Pictet Asset Management Ltd. trimmed its holdings in shares of Automatic Data Processing (NASDAQ:ADP) by 6.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 278,281 shares of the business services provider’s stock after selling 19,200 shares during the quarter. Pictet Asset Management Ltd. owned approximately 0.06% of Automatic Data Processing worth $30,422,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Acrospire Investment Management LLC acquired a new position in Automatic Data Processing in the 2nd quarter valued at $102,000. Proficio Capital Partners LLC raised its stake in Automatic Data Processing by 1.8% in the 2nd quarter. Proficio Capital Partners LLC now owns 964 shares of the business services provider’s stock valued at $111,000 after purchasing an additional 17 shares during the last quarter. Edmond DE Rothschild Holding S.A. acquired a new position in Automatic Data Processing in the 1st quarter valued at $113,000. Grove Bank & Trust raised its stake in Automatic Data Processing by 16.4% in the 2nd quarter. Grove Bank & Trust now owns 1,208 shares of the business services provider’s stock valued at $124,000 after purchasing an additional 170 shares during the last quarter. Finally, Armbruster Capital Management Inc. raised its stake in Automatic Data Processing by 2.5% in the 2nd quarter. Armbruster Capital Management Inc. now owns 1,322 shares of the business services provider’s stock valued at $135,000 after purchasing an additional 32 shares during the last quarter. 78.64% of the stock is owned by institutional investors and hedge funds.

Shares of Automatic Data Processing (NASDAQ:ADP) opened at $115.68 on Wednesday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $50,917.05, a price-to-earnings ratio of 30.70, a price-to-earnings-growth ratio of 2.94 and a beta of 0.85. Automatic Data Processing has a twelve month low of $94.11 and a twelve month high of $121.77.

Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Thursday, November 2nd. The business services provider reported $0.91 earnings per share (EPS) 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%. The firm’s quarterly revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.86 EPS. equities research analysts anticipate that Automatic Data Processing will post 3.91 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, January 1st. Shareholders 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. This represents a $2.52 annualized dividend and a yield of 2.18%. The ex-dividend date is Thursday, December 7th. Automatic Data Processing’s dividend payout ratio is presently 58.02%.

Several research analysts recently commented on ADP shares. BidaskClub raised Automatic Data Processing from a “hold” rating to a “buy” rating in a research note on Thursday, September 28th. BMO Capital Markets reduced their price objective on Automatic Data Processing from $122.00 to $114.00 and set an “outperform” rating for the company in a research note on Friday, November 3rd. Bank of America increased their price objective on Automatic Data Processing from $111.00 to $114.00 and gave the company a “neutral” rating in a research note on Friday, October 13th. Barclays reissued an “equal weight” rating and issued a $105.00 price objective on shares of Automatic Data Processing in a research note on Tuesday, August 15th. Finally, Citigroup reissued a “neutral” rating and issued a $110.00 price objective (up from $98.00) on shares of Automatic Data Processing in a research note on Thursday, August 17th. Twelve equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $112.37.

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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.

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

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