Grove Bank & Trust Boosts Holdings in Automatic Data Processing (ADP)
Grove Bank & Trust raised its position in Automatic Data Processing (NYSE:ADP) by 16.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,208 shares of the business services provider’s stock after purchasing an additional 170 shares during the quarter. Grove Bank & Trust’s holdings in Automatic Data Processing were worth $124,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Coconut Grove Bank raised its position 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 valued at $106,000 after purchasing an additional 460 shares during the last quarter. Grisanti Capital Management LLC raised its position 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 valued at $107,000 after purchasing an additional 45 shares during the last quarter. Edmond DE Rothschild Holding S.A. bought a new position in Automatic Data Processing in the first quarter valued at about $113,000. Harbour Capital Advisors LLC bought a new position in Automatic Data Processing in the first quarter valued at about $176,000. Finally, Guardian Life Insurance Co. of America raised its position 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 valued at $178,000 after purchasing an additional 12 shares during the last quarter.
Automatic Data Processing (NYSE ADP) opened at 108.16 on Friday. The company has a market capitalization of $48.06 billion and a P/E ratio of 28.09. The stock’s 50 day moving average price is $107.88 and its 200-day moving average price is $103.85. Automatic Data Processing has a 12 month low of $85.48 and a 12 month high of $121.77.
Automatic Data Processing (NYSE:ADP) last issued its 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). The company had revenue of $3.06 billion for the quarter, compared to analysts’ expectations of $3.04 billion. Automatic Data Processing had a net margin of 8.67% and a return on equity of 26.39%. The company’s revenue was up 5.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.69 earnings per share. On average, equities research analysts predict that Automatic Data Processing will post $3.81 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 8th will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 2.11%. The ex-dividend date of this dividend is Thursday, September 7th.
In related news, CEO Carlos A. Rodriguez sold 36,363 shares of the stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $110.00, for a total transaction of $3,999,930.00. Following the completion of the sale, the chief executive officer now directly owns 146,494 shares in the company, valued at approximately $16,114,340. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael A. Bonarti sold 2,932 shares of the stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $101.98, for a total value of $299,005.36. Following the sale, the insider now owns 46,256 shares of the company’s stock, valued at $4,717,186.88. The disclosure for this sale can be found here. Insiders have sold a total of 45,522 shares of company stock valued at $4,953,609 over the last 90 days.
Several equities analysts have commented on ADP shares. Argus dropped their target price on Automatic Data Processing from $118.00 to $101.50 and set a “buy” rating for the company in a research report on Wednesday, May 31st. Evercore ISI reiterated an “underperform” rating and issued a $85.00 target price on shares of Automatic Data Processing in a research report on Friday, June 2nd. Goldman Sachs Group, Inc. (The) downgraded Automatic Data Processing from a “buy” rating to a “neutral” rating and dropped their target price for the company from $115.00 to $108.00 in a research report on Tuesday, June 20th. Zacks Investment Research downgraded Automatic Data Processing from a “hold” rating to a “sell” rating in a research report on Tuesday, July 4th. Finally, BidaskClub downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the company’s stock. Automatic Data Processing presently has a consensus rating of “Hold” and an average price target of $107.81.
Automatic Data Processing Profile
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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