Automatic Data Processing (ADP) Shares Sold by Isthmus Partners LLC
Isthmus Partners LLC lowered its stake in Automatic Data Processing (NASDAQ:ADP) by 2.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 67,662 shares of the business services provider’s stock after selling 1,867 shares during the quarter. Automatic Data Processing makes up approximately 2.1% of Isthmus Partners LLC’s investment portfolio, making the stock its 9th largest position. Isthmus Partners LLC’s holdings in Automatic Data Processing were worth $7,397,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in the stock. Cullen Frost Bankers Inc. grew its holdings in Automatic Data Processing by 7.0% during the third quarter. Cullen Frost Bankers Inc. now owns 40,298 shares of the business services provider’s stock worth $4,405,000 after purchasing an additional 2,620 shares during the period. Cape Cod Five Cents Savings Bank grew its holdings in Automatic Data Processing by 11.3% during the third quarter. Cape Cod Five Cents Savings Bank now owns 30,969 shares of the business services provider’s stock worth $3,385,000 after purchasing an additional 3,147 shares during the period. State of Wisconsin Investment Board grew its holdings in Automatic Data Processing by 38.5% during the third quarter. State of Wisconsin Investment Board now owns 546,152 shares of the business services provider’s stock worth $59,705,000 after purchasing an additional 151,708 shares during the period. Stevens Capital Management LP bought a new position in Automatic Data Processing during the third quarter worth about $7,313,000. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its holdings in Automatic Data Processing by 3.4% during the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 74,330 shares of the business services provider’s stock worth $8,126,000 after purchasing an additional 2,478 shares during the period. 78.78% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms recently commented on ADP. Zacks Investment Research cut Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Tuesday, October 17th. Royal Bank of Canada reiterated a “hold” rating and set a $95.00 price target on shares of Automatic Data Processing in a report on Friday, September 15th. BidaskClub upgraded Automatic Data Processing from a “hold” rating to a “buy” rating in a report on Saturday, September 9th. Sanford C. Bernstein lifted their price target on Automatic Data Processing from $115.00 to $125.00 and gave the stock an “outperform” rating in a report on Tuesday, October 31st. Finally, Stifel Nicolaus reiterated a “hold” rating and set a $108.00 price target on shares of Automatic Data Processing in a report on Wednesday, October 4th. Eleven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Automatic Data Processing has an average rating of “Hold” and an average target price of $114.17.
Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Thursday, November 2nd. The business services provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.06. Automatic Data Processing had a return on equity of 42.34% and a net margin of 14.08%. The company had revenue of $3.08 billion during the quarter, compared to analysts’ expectations of $3.06 billion. During the same quarter in the previous year, the company posted $0.86 earnings per share. The business’s revenue was up 5.6% on a year-over-year basis. equities research analysts expect that Automatic Data Processing will post 3.91 EPS for the current year.
The company 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 dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date of this dividend is Thursday, December 7th. This is a boost from Automatic Data Processing’s previous quarterly dividend of $0.57. Automatic Data Processing’s payout ratio is currently 63.96%.
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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.
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