Burney Co. Trims Stake in Automatic Data Processing (NASDAQ:ADP)

Burney Co. decreased its holdings in shares of Automatic Data Processing (NASDAQ:ADP) by 6.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,845 shares of the business services provider’s stock after selling 1,296 shares during the period. Burney Co.’s holdings in Automatic Data Processing were worth $3,170,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also bought and sold shares of the company. Oregon Public Employees Retirement Fund boosted its holdings in shares of Automatic Data Processing by 18,918.6% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 23,462,482 shares of the business services provider’s stock worth $179,000 after buying an additional 23,339,116 shares during the period. Lunia Capital LP boosted its holdings in shares of Automatic Data Processing by 14,251.9% in the fourth quarter. Lunia Capital LP now owns 18,367,683 shares of the business services provider’s stock worth $18,368,000 after buying an additional 18,239,702 shares during the period. Norges Bank acquired a new position in shares of Automatic Data Processing in the fourth quarter worth about $522,489,000. Ronna Sue Cohen boosted its holdings in shares of Automatic Data Processing by 15,564.1% in the first quarter. Ronna Sue Cohen now owns 3,468,349 shares of the business services provider’s stock worth $3,468,000 after buying an additional 3,446,207 shares during the period. Finally, BlackRock Inc. boosted its holdings in shares of Automatic Data Processing by 5.4% in the fourth quarter. BlackRock Inc. now owns 30,996,337 shares of the business services provider’s stock worth $4,064,239,000 after buying an additional 1,587,214 shares during the period. Institutional investors own 79.79% of the company’s stock.

ADP stock opened at $165.54 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.38. The company has a market cap of $71.91 billion, a P/E ratio of 38.06, a P/E/G ratio of 2.34 and a beta of 0.92. Automatic Data Processing has a 52 week low of $121.40 and a 52 week high of $168.87.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings results on Wednesday, May 1st. The business services provider reported $1.77 EPS for the quarter, topping the consensus estimate of $1.69 by $0.08. The business had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $3.91 billion. Automatic Data Processing had a net margin of 13.76% and a return on equity of 50.53%. The firm’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same period last year, the company posted $1.57 earnings per share. As a group, analysts anticipate that Automatic Data Processing will post 5.44 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be issued a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 1.91%. The ex-dividend date is Thursday, June 13th. Automatic Data Processing’s dividend payout ratio is currently 72.64%.

Several brokerages have commented on ADP. BidaskClub cut shares of Automatic Data Processing from a “strong-buy” rating to a “buy” rating in a report on Tuesday. Zacks Investment Research cut shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Wednesday, May 15th. Barclays raised their target price on shares of Automatic Data Processing from $168.00 to $180.00 and gave the stock an “overweight” rating in a report on Monday, May 6th. Citigroup raised their target price on shares of Automatic Data Processing from $147.00 to $162.00 and gave the stock a “neutral” rating in a report on Thursday, May 2nd. Finally, Sanford C. Bernstein cut shares of Automatic Data Processing from an “outperform” rating to a “market perform” rating in a report on Tuesday, April 30th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Automatic Data Processing currently has a consensus rating of “Buy” and an average price target of $166.89.

In related news, insider Jan Siegmund sold 27,272 shares of the firm’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $165.00, for a total transaction of $4,499,880.00. Following the completion of the sale, the insider now directly owns 77,595 shares in the company, valued at $12,803,175. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Donald Weinstein sold 1,706 shares of the firm’s stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $165.01, for a total transaction of $281,507.06. Following the sale, the vice president now owns 26,220 shares of the company’s stock, valued at $4,326,562.20. The disclosure for this sale can be found here. Company insiders own 0.33% of the company’s stock.

TRADEMARK VIOLATION NOTICE: This article was first published by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are accessing this article on another domain, it was illegally stolen and reposted in violation of international copyright law. The original version of this article can be read at https://www.dispatchtribunal.com/2019/06/15/burney-co-trims-stake-in-automatic-data-processing-nasdaqadp.html.

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.

Featured Article: What are the qualifications of a portfolio manager?

Want to see what other hedge funds are holding ADP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Automatic Data Processing (NASDAQ:ADP).

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

Receive News & Ratings for Automatic Data Processing Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Automatic Data Processing and related companies with MarketBeat.com's FREE daily email newsletter.