Jennison Associates LLC lowered its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 48.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,083 shares of the business services provider’s stock after selling 4,686 shares during the period. Jennison Associates LLC’s holdings in Automatic Data Processing were worth $1,016,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Financial Insights Inc. purchased a new stake in shares of Automatic Data Processing during the 2nd quarter worth approximately $30,000. Guidance Point Advisors LLC purchased a new position in shares of Automatic Data Processing during the 3rd quarter worth $30,000. Princeton Global Asset Management LLC lifted its stake in shares of Automatic Data Processing by 158.7% during the 3rd quarter. Princeton Global Asset Management LLC now owns 163 shares of the business services provider’s stock worth $33,000 after purchasing an additional 100 shares during the period. Parisi Gray Wealth Management purchased a new position in shares of Automatic Data Processing during the 2nd quarter worth $39,000. Finally, Total Clarity Wealth Management Inc. purchased a new position in shares of Automatic Data Processing during the 3rd quarter worth $49,000. Institutional investors and hedge funds own 78.32% of the company’s stock.
In other news, VP Stuart Sackman sold 738 shares of the company’s stock in a transaction that occurred on Friday, December 3rd. The shares were sold at an average price of $228.39, for a total transaction of $168,551.82. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Donald Weinstein sold 15,856 shares of the business’s stock in a transaction that occurred on Wednesday, December 1st. The stock was sold at an average price of $229.97, for a total transaction of $3,646,404.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 124,928 shares of company stock worth $28,959,765. 0.34% of the stock is owned by company insiders.
Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Tuesday, October 26th. The business services provider reported $1.65 earnings per share for the quarter, beating the consensus estimate of $1.49 by $0.16. Automatic Data Processing had a net margin of 17.55% and a return on equity of 47.31%. The business had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.75 billion. During the same period in the previous year, the business earned $1.41 EPS. The firm’s revenue was up 9.5% on a year-over-year basis. Equities analysts predict that Automatic Data Processing, Inc. will post 6.77 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, April 1st. Stockholders of record on Friday, March 11th will be given a dividend of $1.04 per share. The ex-dividend date is Thursday, March 10th. This represents a $4.16 annualized dividend and a dividend yield of 1.82%. Automatic Data Processing’s dividend payout ratio (DPR) is currently 65.82%.
A number of research firms have recently commented on ADP. Robert W. Baird upped their price objective on Automatic Data Processing from $228.00 to $242.00 and gave the stock a “neutral” rating in a report on Tuesday, November 16th. Jefferies Financial Group upped their price objective on shares of Automatic Data Processing from $215.00 to $250.00 and gave the company a “hold” rating in a research report on Wednesday, October 27th. Zacks Investment Research raised shares of Automatic Data Processing from a “hold” rating to a “buy” rating and set a $241.00 price target on the stock in a research report on Tuesday, December 21st. BMO Capital Markets increased their price target on shares of Automatic Data Processing from $208.00 to $220.00 and gave the stock a “market perform” rating in a research report on Thursday, October 28th. Finally, Citigroup raised their target price on shares of Automatic Data Processing from $220.00 to $238.00 and gave the stock a “neutral” rating in a report on Wednesday, December 1st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Automatic Data Processing has an average rating of “Hold” and a consensus target price of $231.46.
Automatic Data Processing Company Profile
Automatic Data Processing, Inc engages in the provision of business outsourcing solutions specializes in cloud-based human capital management. It operates through the following business segments: Employer Services; and Professional Employer Organization Services; and Other. The Employer Services segment provides clients ranging from single-employee small businesses to large enterprises with tens of thousands of employees around the world, offering a range of human resources outsourcing and technology-based human capital management solutions, including strategic, cloud-based platforms.
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