IBM Retirement Fund raised its stake in shares of Automatic Data Processing (NYSE:ADP) by 115.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,935 shares of the business services provider’s stock after purchasing an additional 5,853 shares during the period. IBM Retirement Fund’s holdings in Automatic Data Processing were worth $1,252,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of ADP. BlackRock Inc. increased its position in Automatic Data Processing by 1,971.2% during the first quarter. BlackRock Inc. now owns 29,631,769 shares of the business services provider’s stock worth $3,033,995,000 after purchasing an additional 28,201,085 shares during the last quarter. Vanguard Group Inc. increased its position in Automatic Data Processing by 4.4% during the first quarter. Vanguard Group Inc. now owns 34,188,021 shares of the business services provider’s stock worth $3,500,512,000 after purchasing an additional 1,430,863 shares during the last quarter. American Century Companies Inc. increased its position in Automatic Data Processing by 51.1% during the first quarter. American Century Companies Inc. now owns 2,697,795 shares of the business services provider’s stock worth $276,227,000 after purchasing an additional 912,528 shares during the last quarter. APG Asset Management N.V. increased its position in Automatic Data Processing by 59.3% during the second quarter. APG Asset Management N.V. now owns 1,766,271 shares of the business services provider’s stock worth $180,972,000 after purchasing an additional 657,209 shares during the last quarter. Finally, Mackenzie Financial Corp acquired a new position in Automatic Data Processing during the first quarter worth approximately $53,405,000.

Several equities analysts recently commented on the stock. Goldman Sachs Group, Inc. (The) lowered shares of Automatic Data Processing from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $115.00 to $108.00 in a research report on Tuesday, June 20th. Royal Bank Of Canada upped their price target on shares of Automatic Data Processing from $94.00 to $95.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 1st. BidaskClub raised shares of Automatic Data Processing from a “hold” rating to a “buy” rating in a research report on Tuesday, August 1st. Stifel Nicolaus reaffirmed a “hold” rating and set a $108.00 price target (up previously from $103.00) on shares of Automatic Data Processing in a research report on Sunday, July 30th. Finally, Barclays PLC lowered shares of Automatic Data Processing from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $110.00 to $105.00 in a research report on Tuesday, July 18th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the company. Automatic Data Processing has a consensus rating of “Hold” and a consensus target price of $107.81.

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In related news, insider Michael A. Bonarti sold 2,932 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $101.98, for a total transaction of $299,005.36. Following the transaction, the insider now owns 46,256 shares of the company’s stock, valued at $4,717,186.88. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Carlos A. Rodriguez sold 36,363 shares of the firm’s stock in a transaction that occurred on Thursday, July 27th. The shares were sold at an average price of $110.00, for a total transaction of $3,999,930.00. Following the transaction, the chief executive officer now directly owns 146,494 shares in the company, valued at approximately $16,114,340. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 45,522 shares of company stock worth $4,953,609.

Shares of Automatic Data Processing (NYSE:ADP) opened at 107.92 on Wednesday. Automatic Data Processing has a 1-year low of $85.48 and a 1-year high of $121.77. The stock has a market capitalization of $47.96 billion and a P/E ratio of 28.03. The firm’s 50-day moving average is $108.50 and its 200 day moving average is $103.70.

Automatic Data Processing (NYSE:ADP) last issued its quarterly earnings data 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 business had revenue of $3.06 billion for the quarter, compared to the consensus estimate 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 was up 5.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.69 EPS. On average, analysts expect that Automatic Data Processing will post $3.81 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 8th will be given 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.

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

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