DnB Asset Management AS boosted its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report) by 62.9% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 140,147 shares of the business services provider’s stock after buying an additional 54,098 shares during the period. DnB Asset Management AS’s holdings in Automatic Data Processing were worth $30,803,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the company. Ten Capital Wealth Advisors LLC lifted its position in shares of Automatic Data Processing by 110.7% during the 1st quarter. Ten Capital Wealth Advisors LLC now owns 118 shares of the business services provider’s stock worth $26,000 after buying an additional 62 shares during the last quarter. China Universal Asset Management Co. Ltd. acquired a new stake in shares of Automatic Data Processing in the 1st quarter valued at approximately $28,000. Coppell Advisory Solutions Corp. acquired a new stake in shares of Automatic Data Processing in the 4th quarter valued at approximately $33,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Automatic Data Processing during the 1st quarter valued at approximately $31,000. Finally, Arlington Partners LLC acquired a new position in Automatic Data Processing during the 1st quarter worth approximately $36,000. 79.37% of the stock is owned by institutional investors.
Insider Buying and Selling
In other news, insider Carlos A. Rodriguez sold 58,864 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $250.42, for a total transaction of $14,740,722.88. Following the completion of the sale, the insider now owns 44,859 shares of the company’s stock, valued at approximately $11,233,590.78. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Carlos A. Rodriguez sold 58,864 shares of the stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $250.42, for a total transaction of $14,740,722.88. Following the transaction, the insider now owns 44,859 shares of the company’s stock, valued at approximately $11,233,590.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Don Mcguire sold 3,880 shares of the business’s stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $253.90, for a total value of $985,132.00. Following the completion of the sale, the vice president now directly owns 20,665 shares of the company’s stock, valued at $5,246,843.50. The disclosure for this sale can be found here. Insiders sold 117,835 shares of company stock valued at $29,763,730 over the last 90 days. Company insiders own 0.33% of the company’s stock.
Automatic Data Processing Trading Down 0.0 %
Automatic Data Processing (NASDAQ:ADP – Get Free Report) last posted its quarterly earnings data on Wednesday, July 26th. The business services provider reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.83 by $0.06. The company had revenue of $4.48 billion during the quarter, compared to analysts’ expectations of $4.39 billion. Automatic Data Processing had a net margin of 18.94% and a return on equity of 107.15%. Automatic Data Processing’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period in the prior year, the company posted $1.50 earnings per share. Analysts forecast that Automatic Data Processing, Inc. will post 9.14 EPS for the current year.
Automatic Data Processing Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 8th will be given a dividend of $1.25 per share. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $5.00 annualized dividend and a dividend yield of 2.02%. Automatic Data Processing’s payout ratio is 60.98%.
Analyst Upgrades and Downgrades
A number of research firms have weighed in on ADP. Morgan Stanley boosted their target price on shares of Automatic Data Processing from $240.00 to $260.00 in a research note on Thursday, July 27th. Robert W. Baird boosted their price objective on Automatic Data Processing from $235.00 to $270.00 in a research report on Thursday, July 27th. UBS Group began coverage on Automatic Data Processing in a research report on Friday, June 2nd. They issued a “neutral” rating and a $230.00 target price for the company. Mizuho boosted their price target on Automatic Data Processing from $255.00 to $285.00 and gave the stock a “buy” rating in a report on Thursday, August 17th. Finally, StockNews.com upgraded shares of Automatic Data Processing from a “hold” rating to a “buy” rating in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $249.57.
About Automatic Data Processing
Automatic Data Processing, Inc provides cloud-based human capital management solutions worldwide. It operates in two segments, Employer Services and Professional Employer Organization (PEO). The Employer Services segment offers strategic, cloud-based platforms, and human resources (HR) outsourcing solutions.
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