Wealthfront Advisers LLC Lowers Position in Automatic Data Processing (NASDAQ:ADP)

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Wealthfront Advisers LLC trimmed its holdings in Automatic Data Processing (NASDAQ:ADP) by 5.1% during the first quarter, Holdings Channel reports. The fund owned 16,439 shares of the business services provider’s stock after selling 875 shares during the period. Wealthfront Advisers LLC’s holdings in Automatic Data Processing were worth $2,626,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc lifted its holdings in Automatic Data Processing by 1.2% in the third quarter. Vanguard Group Inc now owns 36,946,069 shares of the business services provider’s stock worth $5,566,295,000 after buying an additional 425,007 shares during the period. Capital Investment Advisory Services LLC purchased a new stake in Automatic Data Processing in the fourth quarter worth about $78,000. Pinnacle Associates Ltd. lifted its holdings in Automatic Data Processing by 50.7% in the fourth quarter. Pinnacle Associates Ltd. now owns 13,264 shares of the business services provider’s stock worth $1,739,000 after buying an additional 4,463 shares during the period. Chicago Equity Partners LLC purchased a new stake in Automatic Data Processing in the fourth quarter worth about $757,000. Finally, Redpoint Investment Management Pty Ltd lifted its holdings in Automatic Data Processing by 1.4% in the fourth quarter. Redpoint Investment Management Pty Ltd now owns 31,668 shares of the business services provider’s stock worth $4,152,000 after buying an additional 448 shares during the period. 79.79% of the stock is currently owned by hedge funds and other institutional investors.

Several analysts have commented on ADP shares. BidaskClub lowered shares of Automatic Data Processing from a “strong-buy” rating to a “buy” rating in a report on Friday, April 5th. Sanford C. Bernstein lowered shares of Automatic Data Processing from an “outperform” rating to a “market perform” rating in a report on Tuesday, April 30th. Citigroup raised their price objective 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. Barclays raised their price objective 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. Finally, Zacks Investment Research lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Wednesday, May 8th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Automatic Data Processing currently has a consensus rating of “Buy” and a consensus target price of $166.89.

ADP stock opened at $165.54 on Friday. Automatic Data Processing has a 52-week low of $121.40 and a 52-week high of $168.87. The company has a market cap of $71.57 billion, a PE ratio of 38.06, a price-to-earnings-growth ratio of 2.33 and a beta of 0.92. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.38.

Automatic Data Processing (NASDAQ:ADP) last released its earnings results on Wednesday, May 1st. The business services provider reported $1.77 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.69 by $0.08. Automatic Data Processing had a net margin of 13.76% and a return on equity of 50.53%. The firm had revenue of $3.85 billion during the quarter, compared to analyst estimates of $3.91 billion. During the same period last year, the business earned $1.57 earnings per share. The business’s revenue was up 4.2% on a year-over-year basis. Sell-side analysts predict that Automatic Data Processing will post 5.44 EPS for the current year.

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

In other news, VP Donald Weinstein sold 1,706 shares of Automatic Data Processing stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $165.01, for a total transaction of $281,507.06. Following the completion of the transaction, the vice president now directly owns 26,220 shares in the company, valued at $4,326,562.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jan Siegmund sold 27,272 shares of Automatic Data Processing 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 transaction, the insider now owns 77,595 shares of the company’s stock, valued at $12,803,175. The disclosure for this sale can be found here. 0.33% of the stock is currently owned by company insiders.

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

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