Carret Asset Management LLC Has $1.48 Million Stake in Automatic Data Processing, Inc. (ADP)
Carret Asset Management LLC grew its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 2.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 14,468 shares of the business services provider’s stock after purchasing an additional 336 shares during the quarter. Carret Asset Management LLC’s holdings in Automatic Data Processing were worth $1,482,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of ADP. Acrospire Investment Management LLC acquired a new stake in Automatic Data Processing during the 2nd quarter worth $102,000. Proficio Capital Partners LLC raised its stake in Automatic Data Processing by 1.8% during the 2nd quarter. Proficio Capital Partners LLC now owns 964 shares of the business services provider’s stock worth $111,000 after buying an additional 17 shares during the period. Edmond DE Rothschild Holding S.A. acquired a new stake in Automatic Data Processing during the 1st quarter worth $113,000. Grove Bank & Trust raised its stake in Automatic Data Processing by 16.4% during the 2nd quarter. Grove Bank & Trust now owns 1,208 shares of the business services provider’s stock worth $124,000 after buying an additional 170 shares during the period. Finally, Armbruster Capital Management Inc. raised its stake in Automatic Data Processing by 2.5% during the 2nd quarter. Armbruster Capital Management Inc. now owns 1,322 shares of the business services provider’s stock worth $135,000 after buying an additional 32 shares during the period. 78.41% of the stock is currently owned by institutional investors.
ADP has been the topic of several research analyst reports. BidaskClub raised Automatic Data Processing from a “hold” rating to a “buy” rating in a research note on Thursday, September 28th. BMO Capital Markets lowered their target price on Automatic Data Processing from $122.00 to $114.00 and set an “outperform” rating for the company in a report on Friday, November 3rd. Morgan Stanley cut Automatic Data Processing from an “equal weight” rating to an “underweight” rating and increased their target price for the stock from $98.00 to $100.00 in a report on Thursday, August 3rd. Bank of America Corporation increased their target price on Automatic Data Processing from $111.00 to $114.00 and gave the stock a “neutral” rating in a report on Friday, October 13th. Finally, Barclays PLC reiterated an “equal weight” rating and set a $105.00 target price on shares of Automatic Data Processing in a report on Tuesday, August 15th. Thirteen equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Automatic Data Processing currently has a consensus rating of “Hold” and an average price target of $112.37.
In related news, VP Maria Black sold 631 shares of Automatic Data Processing 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 completion of the transaction, the vice president now owns 10,550 shares in the company, valued at $1,125,052. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Brock Albinson sold 3,663 shares of Automatic Data Processing stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $106.54, for a total value of $390,256.02. Following the transaction, the vice president now owns 6,287 shares of the company’s stock, valued at approximately $669,816.98. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.
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Automatic Data Processing, Inc. (ADP) opened at $110.53 on Tuesday. The firm has a market capitalization of $49,010.00, a PE ratio of 29.69, a PEG ratio of 2.84 and a beta of 0.88. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.51. Automatic Data Processing, Inc. has a 1-year low of $94.11 and a 1-year high of $121.77.
Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings data on Thursday, November 2nd. The business services provider reported $0.91 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.85 by $0.06. The company had revenue of $3.08 billion during the quarter, compared to analysts’ expectations of $3.06 billion. Automatic Data Processing had a return on equity of 42.34% and a net margin of 14.08%. Automatic Data Processing’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.86 EPS. sell-side analysts expect that Automatic Data Processing, Inc. will post 3.91 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 1st. Stockholders of record on Friday, December 8th will be issued a $0.63 dividend. This is a boost from Automatic Data Processing’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Thursday, December 7th. This represents a $2.52 annualized dividend and a dividend yield of 2.28%. Automatic Data Processing’s dividend payout ratio (DPR) is presently 57.87%.
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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