursday, January 4th. The stock was sold at an average price of $118.09, for a total value of $11,307,826.04. Following the sale, the chief executive officer now directly owns 124,722 shares of the company’s stock, valued at $14,728,420.98. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director John P. Jones III sold 5,688 shares of the company’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $116.03, for a total value of $659,978.64. Following the completion of the sale, the director now directly owns 53,956 shares in the company, valued at $6,260,514.68. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 115,505 shares of company stock worth $13,612,788. 0.25% of the stock is owned by insiders.
ADP has been the topic of several research analyst reports. BidaskClub cut Automatic Data Processing from a “strong-buy” rating to a “buy” rating in a research note on Thursday, November 2nd. Zacks Investment Research raised Automatic Data Processing from a “hold” rating to a “buy” rating and set a $133.00 target price on the stock in a research note on Friday, January 5th. Morgan Stanley reissued an “equal weight” rating on shares of Automatic Data Processing in a research note on Wednesday, November 15th. Royal Bank of Canada reduced their target price on Automatic Data Processing from $100.00 to $95.00 and set a “sector perform” rating on the stock in a research note on Monday, November 6th. Finally, Bank of America boosted their target price 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. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $115.21.
Shares of Automatic Data Processing (NASDAQ:ADP) opened at $119.39 on Wednesday. The firm has a market capitalization of $52,950.00, a price-to-earnings ratio of 30.30, a P/E/G ratio of 2.93 and a beta of 0.85. Automatic Data Processing has a 12 month low of $94.11 and a 12 month high of $121.77. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.51.
Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings results on Thursday, November 2nd. The business services provider reported $0.91 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.85 by $0.06. The company 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 42.34% and a net margin of 14.08%. The firm’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.86 earnings per share. analysts predict that Automatic Data Processing will post 3.91 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Sunday, April 1st. Investors of record on Friday, March 9th will be paid a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 2.11%. Automatic Data Processing’s payout ratio is 63.96%.
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Automatic Data Processing Company Profile
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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