City Holding Co. Takes $4.62 Million Position in Automatic Data Processing (ADP)
City Holding Co. bought a new position in shares of Automatic Data Processing (NASDAQ:ADP) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 34,421 shares of the business services provider’s stock, valued at approximately $4,617,000. Automatic Data Processing accounts for about 1.4% of City Holding Co.’s holdings, making the stock its 9th largest holding.
Several other institutional investors and hedge funds have also made changes to their positions in ADP. Atlantic Trust LLC acquired a new stake in shares of Automatic Data Processing during the second quarter worth about $104,000. Integrated Investment Consultants LLC acquired a new stake in Automatic Data Processing in the second quarter valued at about $111,000. Jolley Asset Management LLC acquired a new stake in Automatic Data Processing in the second quarter valued at about $117,000. Fort L.P. acquired a new stake in Automatic Data Processing in the second quarter valued at about $119,000. Finally, Kaizen Advisory LLC lifted its position in Automatic Data Processing by 149.7% in the second quarter. Kaizen Advisory LLC now owns 1,081 shares of the business services provider’s stock valued at $145,000 after purchasing an additional 648 shares during the period. Institutional investors and hedge funds own 78.88% of the company’s stock.
In other Automatic Data Processing news, insider Michael A. Bonarti sold 2,372 shares of the stock in a transaction dated Monday, July 2nd. The shares were sold at an average price of $132.66, for a total value of $314,669.52. Following the completion of the transaction, the insider now directly owns 41,023 shares of the company’s stock, valued at $5,442,111.18. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Don Mcguire sold 1,140 shares of the stock in a transaction dated Thursday, September 6th. The shares were sold at an average price of $145.78, for a total transaction of $166,189.20. Following the completion of the transaction, the vice president now directly owns 6,476 shares of the company’s stock, valued at $944,071.28. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,191 shares of company stock valued at $1,301,603. 0.25% of the stock is currently owned by corporate insiders.
Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, August 1st. The business services provider reported $0.92 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.90 by $0.02. Automatic Data Processing had a net margin of 12.16% and a return on equity of 50.17%. The company had revenue of $3.32 billion during the quarter, compared to analysts’ expectations of $3.29 billion. During the same period last year, the company posted $0.66 earnings per share. The firm’s quarterly revenue was up 8.3% compared to the same quarter last year. sell-side analysts predict that Automatic Data Processing will post 5.18 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Friday, September 14th will be issued a $0.69 dividend. The ex-dividend date is Thursday, September 13th. This represents a $2.76 dividend on an annualized basis and a yield of 1.88%. Automatic Data Processing’s dividend payout ratio (DPR) is presently 63.45%.
A number of equities research analysts recently commented on ADP shares. Stifel Nicolaus raised their price objective on shares of Automatic Data Processing from $126.00 to $148.00 and gave the company a “hold” rating in a research report on Wednesday, June 6th. Zacks Investment Research upgraded shares of Automatic Data Processing from a “hold” rating to a “buy” rating and set a $146.00 price objective for the company in a research report on Monday, May 28th. Wedbush raised their price objective on shares of Automatic Data Processing from $101.25 to $145.00 and gave the company a “neutral” rating in a research report on Wednesday, June 13th. Guggenheim started coverage on shares of Automatic Data Processing in a research report on Monday, August 20th. They issued a “buy” rating and a $175.00 price objective for the company. Finally, Argus raised their price objective on shares of Automatic Data Processing from $145.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, August 13th. Eight investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $141.07.
Automatic Data Processing Company Profile
Automatic Data Processing, Inc provides business process outsourcing services worldwide. It operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) outsourcing and technology-based human capital management solutions.
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