State Farm Mutual Automobile Insurance Co. continued to hold its position in Automatic Data Processing (NYSE:ADP) during the first quarter, according to its most recent disclosure with the SEC. The firm 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 as of its most recent filing with the SEC.
Several other institutional investors have also added to or reduced their stakes in the stock. Coconut Grove Bank increased its stake in 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 valued at $106,000 after buying an additional 460 shares during the last quarter. Grisanti Capital Management LLC increased its stake in 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 valued at $107,000 after buying an additional 45 shares during the last quarter. Weatherly Asset Management L. P. bought a new stake in Automatic Data Processing during the first quarter valued at approximately $209,000. MCF Advisors LLC increased its stake in 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 valued at $223,000 after buying an additional 345 shares during the last quarter. Finally, Beaumont Financial Partners LLC bought a new stake in Automatic Data Processing during the first quarter valued at approximately $226,000.
Shares of Automatic Data Processing (NYSE:ADP) traded down 0.26% during midday trading on Friday, reaching $104.41. 5,300,922 shares of the company traded hands. The company’s 50 day moving average is $107.19 and its 200-day moving average is $102.82. The stock has a market capitalization of $46.40 billion and a price-to-earnings ratio of 27.12. 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 quarterly earnings results on Thursday, July 27th. The business services provider reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.67 by $0.02. The business had revenue of $3.06 billion for the quarter, compared to analyst estimates of $3.04 billion. Automatic Data Processing had a net margin of 8.67% and a return on equity of 26.39%. The company’s quarterly revenue was up 5.7% on a year-over-year basis. During the same period last year, the firm earned $0.69 earnings per share. Equities research analysts forecast that Automatic Data Processing will post $3.81 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 8th will be paid 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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Several equities research analysts have recently commented on the stock. BMO Capital Markets reiterated a “market perform” rating and set a $105.00 price objective on shares of Automatic Data Processing in a research note on Wednesday, August 9th. Wells Fargo & Company reaffirmed a “market perform” rating on shares of Automatic Data Processing in a report on Wednesday, August 9th. Barclays PLC reaffirmed an “equal weight” rating and issued a $105.00 price objective on shares of Automatic Data Processing in a report on Tuesday. Citigroup Inc. lifted their price objective on shares of Automatic Data Processing from $98.00 to $110.00 and gave the company a “neutral” rating in a report on Thursday. Finally, Royal Bank Of Canada lifted their price objective on shares of Automatic Data Processing from $94.00 to $95.00 and gave the company a “sector perform” rating in a report on Tuesday, August 1st. Three analysts have rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $105.35.
In related news, insider Michael A. Bonarti sold 2,932 shares of Automatic Data Processing stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $101.98, for a total value of $299,005.36. Following the completion of the sale, the insider now owns 46,256 shares in the company, valued at $4,717,186.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Carlos A. Rodriguez sold 49,392 shares of Automatic Data Processing stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $100.01, for a total transaction of $4,939,693.92. Following the completion of the sale, the chief executive officer now 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. Insiders have sold 90,620 shares of company stock worth $9,435,757 in the last quarter.
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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