East Coast Asset Management LLC. Sells 4,358 Shares of Automatic Data Processing (ADP)
East Coast Asset Management LLC. cut its position in Automatic Data Processing (NYSE:ADP) by 15.0% during the second quarter, Holdings Channel reports. The institutional investor owned 24,760 shares of the company’s stock after selling 4,358 shares during the period. Automatic Data Processing makes up 1.2% of East Coast Asset Management LLC.’s portfolio, making the stock its 26th largest position. East Coast Asset Management LLC.’s holdings in Automatic Data Processing were worth $2,275,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. Kleinwort Benson Investors Dublin Ltd acquired a new stake in Automatic Data Processing during the second quarter worth $202,000. Smith Salley & Associates boosted its stake in Automatic Data Processing by 1.2% in the second quarter. Smith Salley & Associates now owns 2,436 shares of the company’s stock worth $224,000 after buying an additional 30 shares during the period. South Texas Money Management Ltd. boosted its stake in Automatic Data Processing by 6.1% in the second quarter. South Texas Money Management Ltd. now owns 2,764 shares of the company’s stock worth $254,000 after buying an additional 159 shares during the period. Scott & Selber Inc. acquired a new stake in Automatic Data Processing during the second quarter worth $294,000. Finally, Sequoia Financial Advisors LLC boosted its stake in Automatic Data Processing by 0.5% in the second quarter. Sequoia Financial Advisors LLC now owns 3,747 shares of the company’s stock worth $344,000 after buying an additional 20 shares during the period.
Automatic Data Processing (NYSE:ADP) traded up 0.24% on Wednesday, reaching $88.00. 345,971 shares of the company’s stock traded hands. The firm’s 50 day moving average price is $89.10 and its 200 day moving average price is $89.31. Automatic Data Processing has a 52-week low of $76.65 and a 52-week high of $96.00. The firm has a market capitalization of $40.14 billion and a PE ratio of 27.09.
Automatic Data Processing (NYSE:ADP) last posted its earnings results on Thursday, July 28th. The company reported $0.69 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.02. The business earned $2.90 billion during the quarter, compared to the consensus estimate of $2.94 billion. The business’s revenue was up 7.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.55 EPS. On average, analysts predict that Automatic Data Processing will post $3.62 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Saturday, October 1st. Investors of record on Friday, September 9th will be paid a $0.53 dividend. The ex-dividend date is Wednesday, September 7th. This represents a $2.12 dividend on an annualized basis and a yield of 2.41%.
A number of equities research analysts have recently weighed in on ADP shares. Zacks Investment Research cut Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Thursday, July 14th. JPMorgan Chase & Co. reaffirmed a “hold” rating and set a $93.00 price target on shares of Automatic Data Processing in a report on Friday, July 29th. Wedbush started coverage on Automatic Data Processing in a report on Thursday, September 8th. They set a “neutral” rating and a $100.00 target price on the stock. Jefferies Group boosted their target price on Automatic Data Processing from $75.00 to $81.00 and gave the stock an “underperform” rating in a report on Monday, August 1st. Finally, Citigroup Inc. reissued a “neutral” rating and set a $90.00 target price (up previously from $89.00) on shares of Automatic Data Processing in a report on Friday, July 29th. One analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $95.14.
In related news, insider Jan Siegmund sold 6,592 shares of the company’s stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $89.20, for a total value of $588,006.40. Following the sale, the insider now owns 52,193 shares of the company’s stock, valued at $4,655,615.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Michael C. Eberhard sold 3,412 shares of the company’s stock in a transaction dated Friday, July 1st. The shares were sold at an average price of $92.00, for a total transaction of $313,904.00. Following the completion of the sale, the vice president now directly owns 27,524 shares in the company, valued at approximately $2,532,208. The disclosure for this sale can be found here.
About Automatic Data Processing
Automatic Data Processing, Inc (ADP) is a provider of human capital management (HCM) solutions and business process outsourcing. The Company operates through two segments: Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers a range of business outsourcing and technology-enabled HCM solutions.
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).
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 MarketBeat.com's FREE daily email newsletter.