WMS Partners LLC Lowers Stake in Automatic Data Processing (NYSE:ADP)
WMS Partners LLC reduced its stake in Automatic Data Processing (NYSE:ADP) by 13.7% during the first quarter, Holdings Channel reports. The institutional investor owned 2,625 shares of the business services provider’s stock after selling 415 shares during the period. WMS Partners LLC’s holdings in Automatic Data Processing were worth $269,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of the company. American Century Companies Inc. increased its position in Automatic Data Processing by 51.1% in the first quarter. American Century Companies Inc. now owns 2,697,795 shares of the business services provider’s stock valued at $276,227,000 after buying an additional 912,528 shares in the last quarter. Alliancebernstein L.P. increased its position in Automatic Data Processing by 6.2% in the first quarter. Alliancebernstein L.P. now owns 8,345,691 shares of the business services provider’s stock valued at $854,515,000 after buying an additional 485,320 shares in the last quarter. Polen Capital Management LLC increased its position in Automatic Data Processing by 8.3% in the first quarter. Polen Capital Management LLC now owns 6,250,533 shares of the business services provider’s stock valued at $639,992,000 after buying an additional 479,558 shares in the last quarter. Karp Capital Management Corp acquired a new position in Automatic Data Processing during the first quarter valued at $43,183,000. Finally, Swiss National Bank increased its position in Automatic Data Processing by 17.3% in the first quarter. Swiss National Bank now owns 2,391,985 shares of the business services provider’s stock valued at $244,915,000 after buying an additional 353,200 shares in the last quarter.
Automatic Data Processing (NYSE ADP) opened at 111.53 on Monday. The firm’s 50-day moving average is $104.36 and its 200-day moving average is $102.14. Automatic Data Processing has a 52 week low of $85.48 and a 52 week high of $121.77. The stock has a market capitalization of $49.55 billion and a P/E ratio of 28.97.
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 (EPS) for the quarter, missing the Thomson Reuters’ 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 analyst estimates of $3.04 billion. During the same period in the prior year, the business earned $0.69 earnings per share. Automatic Data Processing’s revenue for the quarter was up 5.7% on a year-over-year basis. On average, equities research analysts predict that Automatic Data Processing will post $3.81 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 8th will be paid a dividend of $0.57 per share. The ex-dividend date is Thursday, September 7th. This represents a $2.28 annualized dividend and a dividend yield of 2.05%.
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Several equities analysts have recently weighed in on ADP shares. Zacks Investment Research downgraded shares of Automatic Data Processing from a “hold” rating to a “sell” rating in a research note on Tuesday, July 4th. Barclays PLC reissued a “buy” rating on shares of Automatic Data Processing in a research note on Thursday, April 27th. Evercore ISI downgraded shares of Automatic Data Processing from an “in-line” rating to an “underperform” rating and set a $85.00 price target on the stock. in a research note on Friday, June 2nd. Argus decreased their price target on shares of Automatic Data Processing from $118.00 to $101.50 and set a “buy” rating on the stock in a research note on Wednesday, May 31st. Finally, BidaskClub downgraded shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company. Automatic Data Processing currently has an average rating of “Hold” and a consensus target price of $104.96.
In other Automatic Data Processing news, insider Michael A. Bonarti sold 2,932 shares of the firm’s stock in a transaction dated 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 directly owns 46,256 shares of the company’s stock, valued at approximately $4,717,186.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Carlos A. Rodriguez sold 49,392 shares of the firm’s stock in a transaction dated 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 $15,941,894.03. The disclosure for this sale can be found here. Insiders have sold a total of 90,620 shares of company stock worth $9,435,757 over the last ninety days.
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.
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