Automatic Data Processing (NYSE:ADP) Stake Reduced by United Services Automobile Association

United Services Automobile Association lowered its position in Automatic Data Processing (NYSE:ADP) by 6.7% during the first quarter, Holdings Channel reports. The fund owned 710,281 shares of the business services provider’s stock after selling 51,354 shares during the period. United Services Automobile Association’s holdings in Automatic Data Processing were worth $72,726,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently modified their holdings of the company. Coconut Grove Bank increased its position in shares of Automatic Data Processing by 79.6% in the first quarter. Coconut Grove Bank now owns 1,038 shares of the business services provider’s stock worth $106,000 after buying an additional 460 shares during the last quarter. Grisanti Capital Management LLC increased its position in shares of Automatic Data Processing by 4.5% in the first quarter. Grisanti Capital Management LLC now owns 1,045 shares of the business services provider’s stock worth $107,000 after buying an additional 45 shares during the last quarter. Weatherly Asset Management L. P. purchased a new position in shares of Automatic Data Processing during the first quarter worth $209,000. MCF Advisors LLC increased its position in shares of Automatic Data Processing by 18.8% in the first quarter. MCF Advisors LLC now owns 2,179 shares of the business services provider’s stock worth $223,000 after buying an additional 345 shares during the last quarter. Finally, Beaumont Financial Partners LLC purchased a new position in shares of Automatic Data Processing during the first quarter worth $226,000.

Shares of Automatic Data Processing (NYSE:ADP) opened at 112.17 on Tuesday. The stock has a 50 day moving average of $104.36 and a 200-day moving average of $102.14. The company has a market cap of $49.84 billion and a PE ratio of 29.14. Automatic Data Processing has a 12 month low of $85.48 and a 12 month high of $121.77.

Automatic Data Processing (NYSE:ADP) last announced its earnings results on Thursday, July 27th. The business services provider reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by $0.02. Automatic Data Processing had a net margin of 17.24% and a return on equity of 59.56%. The business had revenue of $3.06 billion for the quarter, compared to analysts’ expectations of $3.04 billion. During the same period in the prior year, the business earned $0.69 earnings per share. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. Equities analysts forecast that Automatic Data Processing will post $3.82 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 8th will be issued a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 2.03%. The ex-dividend date is Thursday, September 7th.

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ADP has been the topic of a number of recent analyst reports. Argus lowered their target price on shares of Automatic Data Processing from $118.00 to $101.50 and set a “buy” rating on the stock in a report on Wednesday, May 31st. Barclays PLC reaffirmed a “buy” rating on shares of Automatic Data Processing in a research report on Thursday, April 27th. BidaskClub raised shares of Automatic Data Processing from a “hold” rating to a “buy” rating in a research report on Tuesday, August 1st. Stifel Nicolaus reaffirmed a “hold” rating and set a $108.00 price objective (up from $103.00) on shares of Automatic Data Processing in a research report on Sunday, July 30th. Finally, William Blair cut shares of Automatic Data Processing from an “outperform” rating to a “market perform” rating in a research report on Friday, July 21st. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $104.96.

In related news, VP Donald Weinstein sold 1,933 shares of Automatic Data Processing stock in a transaction dated Monday, July 3rd. The stock was 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 of the company’s stock, valued at approximately $2,624,659.26. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Carlos A. Rodriguez sold 49,392 shares of Automatic Data Processing stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $100.01, for a total value of $4,939,693.92. Following the completion of the sale, the chief executive officer now directly owns 159,403 shares of the company’s stock, valued at approximately $15,941,894.03. The disclosure for this sale can be found here. In the last three months, insiders sold 90,620 shares of company stock valued at $9,435,757.

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

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