State Farm Mutual Automobile Insurance Co. maintained its stake in shares of Automatic Data Processing (NYSE:ADP) during the first quarter, Holdings Channel reports. The fund owned 4,148,391 shares of the business services provider’s stock at the end of the first quarter. State Farm Mutual Automobile Insurance Co.’s holdings in Automatic Data Processing were worth $424,753,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of the company. Macquarie Group Ltd. increased its position in shares of Automatic Data Processing by 38.0% in the fourth quarter. Macquarie Group Ltd. now owns 22,900 shares of the business services provider’s stock worth $2,353,000 after buying an additional 6,300 shares in the last quarter. Parametrica Management Ltd purchased a new stake in shares of Automatic Data Processing during the first quarter valued at approximately $348,000. Atria Investments LLC boosted its stake in shares of Automatic Data Processing by 6.2% in the first quarter. Atria Investments LLC now owns 21,815 shares of the business services provider’s stock valued at $2,234,000 after buying an additional 1,283 shares during the last quarter. Tompkins Financial Corp boosted its stake in shares of Automatic Data Processing by 7.2% in the first quarter. Tompkins Financial Corp now owns 11,015 shares of the business services provider’s stock valued at $988,000 after buying an additional 739 shares during the last quarter. Finally, Cribstone Capital Management LLC boosted its stake in shares of Automatic Data Processing by 2,766.9% in the first quarter. Cribstone Capital Management LLC now owns 4,931 shares of the business services provider’s stock valued at $504,000 after buying an additional 4,759 shares during the last quarter.
Shares of Automatic Data Processing (NYSE ADP) traded down 0.26% during mid-day trading on Friday, hitting $104.41. The stock had a trading volume of 5,300,922 shares. The stock has a 50 day moving average price of $107.19 and a 200 day moving average price of $102.82. The firm has a market cap of $46.40 billion and a PE ratio of 27.12. Automatic Data Processing has a 52 week low of $85.48 and a 52 week high of $121.77.
Automatic Data Processing (NYSE:ADP) last posted its quarterly earnings results on Thursday, July 27th. The business services provider reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.67 by $0.02. Automatic Data Processing had a return on equity of 26.39% and a net margin of 8.67%. The business had revenue of $3.06 billion for the quarter, compared to analyst estimates of $3.04 billion. During the same period last year, the firm posted $0.69 EPS. Automatic Data Processing’s quarterly revenue was up 5.7% on a year-over-year basis. Equities research analysts expect that Automatic Data Processing will post $3.81 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 8th will be issued a dividend of $0.57 per share. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.18%.
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ADP has been the subject of a number of recent analyst reports. Goldman Sachs Group, Inc. (The) cut Automatic Data Processing from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $115.00 to $108.00 in a research report on Tuesday, June 20th. Barclays PLC reaffirmed a “buy” rating on shares of Automatic Data Processing in a research report on Thursday, April 27th. Stifel Nicolaus reaffirmed a “hold” rating and set a $108.00 target price (up previously from $103.00) on shares of Automatic Data Processing in a research report on Sunday, July 30th. Royal Bank Of Canada increased their price objective on Automatic Data Processing from $94.00 to $95.00 and gave the company a “sector perform” rating in a research report on Tuesday, August 1st. Finally, BidaskClub raised Automatic Data Processing from a “hold” rating to a “buy” rating in a research report on Tuesday, August 1st. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company. Automatic Data Processing has an average rating of “Hold” and a consensus target price of $105.35.
In other Automatic Data Processing news, CEO Carlos A. Rodriguez sold 36,363 shares of the company’s stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $110.00, for a total value of $3,999,930.00. Following the sale, the chief executive officer now owns 146,494 shares in the company, valued at approximately $16,114,340. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Donald Weinstein sold 1,933 shares of the company’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $101.98, for a total value of $197,127.34. Following the completion of the sale, the vice president now owns 25,737 shares in the company, valued at approximately $2,624,659.26. The disclosure for this sale can be found here. Insiders have sold a total of 90,620 shares of company stock valued at $9,435,757 in the last three months.
About Automatic Data Processing
Automatic Data Processing, Inc (ADP) is a provider of human capital management (HCM) solutions to employers, offering solutions to businesses of various sizes. The Company also provides business process outsourcing solutions. Its segments include Employer Services and Professional Employer Organization (PEO) Services.
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