Automatic Data Processing (NASDAQ:ADP) Shares Bought by Bank of Nova Scotia

Share on StockTwits

Bank of Nova Scotia increased its holdings in shares of Automatic Data Processing (NASDAQ:ADP) by 38.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 79,814 shares of the business services provider’s stock after purchasing an additional 22,052 shares during the quarter. Bank of Nova Scotia’s holdings in Automatic Data Processing were worth $10,707,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the stock. Moneta Group Investment Advisors LLC increased its holdings in shares of Automatic Data Processing by 22,962.3% in the second quarter. Moneta Group Investment Advisors LLC now owns 230,623 shares of the business services provider’s stock valued at $1,126,000 after purchasing an additional 229,623 shares during the period. Winslow Capital Management LLC increased its holdings in shares of Automatic Data Processing by 32.3% in the second quarter. Winslow Capital Management LLC now owns 2,051,567 shares of the business services provider’s stock valued at $275,197,000 after purchasing an additional 500,640 shares during the period. Verition Fund Management LLC acquired a new position in shares of Automatic Data Processing in the second quarter valued at approximately $3,147,000. AIMZ Investment Advisors LLC acquired a new position in shares of Automatic Data Processing in the second quarter valued at approximately $233,000. Finally, First Republic Investment Management Inc. increased its holdings in shares of Automatic Data Processing by 13.8% in the second quarter. First Republic Investment Management Inc. now owns 136,921 shares of the business services provider’s stock valued at $18,366,000 after purchasing an additional 16,653 shares during the period. Hedge funds and other institutional investors own 77.73% of the company’s stock.

ADP traded up $2.54 during trading on Friday, reaching $140.72. 2,445,527 shares of the stock were exchanged, compared to its average volume of 2,160,850. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market cap of $65.90 billion, a price-to-earnings ratio of 32.35, a PEG ratio of 2.57 and a beta of 0.92. Automatic Data Processing has a 1 year low of $107.61 and a 1 year high of $153.51.

Automatic Data Processing (NASDAQ:ADP) last posted its earnings results on Wednesday, August 1st. The business services provider reported $0.92 EPS for the quarter, topping the Zacks’ consensus estimate of $0.90 by $0.02. The company had revenue of $3.32 billion for the quarter, compared to the consensus estimate of $3.29 billion. Automatic Data Processing had a return on equity of 50.17% and a net margin of 12.16%. Automatic Data Processing’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.66 earnings per share. On average, analysts predict that Automatic Data Processing will post 5.18 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, October 1st. Shareholders of record on Friday, September 14th were given a dividend of $0.69 per share. The ex-dividend date was Thursday, September 13th. This represents a $2.76 dividend on an annualized basis and a yield of 1.96%. Automatic Data Processing’s payout ratio is 63.45%.

In other news, VP Don Mcguire sold 1,140 shares of the company’s stock in a transaction on Thursday, September 6th. The stock was sold at an average price of $145.78, for a total value of $166,189.20. Following the sale, the vice president now directly owns 6,476 shares in the company, valued at $944,071.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael C. Eberhard sold 9,100 shares of the company’s stock in a transaction on Friday, September 21st. The shares were sold at an average price of $150.00, for a total value of $1,365,000.00. Following the completion of the sale, the vice president now owns 48,468 shares in the company, valued at $7,270,200. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 15,919 shares of company stock worth $2,351,933. 0.33% of the stock is owned by company insiders.

A number of research firms have recently issued reports on ADP. Guggenheim began coverage on Automatic Data Processing in a report on Monday, August 20th. They issued a “buy” rating and a $175.00 target price on the stock. BidaskClub lowered Automatic Data Processing from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 1st. Zacks Investment Research lowered Automatic Data Processing from a “strong-buy” rating to a “hold” rating and set a $152.00 target price on the stock. in a report on Thursday, July 12th. Argus upped their price objective on Automatic Data Processing from $145.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, August 13th. Finally, Moffett Nathanson began coverage on Automatic Data Processing in a report on Thursday, October 4th. They set a “buy” rating and a $180.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $144.47.

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.

Further Reading: How to calculate the intrinsic value of a stock

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.

Leave a Reply