Somerville Kurt F trimmed its position in Automatic Data Processing (NASDAQ:ADP) by 7.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 122,611 shares of the business services provider’s stock after selling 10,066 shares during the quarter. Automatic Data Processing accounts for 4.0% of Somerville Kurt F’s holdings, making the stock its 2nd biggest holding. Somerville Kurt F’s holdings in Automatic Data Processing were worth $20,272,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of ADP. Horan Capital Advisors LLC. acquired a new position in Automatic Data Processing in the 1st quarter valued at $31,000. Paragon Capital Management LLC bought a new stake in shares of Automatic Data Processing during the 1st quarter valued at $32,000. C J Advisory Inc bought a new stake in shares of Automatic Data Processing during the 1st quarter valued at $32,000. Cypress Capital Management LLC WY lifted its position in shares of Automatic Data Processing by 257.1% during the 1st quarter. Cypress Capital Management LLC WY now owns 200 shares of the business services provider’s stock valued at $32,000 after acquiring an additional 144 shares during the period. Finally, Permanens Capital L.P. bought a new stake in shares of Automatic Data Processing during the 1st quarter valued at $32,000. 79.80% of the stock is currently owned by hedge funds and other institutional investors.
Shares of ADP stock traded down $0.03 on Friday, hitting $164.27. 2,865,836 shares of the company’s stock were exchanged, compared to its average volume of 1,878,029. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.04 and a current ratio of 1.05. Automatic Data Processing has a 12 month low of $121.40 and a 12 month high of $172.00. The company has a market capitalization of $71.51 billion, a PE ratio of 30.14, a P/E/G ratio of 2.06 and a beta of 0.91. The stock’s 50 day moving average is $166.08.
Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings data on Wednesday, July 31st. The business services provider reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.01. Automatic Data Processing had a return on equity of 47.48% and a net margin of 16.17%. The business had revenue of $3.50 billion during the quarter, compared to the consensus estimate of $3.50 billion. During the same period in the prior year, the company earned $0.99 EPS. Automatic Data Processing’s revenue for the quarter was up 5.5% on a year-over-year basis. As a group, analysts predict that Automatic Data Processing will post 6.15 EPS for the current fiscal year.
In related news, VP Dermot J. O’brien sold 1,771 shares of the company’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $162.04, for a total transaction of $286,972.84. Following the completion of the sale, the vice president now directly owns 14,896 shares in the company, valued at approximately $2,413,747.84. The sale was disclosed in a filing with the SEC, which is available through this link. 0.33% of the stock is owned by corporate insiders.
ADP has been the subject of a number of recent analyst reports. ValuEngine downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Thursday. Barclays upped their target price on Automatic Data Processing from $168.00 to $180.00 and gave the company an “overweight” rating in a research report on Monday, May 6th. Sanford C. Bernstein downgraded Automatic Data Processing from an “outperform” rating to a “market perform” rating in a research report on Tuesday, April 30th. BidaskClub downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Monday, June 24th. Finally, Citigroup upped their target price on Automatic Data Processing from $147.00 to $162.00 and gave the company a “neutral” rating in a research report on Thursday, May 2nd. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $169.73.
Automatic Data Processing Company Profile
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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