Martingale Asset Management L P increased its stake in Automatic Data Processing (NASDAQ:ADP) by 180.3% in the 3rd quarter, Holdings Channel reports. The firm owned 331,166 shares of the business services provider’s stock after acquiring an additional 213,011 shares during the period. Martingale Asset Management L P’s holdings in Automatic Data Processing were worth $49,894,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the stock. BlackRock Inc. raised its position in Automatic Data Processing by 1.4% in the 2nd quarter. BlackRock Inc. now owns 29,370,904 shares of the business services provider’s stock worth $3,939,812,000 after purchasing an additional 410,257 shares during the last quarter. Bank of New York Mellon Corp raised its position in Automatic Data Processing by 1.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 9,605,668 shares of the business services provider’s stock worth $1,447,190,000 after purchasing an additional 121,162 shares during the last quarter. JPMorgan Chase & Co. raised its position in Automatic Data Processing by 213.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 8,639,847 shares of the business services provider’s stock worth $1,301,682,000 after purchasing an additional 5,880,242 shares during the last quarter. Morgan Stanley raised its position in Automatic Data Processing by 11.7% in the 2nd quarter. Morgan Stanley now owns 7,671,784 shares of the business services provider’s stock worth $1,029,094,000 after purchasing an additional 801,928 shares during the last quarter. Finally, Polen Capital Management LLC grew its holdings in Automatic Data Processing by 1.2% during the 2nd quarter. Polen Capital Management LLC now owns 7,146,946 shares of the business services provider’s stock worth $958,691,000 after acquiring an additional 84,493 shares during the period. Hedge funds and other institutional investors own 79.88% of the company’s stock.

In other news, insider Michael A. Bonarti sold 2,334 shares of the business’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $144.77, for a total value of $337,893.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Brock Albinson sold 3,345 shares of the business’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $144.35, for a total transaction of $482,850.75. Following the completion of the transaction, the vice president now directly owns 6,081 shares of the company’s stock, valued at approximately $877,792.35. The disclosure for this sale can be found here. Insiders sold a total of 179,767 shares of company stock valued at $26,396,593 in the last three months. 0.33% of the stock is owned by company insiders.

A number of analysts have commented on the stock. Zacks Investment Research raised shares of Automatic Data Processing from a “sell” rating to a “hold” rating in a report on Friday, October 26th. Barclays assumed coverage on shares of Automatic Data Processing in a report on Wednesday, November 14th. They set an “overweight” rating and a $168.00 target price for the company. BidaskClub lowered shares of Automatic Data Processing from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 1st. Citigroup lifted their target price on shares of Automatic Data Processing from $137.00 to $147.00 and gave the stock a “neutral” rating in a report on Thursday, November 1st. Finally, BMO Capital Markets lowered their target price on shares of Automatic Data Processing from $155.00 to $150.00 and set a “market perform” rating for the company in a report on Thursday, November 1st. Eight investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $151.19.

Shares of ADP stock opened at $140.52 on Wednesday. Automatic Data Processing has a 12-month low of $107.61 and a 12-month high of $153.51. The firm has a market capitalization of $62.79 billion, a PE ratio of 32.30, a PEG ratio of 2.18 and a beta of 0.91. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.03 and a quick ratio of 1.03.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings results on Wednesday, October 31st. The business services provider reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.09. Automatic Data Processing had a net margin of 12.71% and a return on equity of 50.96%. The company had revenue of $3.32 billion during the quarter, compared to analyst estimates of $3.28 billion. During the same quarter in the previous year, the business earned $0.94 EPS. The firm’s revenue was up 8.0% on a year-over-year basis. Equities analysts expect that Automatic Data Processing will post 5.26 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 1st. Stockholders of record on Friday, December 14th will be issued a $0.79 dividend. This is a positive change from Automatic Data Processing’s previous quarterly dividend of $0.69. The ex-dividend date is Thursday, December 13th. This represents a $3.16 annualized dividend and a dividend yield of 2.25%. Automatic Data Processing’s payout ratio is 63.45%.

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Automatic Data Processing Profile

Automatic Data Processing, Inc provides business process outsourcing services worldwide. It operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) outsourcing and technology-based human capital management solutions.

Further Reading: Are all No-Load Funds Equal?

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

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