Stearns Financial Services Group Boosts Holdings in Automatic Data Processing (ADP)
Stearns Financial Services Group raised its position in shares of Automatic Data Processing (NYSE:ADP) by 1.2% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 15,020 shares of the business services provider’s stock after acquiring an additional 172 shares during the quarter. Stearns Financial Services Group’s holdings in Automatic Data Processing were worth $1,539,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. raised its position in shares of Automatic Data Processing by 1,971.2% in the 1st quarter. BlackRock Inc. now owns 29,631,769 shares of the business services provider’s stock worth $3,033,995,000 after acquiring an additional 28,201,085 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Automatic Data Processing by 4.4% in the 1st quarter. Vanguard Group Inc. now owns 34,188,021 shares of the business services provider’s stock valued at $3,500,512,000 after purchasing an additional 1,430,863 shares during the period. American Century Companies Inc. lifted its stake in shares of Automatic Data Processing by 51.1% in the 1st quarter. American Century Companies Inc. now owns 2,697,795 shares of the business services provider’s stock valued at $276,227,000 after purchasing an additional 912,528 shares during the period. APG Asset Management N.V. lifted its stake in shares of Automatic Data Processing by 59.3% in the 2nd 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 purchasing an additional 657,209 shares during the period. Finally, Mackenzie Financial Corp purchased a new position in shares of Automatic Data Processing in the 1st quarter valued at approximately $53,405,000.
Shares of Automatic Data Processing (ADP) opened at 110.71 on Wednesday. The stock has a market capitalization of $49.20 billion and a P/E ratio of 28.76. Automatic Data Processing has a 12 month low of $85.48 and a 12 month high of $121.77. The company’s 50-day moving average is $107.13 and its 200 day moving average is $104.17.
Automatic Data Processing (NYSE:ADP) last announced its earnings results on Thursday, July 27th. The business services provider reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.02). Automatic Data Processing had a net margin of 8.67% and a return on equity of 26.39%. The company had revenue of $3.06 billion for the quarter, compared to the consensus estimate of $3.04 billion. During the same period last year, the business posted $0.69 EPS. The firm’s revenue was up 5.7% compared to the same quarter last year. Equities research analysts predict that Automatic Data Processing will post $3.81 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Sunday, October 1st. Stockholders of record on Friday, September 8th were given a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 2.06%. The ex-dividend date of this dividend was Thursday, September 7th.
ADP has been the topic of several research reports. BidaskClub upgraded Automatic Data Processing from a “hold” rating to a “buy” rating in a research report on Thursday, September 28th. Morgan Stanley downgraded Automatic Data Processing from an “equal weight” rating to an “underweight” rating and increased their price objective for the stock from $98.00 to $100.00 in a report on Thursday, August 3rd. Barclays PLC reiterated an “equal weight” rating and issued a $105.00 price objective on shares of Automatic Data Processing in a report on Tuesday, August 15th. BMO Capital Markets reissued a “market perform” rating and set a $105.00 price objective on shares of Automatic Data Processing in a research report on Monday, August 21st. Finally, Citigroup Inc. reissued a “neutral” rating and set a $110.00 price objective (up previously from $98.00) on shares of Automatic Data Processing in a research report on Thursday, August 17th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and three have issued a buy rating to the company’s stock. Automatic Data Processing has an average rating of “Hold” and an average target price of $107.81.
In related news, VP Maria Black sold 631 shares of the firm’s stock in a transaction dated Saturday, September 2nd. The stock was sold at an average price of $106.64, for a total transaction of $67,289.84. Following the sale, the vice president now owns 10,550 shares of the company’s stock, valued at $1,125,052. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Carlos A. Rodriguez sold 36,363 shares of the firm’s stock in a transaction dated Thursday, July 27th. The shares were 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 directly owns 146,494 shares in the company, valued at approximately $16,114,340. The disclosure for this sale can be found here. Over the last three months, insiders sold 40,657 shares of company stock valued at $4,457,476.
Automatic Data Processing Profile
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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