Cypress Capital Group cut its position in Automatic Data Processing (NYSE:ADP) by 2.2% during the first quarter, Holdings Channel reports. The firm owned 8,932 shares of the business services provider’s stock after selling 200 shares during the period. Cypress Capital Group’s holdings in Automatic Data Processing were worth $915,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in ADP. Vanguard Group Inc. raised its stake in Automatic Data Processing by 4.4% in the first quarter. Vanguard Group Inc. now owns 34,188,021 shares of the business services provider’s stock worth $3,500,512,000 after buying an additional 1,430,863 shares during the period. BlackRock Inc. raised its stake in Automatic Data Processing by 1,971.2% in the first quarter. BlackRock Inc. now owns 29,631,769 shares of the business services provider’s stock worth $3,033,995,000 after buying an additional 28,201,085 shares during the period. Alliancebernstein L.P. raised its stake 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 worth $854,515,000 after buying an additional 485,320 shares during the period. Polen Capital Management LLC raised its stake 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 worth $639,992,000 after buying an additional 479,558 shares during the period. Finally, Geode Capital Management LLC raised its stake in Automatic Data Processing by 6.9% in the first quarter. Geode Capital Management LLC now owns 4,779,648 shares of the business services provider’s stock worth $488,748,000 after buying an additional 307,521 shares during the period.

Shares of Automatic Data Processing (ADP) traded down 0.08% during trading on Friday, reaching $108.81. 4,639,179 shares of the company’s stock were exchanged. The stock has a 50-day moving average price of $106.27 and a 200 day moving average price of $102.61. Automatic Data Processing has a 12-month low of $85.48 and a 12-month high of $121.77. The company has a market capitalization of $48.35 billion and a P/E ratio of 28.26.

Automatic Data Processing (NYSE:ADP) last announced its quarterly earnings data on Thursday, July 27th. The business services provider reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by $0.02. The company had revenue of $3.06 billion during the quarter, compared to analysts’ expectations of $3.04 billion. Automatic Data Processing had a net margin of 17.24% and a return on equity of 59.56%. The business’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.69 EPS. Equities analysts expect that Automatic Data Processing will post $3.82 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 8th will be paid a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 2.10%. The ex-dividend date is Thursday, September 7th.

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ADP has been the subject of a number of research reports. Barclays PLC lowered their price objective on shares of Automatic Data Processing from $115.00 to $113.00 and set an “overweight” rating for the company in a research note on Tuesday, April 25th. Morgan Stanley lowered shares of Automatic Data Processing from an “equal weight” rating to an “underweight” rating and upped their price objective for the stock from $98.00 to $100.00 in a research note on Thursday, August 3rd. BidaskClub raised shares of Automatic Data Processing from a “hold” rating to a “buy” rating in a research note on Tuesday, August 1st. William Blair lowered shares of Automatic Data Processing from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $105.00 price objective (up from $100.00) on shares of Automatic Data Processing in a research note on Friday, July 28th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued 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 news, CEO Carlos A. Rodriguez sold 49,392 shares of Automatic Data Processing stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $100.01, for a total value of $4,939,693.92. Following the completion of the transaction, the chief executive officer now owns 159,403 shares in the company, valued at approximately $15,941,894.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Carlos A. Rodriguez sold 36,363 shares of Automatic Data Processing stock in a transaction dated Thursday, July 27th. The shares were sold at an average price of $110.00, for a total value of $3,999,930.00. Following the completion of the transaction, the chief executive officer now owns 146,494 shares of the company’s stock, valued at approximately $16,114,340. 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 quarter.

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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Institutional Ownership by Quarter for Automatic Data Processing (NYSE:ADP)

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