Automatic Data Processing (NASDAQ:ADP) is Stewart & Patten Co. LLC’s 10th Largest Position

Stewart & Patten Co. LLC lowered its holdings in Automatic Data Processing (NASDAQ:ADP) by 2.1% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 133,857 shares of the business services provider’s stock after selling 2,863 shares during the period. Automatic Data Processing accounts for approximately 3.8% of Stewart & Patten Co. LLC’s investment portfolio, making the stock its 10th biggest holding. Stewart & Patten Co. LLC’s holdings in Automatic Data Processing were worth $22,822,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ADP. BlackRock Inc. raised its position in shares of Automatic Data Processing by 1.2% in the 2nd quarter. BlackRock Inc. now owns 30,955,650 shares of the business services provider’s stock worth $5,117,899,000 after acquiring an additional 368,108 shares in the last quarter. State Street Corp raised its position in shares of Automatic Data Processing by 0.4% in the 3rd quarter. State Street Corp now owns 19,152,523 shares of the business services provider’s stock worth $3,106,583,000 after acquiring an additional 66,942 shares in the last quarter. Morgan Stanley raised its position in shares of Automatic Data Processing by 6.5% in the 2nd quarter. Morgan Stanley now owns 8,414,928 shares of the business services provider’s stock worth $1,391,241,000 after acquiring an additional 516,484 shares in the last quarter. Nuveen Asset Management LLC increased its position in Automatic Data Processing by 40,836.2% during the 2nd quarter. Nuveen Asset Management LLC now owns 4,719,538 shares of the business services provider’s stock valued at $780,281,000 after buying an additional 4,708,009 shares in the last quarter. Finally, UBS Asset Management Americas Inc. increased its position in Automatic Data Processing by 1.9% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 2,654,667 shares of the business services provider’s stock valued at $438,896,000 after buying an additional 48,315 shares in the last quarter. Institutional investors and hedge funds own 80.05% of the company’s stock.

ADP has been the subject of a number of analyst reports. Credit Suisse Group reaffirmed a “buy” rating and set a $185.00 price objective on shares of Automatic Data Processing in a research report on Monday, November 4th. Wolfe Research lowered Automatic Data Processing from an “outperform” rating to a “market perform” rating in a research report on Thursday, October 31st. Citigroup raised their price objective on Automatic Data Processing from $170.00 to $185.00 and gave the company a “neutral” rating in a research report on Tuesday. ValuEngine raised Automatic Data Processing from a “sell” rating to a “hold” rating in a research report on Tuesday, December 3rd. Finally, Moffett Nathanson lowered Automatic Data Processing from a “buy” rating to a “neutral” rating in a research report on Tuesday, January 7th. Eleven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $182.11.

In other Automatic Data Processing news, VP Don Mcguire sold 326 shares of Automatic Data Processing stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $172.07, for a total value of $56,094.82. Following the completion of the sale, the vice president now owns 6,916 shares of the company’s stock, valued at approximately $1,190,036.12. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Donald Weinstein sold 2,000 shares of Automatic Data Processing stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $170.08, for a total value of $340,160.00. Following the completion of the sale, the vice president now directly owns 25,710 shares of the company’s stock, valued at approximately $4,372,756.80. The disclosure for this sale can be found here. In the last three months, insiders sold 50,897 shares of company stock valued at $8,580,954. Corporate insiders own 0.31% of the company’s stock.

ADP stock traded up $0.91 on Friday, reaching $175.79. 670,408 shares of the company traded hands, compared to its average volume of 1,469,476. Automatic Data Processing has a one year low of $132.04 and a one year high of $174.94. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market cap of $74.09 billion, a P/E ratio of 32.26, a price-to-earnings-growth ratio of 2.14 and a beta of 0.86. The firm has a fifty day simple moving average of $169.94 and a 200-day simple moving average of $166.09.

Automatic Data Processing (NASDAQ:ADP) last posted its earnings results on Wednesday, October 30th. The business services provider reported $1.34 EPS for the quarter, topping the Zacks’ consensus estimate of $1.33 by $0.01. The business had revenue of $3.50 billion during the quarter, compared to analyst estimates of $3.52 billion. Automatic Data Processing had a return on equity of 46.94% and a net margin of 16.52%. The company’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.20 EPS. On average, sell-side analysts forecast that Automatic Data Processing will post 6.16 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be issued a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date is Thursday, March 12th. Automatic Data Processing’s payout ratio is 66.79%.

Automatic Data Processing announced that its board has approved a share buyback program on Tuesday, November 12th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the business services provider to buy up to 6.8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

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

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