Independence Trust CO increased its holdings in shares of Automatic Data Processing (NYSE:ADP) by 16.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,099 shares of the business services provider’s stock after buying an additional 2,360 shares during the quarter. Automatic Data Processing accounts for about 2.1% of Independence Trust CO’s portfolio, making the stock its 18th largest position. Independence Trust CO’s holdings in Automatic Data Processing were worth $1,752,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. grew its stake in Automatic Data Processing by 4.4% during the 1st quarter. Vanguard Group Inc. now owns 34,188,021 shares of the business services provider’s stock worth $3,500,512,000 after buying an additional 1,430,863 shares during the last quarter. BlackRock Inc. grew its stake in Automatic Data Processing by 1,971.2% during the 1st quarter. BlackRock Inc. now owns 29,631,769 shares of the business services provider’s stock worth $3,033,995,000 after buying an additional 28,201,085 shares during the last quarter. Alliancebernstein L.P. grew its stake in Automatic Data Processing by 6.2% during the 1st quarter. Alliancebernstein L.P. now owns 8,345,691 shares of the business services provider’s stock worth $854,515,000 after buying an additional 485,320 shares during the last quarter. Polen Capital Management LLC grew its stake in Automatic Data Processing by 8.3% during the 1st quarter. Polen Capital Management LLC now owns 6,250,533 shares of the business services provider’s stock worth $639,992,000 after buying an additional 479,558 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in Automatic Data Processing by 6.9% during the 1st quarter. Geode Capital Management LLC now owns 4,779,648 shares of the business services provider’s stock worth $488,748,000 after buying an additional 307,521 shares during the last quarter.

Several research analysts recently weighed in on the company. BidaskClub upgraded Automatic Data Processing from a “hold” rating to a “buy” rating in a research note on Tuesday, August 1st. Royal Bank Of Canada boosted their target price on Automatic Data Processing from $94.00 to $95.00 and gave the stock a “sector perform” rating in a research note on Tuesday, August 1st. Robert W. Baird restated a “neutral” rating and set a $95.00 target price on shares of Automatic Data Processing in a research note on Sunday, July 30th. Stifel Nicolaus restated a “hold” rating and set a $108.00 target price (up from $103.00) on shares of Automatic Data Processing in a research note on Sunday, July 30th. Finally, BMO Capital Markets restated an “outperform” rating and set a $105.00 target price (up from $100.00) on shares of Automatic Data Processing in a research note on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $109.25.

Automatic Data Processing (NYSE:ADP) opened at 115.93 on Friday. The stock has a 50 day moving average price of $110.16 and a 200 day moving average price of $105.16. Automatic Data Processing has a one year low of $86.53 and a one year high of $121.77. The firm has a market cap of $51.52 billion and a PE ratio of 30.11.

Automatic Data Processing (NYSE:ADP) last released its quarterly 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). Automatic Data Processing had a return on equity of 26.39% and a net margin of 8.67%. The company had revenue of $3.06 billion for the quarter, compared to analysts’ expectations of $3.04 billion. During the same period in the prior year, the business earned $0.69 EPS. The business’s quarterly revenue was up 5.7% compared to the same quarter last year. Equities research analysts expect that Automatic Data Processing will post $3.81 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, October 1st. Shareholders of record on Friday, September 8th were issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date was Thursday, September 7th.

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In other Automatic Data Processing news, VP Maria Black sold 631 shares of Automatic Data Processing stock in a transaction that occurred on Saturday, September 2nd. The stock was sold at an average price of $106.64, for a total value of $67,289.84. Following the sale, the vice president now owns 10,550 shares of the company’s stock, valued at approximately $1,125,052. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Brock Albinson sold 3,663 shares of Automatic Data Processing stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $106.54, for a total value of $390,256.02. Following the completion of the sale, the vice president now directly owns 6,287 shares in the company, valued at approximately $669,816.98. The disclosure for this sale can be found here. Insiders sold a total of 40,657 shares of company stock worth $4,457,476 in the last ninety days.

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

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