Prospera Financial Services Inc boosted its holdings in Automatic Data Processing (NASDAQ:ADP) by 1.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 17,526 shares of the business services provider’s stock after acquiring an additional 313 shares during the quarter. Prospera Financial Services Inc’s holdings in Automatic Data Processing were worth $2,609,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Creative Financial Designs Inc. ADV bought a new position in shares of Automatic Data Processing during the 1st quarter worth approximately $27,000. Paragon Capital Management LLC purchased a new position in Automatic Data Processing in the 1st quarter valued at approximately $27,000. Horan Securities Inc. purchased a new position in Automatic Data Processing in the 1st quarter valued at approximately $33,000. Front Row Advisors LLC grew its stake in Automatic Data Processing by 118.9% in the 1st quarter. Front Row Advisors LLC now owns 267 shares of the business services provider’s stock valued at $39,000 after buying an additional 145 shares in the last quarter. Finally, Your Advocates Ltd. LLP purchased a new position in Automatic Data Processing in the 1st quarter valued at approximately $41,000. 79.82% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts recently weighed in on ADP shares. Wolfe Research lowered shares of Automatic Data Processing from a “market perform” rating to an “underperform” rating in a research note on Thursday, July 30th. Goldman Sachs Group initiated coverage on shares of Automatic Data Processing in a report on Tuesday, July 14th. They issued a “sell” rating and a $146.00 price target for the company. JPMorgan Chase & Co. raised their price target on shares of Automatic Data Processing from $138.00 to $151.00 and gave the company a “neutral” rating in a report on Monday. Citigroup cut their price target on shares of Automatic Data Processing from $148.00 to $144.00 and set a “neutral” rating for the company in a report on Thursday, July 30th. Finally, Zacks Investment Research downgraded shares of Automatic Data Processing from a “hold” rating to a “strong sell” rating and set a $112.00 price target for the company. in a report on Friday, July 31st. Five investment analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $154.08.
Shares of ADP stock traded up $0.34 during mid-day trading on Thursday, reaching $139.24. The stock had a trading volume of 20,824 shares, compared to its average volume of 2,625,485. The stock’s 50-day moving average price is $143.08 and its two-hundred day moving average price is $147.33. Automatic Data Processing has a 52-week low of $103.11 and a 52-week high of $182.32. The firm has a market capitalization of $60.17 billion, a PE ratio of 24.41, a price-to-earnings-growth ratio of 2.33 and a beta of 0.75. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.23.
Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings data on Wednesday, July 29th. The business services provider reported $1.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.18. Automatic Data Processing had a net margin of 16.91% and a return on equity of 46.66%. The firm had revenue of $3.40 billion for the quarter, compared to analysts’ expectations of $3.32 billion. During the same quarter in the previous year, the company earned $1.14 earnings per share. The company’s revenue for the quarter was down 2.8% compared to the same quarter last year. On average, equities research analysts forecast that Automatic Data Processing will post 5 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be given a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a dividend yield of 2.61%. The ex-dividend date of this dividend is Thursday, September 10th. Automatic Data Processing’s dividend payout ratio is currently 61.49%.
In related news, VP Brian L. Michaud sold 250 shares of the business’s stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $145.00, for a total transaction of $36,250.00. Following the transaction, the vice president now owns 5,162 shares in the company, valued at $748,490. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.31% of the stock is owned by insiders.
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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