Boston Advisors LLC Sells 900 Shares of Automatic Data Processing (ADP)
Boston Advisors LLC cut its stake in shares of Automatic Data Processing (NYSE:ADP) by 5.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,268 shares of the business services provider’s stock after selling 900 shares during the period. Boston Advisors LLC’s holdings in Automatic Data Processing were worth $1,564,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of ADP. BlackRock Inc. increased its position in Automatic Data Processing by 1,971.2% in the first quarter. BlackRock Inc. now owns 29,631,769 shares of the business services provider’s stock valued at $3,033,995,000 after buying an additional 28,201,085 shares in the last quarter. Vanguard Group Inc. increased its position in Automatic Data Processing by 4.4% in the first quarter. Vanguard Group Inc. now owns 34,188,021 shares of the business services provider’s stock valued at $3,500,512,000 after buying an additional 1,430,863 shares in the last quarter. American Century Companies Inc. increased its position in Automatic Data Processing by 51.1% in the first quarter. American Century Companies Inc. now owns 2,697,795 shares of the business services provider’s stock valued at $276,227,000 after buying an additional 912,528 shares in the last quarter. APG Asset Management N.V. increased its position in Automatic Data Processing by 59.3% in the second quarter. APG Asset Management N.V. now owns 1,766,271 shares of the business services provider’s stock valued at $180,972,000 after buying an additional 657,209 shares in the last quarter. Finally, Mackenzie Financial Corp purchased a new position in Automatic Data Processing during the first quarter valued at approximately $53,405,000.
Automatic Data Processing (ADP) remained flat at $104.59 during trading on Friday. The company’s stock had a trading volume of 3,448,701 shares. The stock’s 50 day moving average price is $107.18 and its 200-day moving average price is $103.06. Automatic Data Processing has a 12-month low of $85.48 and a 12-month high of $121.77. The company has a market cap of $46.48 billion and a price-to-earnings ratio of 27.17.
Automatic Data Processing (NYSE:ADP) last released its earnings results on Thursday, July 27th. The business services provider reported $0.65 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.67 by $0.02. The business had revenue of $3.06 billion during 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%. Automatic Data Processing’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.69 EPS. Equities research analysts predict that Automatic Data Processing will post $3.81 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 8th will be issued a $0.57 dividend. The ex-dividend date is Thursday, September 7th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.18%.
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ADP has been the subject of a number of recent research reports. Zacks Investment Research downgraded Automatic Data Processing from a “hold” rating to a “sell” rating in a research note on Tuesday, July 4th. Barclays PLC downgraded Automatic Data Processing from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $110.00 to $105.00 in a research note on Tuesday, July 18th. William Blair downgraded Automatic Data Processing from an “outperform” rating to a “market perform” rating in a research note on Friday, July 21st. Evercore ISI downgraded Automatic Data Processing from an “in-line” rating to an “underperform” rating and set a $85.00 target price for the company. in a research note on Friday, June 2nd. Finally, Morgan Stanley downgraded Automatic Data Processing from an “equal weight” rating to an “underweight” rating and raised their target price for the stock from $98.00 to $100.00 in a research note on Thursday, August 3rd. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $107.25.
In related news, VP Donald Weinstein sold 1,933 shares of the stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $101.98, for a total transaction of $197,127.34. Following the completion of the sale, the vice president now directly owns 25,737 shares in the company, valued at $2,624,659.26. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Carlos A. Rodriguez sold 36,363 shares of the stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $110.00, for a total value of $3,999,930.00. Following the sale, the chief executive officer now owns 146,494 shares of the company’s stock, valued at $16,114,340. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 41,228 shares of company stock valued at $4,496,063.
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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