Automatic Data Processing (ADP) is Notis McConarty Edward’s 3rd Largest Position
Notis McConarty Edward increased its position in shares of Automatic Data Processing (NYSE:ADP) by 0.8% during the first quarter, Holdings Channel reports. The fund owned 51,712 shares of the business services provider’s stock after buying an additional 404 shares during the period. Automatic Data Processing comprises about 3.5% of Notis McConarty Edward’s holdings, making the stock its 3rd largest position. Notis McConarty Edward’s holdings in Automatic Data Processing were worth $5,295,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Coconut Grove Bank raised its position in shares of 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 during the last quarter. Grisanti Capital Management LLC increased 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 during the period. Edmond DE Rothschild Holding S.A. acquired a new stake in Automatic Data Processing during the first quarter worth about $113,000. Harbour Capital Advisors LLC acquired a new stake in Automatic Data Processing during the first quarter worth about $176,000. Finally, Guardian Life Insurance Co. of America increased 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 during the period.
Shares of Automatic Data Processing (NYSE ADP) traded down 0.08% during midday trading on Friday, hitting $108.81. 4,639,179 shares of the stock were exchanged. The firm has a market capitalization of $48.35 billion and a price-to-earnings ratio of 28.26. Automatic Data Processing has a 1-year low of $85.48 and a 1-year high of $121.77. The stock’s 50-day moving average price is $106.27 and its 200-day moving average price is $102.61.
Automatic Data Processing (NYSE:ADP) last announced its earnings results 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. Automatic Data Processing had a net margin of 17.24% and a return on equity of 59.56%. The business had revenue of $3.06 billion for the quarter, compared to analysts’ expectations of $3.04 billion. During the same period in the prior year, the business earned $0.69 earnings per share. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. On average, analysts forecast that Automatic Data Processing will post $3.82 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 8th will be issued a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 2.10%. The ex-dividend date is Thursday, September 7th.
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ADP has been the topic of a number of recent research reports. Argus lowered their price objective on shares of Automatic Data Processing from $118.00 to $101.50 and set a “buy” rating on the stock in a report on Wednesday, May 31st. Zacks Investment Research downgraded shares of Automatic Data Processing from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. Robert W. Baird reiterated a “neutral” rating and issued a $95.00 price objective on shares of Automatic Data Processing in a report on Sunday, July 30th. Morgan Stanley downgraded shares of Automatic Data Processing from an “equal weight” rating to an “underweight” rating and lifted their price objective for the company from $98.00 to $100.00 in a report on Thursday, August 3rd. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $105.00 price objective (up from $100.00) on shares of Automatic Data Processing in a report on Friday, July 28th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company’s stock. Automatic Data Processing currently has a consensus rating of “Hold” and a consensus target price of $104.96.
In related news, VP Donald Weinstein sold 1,933 shares of Automatic Data Processing stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $101.98, for a total value of $197,127.34. Following the completion of the sale, the vice president now owns 25,737 shares of the company’s stock, valued at approximately $2,624,659.26. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 sale, the chief executive officer now directly owns 159,403 shares of the company’s stock, valued at approximately $15,941,894.03. The disclosure for this sale can be found here. In the last three months, insiders sold 90,620 shares of company stock valued at $9,435,757.
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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