Automatic Data Processing (ADP) Shares Bought by Brown Advisory Inc.
Brown Advisory Inc. boosted its stake in shares of Automatic Data Processing (NYSE:ADP) by 6.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 448,092 shares of the company’s stock after buying an additional 28,526 shares during the period. Brown Advisory Inc. owned about 0.10% of Automatic Data Processing worth $41,166,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in ADP. Kleinwort Benson Investors Dublin Ltd purchased a new position in Automatic Data Processing during the second quarter valued at $202,000. Smith Salley & Associates raised its position in Automatic Data Processing by 1.2% in the second quarter. Smith Salley & Associates now owns 2,436 shares of the company’s stock valued at $224,000 after buying an additional 30 shares in the last quarter. South Texas Money Management Ltd. raised its position 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 valued at $254,000 after buying an additional 159 shares in the last quarter. Scott & Selber Inc. purchased a new position in Automatic Data Processing during the second quarter valued at $294,000. Finally, Sequoia Financial Advisors LLC raised its position 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 valued at $344,000 after buying an additional 20 shares in the last quarter.
Automatic Data Processing (NYSE:ADP) traded up 1.01% during trading on Thursday, reaching $89.78. The company had a trading volume of 251,746 shares. The stock has a 50 day moving average of $89.12 and a 200-day moving average of $89.31. Automatic Data Processing has a 12 month low of $76.65 and a 12 month high of $96.00. The company has a market capitalization of $40.96 billion and a P/E ratio of 27.64.
Automatic Data Processing (NYSE:ADP) last announced its earnings results on Thursday, July 28th. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.67 by $0.02. The company had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.94 billion. During the same period in the prior year, the company earned $0.55 earnings per share. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. Equities research analysts expect that Automatic Data Processing will post $3.60 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Saturday, October 1st. Stockholders of record on Friday, September 9th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 2.39%. The ex-dividend date is Wednesday, September 7th.
Several research firms have recently weighed in on ADP. Zacks Investment Research lowered Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Thursday, July 14th. Robert W. Baird lowered Automatic Data Processing from an “outperform” rating to a “neutral” rating and set a $94.00 price objective on the stock. in a research note on Friday, July 29th. Citigroup Inc. reaffirmed a “neutral” rating and issued a $90.00 price objective (up from $89.00) on shares of Automatic Data Processing in a research note on Friday, July 29th. Jefferies Group lifted their price objective on Automatic Data Processing from $75.00 to $81.00 and gave the company an “underperform” rating in a research note on Monday, August 1st. Finally, Sanford C. Bernstein raised Automatic Data Processing from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $97.00 to $110.00 in a research note on Monday, July 11th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $95.14.
In related news, CEO Carlos A. Rodriguez sold 67,064 shares of the stock in a transaction dated Monday, July 11th. The stock was sold at an average price of $95.00, for a total value of $6,371,080.00. Following the completion of the sale, the chief executive officer now directly owns 166,627 shares of the company’s stock, valued at approximately $15,829,565. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Michael C. Eberhard sold 3,412 shares of the stock in a transaction dated Friday, July 1st. The stock was sold at an average price of $92.00, for a total value of $313,904.00. Following the completion of the sale, the vice president now directly owns 27,524 shares of the company’s stock, valued at $2,532,208. The disclosure for this sale can be found here.
Automatic Data Processing Company Profile
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.
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