Kovack Advisors Inc. cut its stake in Automatic Data Processing (NASDAQ:ADP) by 22.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,389 shares of the business services provider’s stock after selling 396 shares during the quarter. Kovack Advisors Inc.’s holdings in Automatic Data Processing were worth $209,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the stock. Smith Shellnut Wilson LLC ADV purchased a new position in Automatic Data Processing in the 3rd quarter valued at about $398,000. United Capital Management of KS Inc. purchased a new position in Automatic Data Processing in the 3rd quarter valued at about $694,000. State of Alaska Department of Revenue lifted its stake in Automatic Data Processing by 0.4% in the 3rd quarter. State of Alaska Department of Revenue now owns 124,424 shares of the business services provider’s stock valued at $18,744,000 after buying an additional 487 shares in the last quarter. Pennsylvania Trust Co lifted its stake in Automatic Data Processing by 0.6% in the 3rd quarter. Pennsylvania Trust Co now owns 155,785 shares of the business services provider’s stock valued at $23,471,000 after buying an additional 900 shares in the last quarter. Finally, We Are One Seven LLC purchased a new position in Automatic Data Processing in the 3rd quarter valued at about $427,000. 77.73% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts recently weighed in on ADP shares. BidaskClub downgraded shares of Automatic Data Processing from a “strong-buy” rating to a “buy” rating in a report on Monday, June 18th. Zacks Investment Research downgraded shares of Automatic Data Processing from a “strong-buy” rating to a “hold” rating and set a $152.00 price objective for the company. in a report on Thursday, July 12th. Wolfe Research started coverage on shares of Automatic Data Processing in a report on Tuesday, July 17th. They issued an “outperform” rating for the company. Credit Suisse Group started coverage on shares of Automatic Data Processing in a report on Friday, August 10th. They issued an “outperform” rating and a $160.00 price objective for the company. Finally, Argus increased their price objective on shares of Automatic Data Processing from $145.00 to $150.00 and gave the company a “buy” rating in a report on Monday, August 13th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $144.47.
ADP stock opened at $140.72 on Friday. The stock has a market capitalization of $65.90 billion, a price-to-earnings ratio of 32.25, a price-to-earnings-growth ratio of 2.57 and a beta of 0.92. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.05 and a quick ratio of 1.05. Automatic Data Processing has a 12 month low of $107.61 and a 12 month high of $153.51.
Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings results on Wednesday, August 1st. The business services provider reported $0.92 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.90 by $0.02. The business had revenue of $3.32 billion during the quarter, compared to the consensus estimate of $3.29 billion. Automatic Data Processing had a net margin of 12.16% and a return on equity of 50.17%. The business’s revenue was up 8.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.66 EPS. On average, sell-side analysts expect that Automatic Data Processing will post 5.18 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 1st. Stockholders of record on Friday, September 14th were issued a dividend of $0.69 per share. The ex-dividend date of this dividend was Thursday, September 13th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.96%. Automatic Data Processing’s dividend payout ratio is currently 63.45%.
In other news, VP Michael C. Eberhard sold 9,100 shares of the firm’s stock in a transaction that occurred on Friday, September 21st. The shares were sold at an average price of $150.00, for a total transaction of $1,365,000.00. Following the completion of the sale, the vice president now owns 48,468 shares in the company, valued at approximately $7,270,200. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Brock Albinson sold 3,345 shares of the firm’s stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $144.35, for a total transaction of $482,850.75. Following the sale, the vice president now owns 6,081 shares of the company’s stock, valued at approximately $877,792.35. The disclosure for this sale can be found here. Insiders have sold a total of 15,919 shares of company stock valued at $2,351,933 in the last 90 days. Insiders own 0.33% of the company’s stock.
About Automatic Data Processing
Automatic Data Processing, Inc provides business process outsourcing services worldwide. It operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) outsourcing and technology-based human capital management solutions.
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