CIBC World Markets Inc. raised its position in shares of Automatic Data Processing (NYSE:ADP) by 17.7% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 26,527 shares of the company’s stock after buying an additional 3,984 shares during the period. CIBC World Markets Inc.’s holdings in Automatic Data Processing were worth $2,340,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Zions Bancorporation boosted its position in shares of Automatic Data Processing by 228.5% in the second quarter. Zions Bancorporation now owns 1,189 shares of the company’s stock worth $110,000 after buying an additional 827 shares in the last quarter. Cornerstone Advisors Inc. boosted its position in shares of Automatic Data Processing by 406.5% in the second quarter. Cornerstone Advisors Inc. now owns 1,246 shares of the company’s stock worth $114,000 after buying an additional 1,000 shares in the last quarter. Hanson McClain Inc. boosted its position in shares of Automatic Data Processing by 2.0% in the second quarter. Hanson McClain Inc. now owns 1,287 shares of the company’s stock worth $118,000 after buying an additional 25 shares in the last quarter. Peddock Capital Advisors LLC acquired a new position in shares of Automatic Data Processing during the third quarter worth about $128,000. Finally, Pinkerton Retirement Specialists LLC acquired a new position in shares of Automatic Data Processing during the second quarter worth about $133,000.

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

Shares of Automatic Data Processing (NYSE:ADP) traded up 0.49% during mid-day trading on Tuesday, reaching $97.04. 1,590,936 shares of the company’s stock traded hands. The stock has a market cap of $43.78 billion and a price-to-earnings ratio of 29.04. Automatic Data Processing has a 12-month low of $76.65 and a 12-month high of $97.43. The firm’s 50 day moving average price is $90.08 and its 200-day moving average price is $89.59.

Automatic Data Processing (NYSE:ADP) last released its earnings results on Wednesday, November 2nd. The company reported $0.86 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.76 by $0.10. The business earned $2.90 billion during the quarter, compared to analysts’ expectations of $2.92 billion. The firm’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.68 earnings per share. Equities research analysts forecast that Automatic Data Processing will post $3.66 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Sunday, January 1st. Stockholders of record on Friday, December 9th will be given a $0.57 dividend. The ex-dividend date is Wednesday, December 7th. This is an increase from Automatic Data Processing’s previous quarterly dividend of $0.53. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.35%.

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ADP has been the subject of a number of analyst reports. BMO Capital Markets reiterated a “hold” rating on shares of Automatic Data Processing in a report on Thursday, November 3rd. Wedbush initiated coverage on shares of Automatic Data Processing in a research report on Thursday, September 8th. They set a “neutral” rating and a $100.00 price target on the stock. Zacks Investment Research lowered shares of Automatic Data Processing from a “hold” rating to a “sell” rating in a research report on Tuesday, November 1st. Finally, Jefferies Group raised their price target on shares of Automatic Data Processing from $75.00 to $81.00 and gave the company an “underperform” rating in a research report on Monday, August 1st. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $95.14.

In related news, CEO Carlos A. Rodriguez sold 10,000 shares of the stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $89.91, for a total transaction of $899,100.00. Following the sale, the chief executive officer now directly owns 119,877 shares of the company’s stock, valued at approximately $10,778,141.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jan Siegmund sold 6,592 shares of the stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $89.20, for a total transaction of $588,006.40. Following the sale, the insider now directly owns 52,193 shares in the company, valued at $4,655,615.60. The disclosure for this sale can be found here.

Automatic Data Processing Company Profile

Automatic Data Processing, Inc (ADP) is a provider of human capital management (HCM) solutions and business process outsourcing. The Company operates through two segments: Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers a range of business outsourcing and technology-enabled HCM solutions.

5 Day Chart for NYSE:ADP

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