State Board of Administration of Florida Retirement System raised its holdings in Automatic Data Processing (NASDAQ:ADP) by 0.6% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 582,756 shares of the business services provider’s stock after acquiring an additional 3,392 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.14% of Automatic Data Processing worth $86,767,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in ADP. Macquarie Group Ltd. raised its holdings in shares of Automatic Data Processing by 634.5% during the fourth quarter. Macquarie Group Ltd. now owns 155,457 shares of the business services provider’s stock valued at $26,506,000 after acquiring an additional 134,293 shares during the period. Csenge Advisory Group grew its position in Automatic Data Processing by 13.9% during the first quarter. Csenge Advisory Group now owns 2,579 shares of the business services provider’s stock valued at $352,000 after purchasing an additional 315 shares in the last quarter. Boston Trust Walden Corp grew its position in Automatic Data Processing by 0.9% during the first quarter. Boston Trust Walden Corp now owns 697,586 shares of the business services provider’s stock valued at $95,346,000 after purchasing an additional 6,120 shares in the last quarter. Centaurus Financial Inc. grew its position in Automatic Data Processing by 6.9% during the first quarter. Centaurus Financial Inc. now owns 3,098 shares of the business services provider’s stock valued at $423,000 after purchasing an additional 201 shares in the last quarter. Finally, TIAA FSB grew its position in Automatic Data Processing by 2.9% during the first quarter. TIAA FSB now owns 48,409 shares of the business services provider’s stock valued at $6,617,000 after purchasing an additional 1,369 shares in the last quarter. 79.82% of the stock is currently owned by hedge funds and other institutional investors.
In other Automatic Data Processing news, VP Brian L. Michaud sold 250 shares of the firm’s stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $145.00, for a total value of $36,250.00. Following the completion of the transaction, the vice president now owns 5,162 shares in the company, valued at approximately $748,490. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.31% of the stock is currently owned by corporate insiders.
Shares of NASDAQ:ADP traded down $0.26 during trading on Thursday, reaching $138.64. 14,968 shares of the stock were exchanged, compared to its average volume of 2,625,485. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.05 and a quick ratio of 1.05. Automatic Data Processing has a 1-year low of $103.11 and a 1-year high of $182.32. The stock has a fifty day moving average of $143.08 and a two-hundred day moving average of $147.33. The firm has a market cap of $60.17 billion, a price-to-earnings ratio of 24.41, a price-to-earnings-growth ratio of 2.33 and a beta of 0.75.
Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, July 29th. The business services provider reported $1.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.18. Automatic Data Processing had a return on equity of 46.66% and a net margin of 16.91%. The company had revenue of $3.40 billion for the quarter, compared to analyst estimates of $3.32 billion. During the same period in the prior year, the firm earned $1.14 earnings per share. Automatic Data Processing’s revenue for the quarter was down 2.8% on a year-over-year basis. Sell-side analysts forecast that Automatic Data Processing will post 5 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be paid a dividend of $0.91 per share. The ex-dividend date is Thursday, September 10th. This represents a $3.64 annualized dividend and a dividend yield of 2.63%. Automatic Data Processing’s payout ratio is 61.49%.
ADP has been the subject of several recent research reports. Goldman Sachs Group initiated coverage on shares of Automatic Data Processing in a research report on Tuesday, July 14th. They issued a “sell” rating and a $146.00 target price for the company. Cfra decreased their target price on shares of Automatic Data Processing from $176.00 to $161.00 and set a “hold” rating for the company in a research report on Wednesday, April 29th. Morgan Stanley boosted their target price on shares of Automatic Data Processing from $140.00 to $147.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 30th. Wedbush reissued a “neutral” rating on shares of Automatic Data Processing in a research report on Wednesday, April 29th. Finally, Stifel Nicolaus decreased their price objective on shares of Automatic Data Processing from $155.00 to $142.00 and set a “hold” rating for the company in a report on Thursday, July 30th. Five research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company. Automatic Data Processing currently has an average rating of “Hold” and a consensus target price of $154.08.
About Automatic Data Processing
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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