Gabelli Funds LLC Lowers Position in Automatic Data Processing (NASDAQ:ADP)

Gabelli Funds LLC lessened its stake in Automatic Data Processing (NASDAQ:ADP) by 26.7% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 22,000 shares of the business services provider’s stock after selling 8,000 shares during the quarter. Gabelli Funds LLC’s holdings in Automatic Data Processing were worth $3,751,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the company. State Street Corp raised its stake in Automatic Data Processing by 1.0% during the fourth quarter. State Street Corp now owns 19,346,773 shares of the business services provider’s stock valued at $3,315,953,000 after purchasing an additional 194,250 shares in the last quarter. Bank of New York Mellon Corp increased its position in Automatic Data Processing by 2.4% during the fourth quarter. Bank of New York Mellon Corp now owns 9,928,383 shares of the business services provider’s stock valued at $1,692,788,000 after acquiring an additional 228,698 shares during the last quarter. Polen Capital Management LLC grew its holdings in shares of Automatic Data Processing by 3.6% in the fourth quarter. Polen Capital Management LLC now owns 5,051,703 shares of the business services provider’s stock worth $861,315,000 after purchasing an additional 173,544 shares during the last quarter. UBS Asset Management Americas Inc. grew its holdings in shares of Automatic Data Processing by 7.5% in the fourth quarter. UBS Asset Management Americas Inc. now owns 3,749,868 shares of the business services provider’s stock worth $639,352,000 after purchasing an additional 261,315 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Automatic Data Processing by 34.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,290,183 shares of the business services provider’s stock worth $560,975,000 after purchasing an additional 842,216 shares during the last quarter. 80.30% of the stock is currently owned by hedge funds and other institutional investors.

A number of research analysts have recently commented on the stock. Evercore ISI upgraded shares of Automatic Data Processing from an “in-line” rating to an “outperform” rating and set a $212.00 price target on the stock in a report on Wednesday, January 22nd. Citigroup upped their price target on shares of Automatic Data Processing from $170.00 to $185.00 and gave the stock a “neutral” rating in a report on Tuesday, January 14th. ValuEngine upgraded shares of Automatic Data Processing from a “sell” rating to a “hold” rating in a report on Tuesday, December 3rd. BidaskClub cut shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Tuesday. Finally, Moffett Nathanson cut shares of Automatic Data Processing from a “buy” rating to a “neutral” rating in a report on Tuesday, January 7th. Eleven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Automatic Data Processing has an average rating of “Hold” and an average target price of $181.90.

Shares of Automatic Data Processing stock opened at $122.59 on Thursday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.02 and a quick ratio of 1.02. Automatic Data Processing has a 1 year low of $103.11 and a 1 year high of $182.32. The firm’s 50-day moving average is $158.22 and its two-hundred day moving average is $164.86. The stock has a market cap of $52.22 billion, a price-to-earnings ratio of 21.66, a PEG ratio of 1.66 and a beta of 0.89.

Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, January 29th. The business services provider reported $1.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.44 by $0.08. The company had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.69 billion. Automatic Data Processing had a net margin of 16.97% and a return on equity of 46.96%. The firm’s quarterly revenue was up 5.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.34 EPS. On average, equities analysts expect that Automatic Data Processing will post 6.07 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be given a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a dividend yield of 2.97%. The ex-dividend date of this dividend is Thursday, March 12th. Automatic Data Processing’s payout ratio is 66.79%.

In other Automatic Data Processing news, VP John Ayala sold 6,484 shares of the stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $176.03, for a total transaction of $1,141,378.52. Following the completion of the sale, the vice president now directly owns 19,578 shares of the company’s stock, valued at $3,446,315.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Donald Weinstein sold 2,000 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $170.08, for a total transaction of $340,160.00. Following the completion of the transaction, the vice president now directly owns 25,710 shares of the company’s stock, valued at $4,372,756.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 14,528 shares of company stock valued at $2,556,051. Insiders own 0.31% of the company’s stock.

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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