Markston International LLC Reduces Stake in Automatic Data Processing (ADP)

Markston International LLC cut its stake in Automatic Data Processing (NYSE:ADP) by 6.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 111,867 shares of the business services provider’s stock after selling 7,169 shares during the quarter. Markston International LLC’s holdings in Automatic Data Processing were worth $11,462,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. BlackRock Inc. lifted its position in Automatic Data Processing by 1,971.2% in the first 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. Gardiner Nancy B lifted its position in Automatic Data Processing by 8.8% in the second quarter. Gardiner Nancy B now owns 21,027 shares of the business services provider’s stock worth $2,153,000 after buying an additional 1,705 shares during the last quarter. Gotham Asset Management LLC bought a new stake in Automatic Data Processing in the first quarter worth $1,447,000. Meiji Yasuda Asset Management Co Ltd. lifted its position in Automatic Data Processing by 1.0% in the first quarter. Meiji Yasuda Asset Management Co Ltd. now owns 38,651 shares of the business services provider’s stock worth $3,957,000 after buying an additional 380 shares during the last quarter. Finally, Lazard Asset Management LLC lifted its position in Automatic Data Processing by 37.2% in the first quarter. Lazard Asset Management LLC now owns 142,475 shares of the business services provider’s stock worth $14,587,000 after buying an additional 38,603 shares during the last quarter.

Shares of Automatic Data Processing (ADP) opened at 118.25 on Friday. Automatic Data Processing has a 12-month low of $86.53 and a 12-month high of $121.77. The company has a 50 day moving average price of $110.88 and a 200 day moving average price of $105.50. The company has a market capitalization of $52.55 billion and a P/E ratio of 30.71.

Automatic Data Processing (NYSE:ADP) last released 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). The firm had revenue of $3.06 billion during the quarter, compared to analyst estimates of $3.04 billion. Automatic Data Processing had a net margin of 8.67% and a return on equity of 26.39%. Automatic Data Processing’s quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.69 EPS. Equities analysts anticipate that Automatic Data Processing will post $3.82 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Sunday, October 1st. Investors of record on Friday, September 8th were issued a $0.57 dividend. The ex-dividend date was Thursday, September 7th. This represents a $2.28 annualized dividend and a yield of 1.93%.

ADP has been the subject of a number of analyst reports. Zacks Investment Research downgraded Automatic Data Processing from a “hold” rating to a “sell” rating in a research report on Tuesday, July 4th. BidaskClub downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Barclays PLC downgraded Automatic Data Processing from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $110.00 to $105.00 in a research report on Tuesday, July 18th. William Blair downgraded Automatic Data Processing from an “outperform” rating to a “market perform” rating in a research report on Friday, July 21st. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $105.00 target price (up from $100.00) on shares of Automatic Data Processing in a research report on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Automatic Data Processing presently has an average rating of “Hold” and a consensus target price of $109.96.

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In related news, VP Maria Black sold 631 shares of the business’s stock in a transaction on Saturday, September 2nd. The shares were sold at an average price of $106.64, for a total value of $67,289.84. Following the transaction, the vice president now owns 10,550 shares in the company, valued at $1,125,052. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Brock Albinson sold 3,663 shares of the business’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $106.54, for a total transaction of $390,256.02. Following the completion of the transaction, the vice president now owns 6,287 shares in the company, valued at approximately $669,816.98. The disclosure for this sale can be found here.

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.

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

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