Oppenheimer Asset Management Inc. Buys New Stake in Automatic Data Processing (ADP)
Oppenheimer Asset Management Inc. bought a new position in Automatic Data Processing (NYSE:ADP) during the first quarter, Holdings Channel reports. The firm bought 17,294 shares of the business services provider’s stock, valued at approximately $1,770,000.
Several other hedge funds have also recently bought and sold shares of the company. Coconut Grove Bank raised its stake in Automatic Data Processing by 79.6% in the first quarter. Coconut Grove Bank now owns 1,038 shares of the business services provider’s stock worth $106,000 after buying an additional 460 shares in the last quarter. Grisanti Capital Management LLC raised its stake in Automatic Data Processing by 4.5% in the first quarter. Grisanti Capital Management LLC now owns 1,045 shares of the business services provider’s stock worth $107,000 after buying an additional 45 shares in the last quarter. Edmond DE Rothschild Holding S.A. purchased a new stake in Automatic Data Processing during the first quarter worth $113,000. Guardian Life Insurance Co. of America raised its stake in Automatic Data Processing by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 1,740 shares of the business services provider’s stock worth $178,000 after buying an additional 12 shares in the last quarter. Finally, Weatherly Asset Management L. P. purchased a new stake in Automatic Data Processing during the first quarter worth $209,000.
Automatic Data Processing (ADP) traded down 0.64% during trading on Thursday, reaching $108.96. 594,515 shares of the company were exchanged. Automatic Data Processing has a 1-year low of $85.48 and a 1-year high of $121.77. The company’s 50-day moving average price is $105.89 and its 200-day moving average price is $102.52. The stock has a market capitalization of $48.42 billion and a P/E ratio of 28.30. Automatic Data Processing also was the recipient of unusually large options trading activity on Tuesday. Investors acquired 15,090 put options on the stock. This is an increase of approximately 264% compared to the typical volume of 4,143 put options.
Automatic Data Processing (NYSE:ADP) last announced its quarterly earnings results on Thursday, July 27th. The business services provider reported $0.65 earnings per share for the quarter, missing the 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 business had revenue of $3.06 billion during the quarter, compared to analysts’ expectations of $3.04 billion. During the same period in the previous year, the company posted $0.69 EPS. Automatic Data Processing’s revenue for the quarter was up 5.7% on a year-over-year basis. On average, equities analysts forecast that Automatic Data Processing will post $3.82 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 8th will be given a $0.57 dividend. The ex-dividend date is Thursday, September 7th. This represents a $2.28 annualized dividend and a dividend yield of 2.08%.
A number of analysts have recently weighed in on the stock. BMO Capital Markets reiterated a “market perform” rating and set a $105.00 target price on shares of Automatic Data Processing in a report on Wednesday. Barclays PLC reiterated a “buy” rating on shares of Automatic Data Processing in a report on Thursday, April 27th. Robert W. Baird reiterated a “neutral” rating and set a $95.00 target price on shares of Automatic Data Processing in a report on Sunday, July 30th. Evercore ISI lowered shares of Automatic Data Processing from an “in-line” rating to an “underperform” rating and set a $85.00 target price for the company. in a report on Friday, June 2nd. Finally, Wells Fargo & Company reiterated a “market perform” rating on shares of Automatic Data Processing in a report on Wednesday. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company. Automatic Data Processing presently has a consensus rating of “Hold” and a consensus price target of $104.96.
In other news, CEO Carlos A. Rodriguez sold 49,392 shares of the company’s stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $100.01, for a total value of $4,939,693.92. Following the completion of the sale, the chief executive officer now owns 159,403 shares of the company’s stock, valued at approximately $15,941,894.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Donald Weinstein sold 1,933 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $101.98, for a total transaction of $197,127.34. Following the completion of the sale, the vice president now directly owns 25,737 shares of the company’s stock, valued at approximately $2,624,659.26. The disclosure for this sale can be found here. Insiders sold a total of 90,620 shares of company stock valued at $9,435,757 in 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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