Mechanics Bank Trust Department Has $5.82 Million Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Mechanics Bank Trust Department lifted its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADPFree Report) by 2.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 24,980 shares of the business services provider’s stock after purchasing an additional 577 shares during the period. Mechanics Bank Trust Department’s holdings in Automatic Data Processing were worth $5,820,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the business. Sei Investments Co. lifted its holdings in Automatic Data Processing by 19.3% in the first quarter. Sei Investments Co. now owns 134,223 shares of the business services provider’s stock valued at $30,532,000 after buying an additional 21,671 shares during the period. Dakota Wealth Management bought a new stake in Automatic Data Processing in the first quarter valued at $571,000. Zions Bancorporation N.A. increased its stake in Automatic Data Processing by 12.4% in the first quarter. Zions Bancorporation N.A. now owns 453 shares of the business services provider’s stock valued at $103,000 after purchasing an additional 50 shares in the last quarter. Covestor Ltd increased its stake in Automatic Data Processing by 82.8% in the first quarter. Covestor Ltd now owns 636 shares of the business services provider’s stock valued at $145,000 after purchasing an additional 288 shares in the last quarter. Finally, Merit Financial Group LLC increased its stake in Automatic Data Processing by 4.4% in the first quarter. Merit Financial Group LLC now owns 2,902 shares of the business services provider’s stock valued at $660,000 after purchasing an additional 121 shares in the last quarter. Institutional investors and hedge funds own 79.37% of the company’s stock.

Automatic Data Processing Stock Performance

Shares of ADP stock opened at $244.13 on Wednesday. The stock has a market capitalization of $100.29 billion, a P/E ratio of 28.42, a PEG ratio of 2.28 and a beta of 0.78. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.69. The firm’s 50 day moving average is $245.10 and its 200 day moving average is $239.09. Automatic Data Processing, Inc. has a 12 month low of $201.46 and a 12 month high of $256.84.

Automatic Data Processing (NASDAQ:ADPGet Free Report) last announced its quarterly earnings results on Wednesday, January 31st. The business services provider reported $2.13 EPS for the quarter, beating analysts’ consensus estimates of $2.10 by $0.03. The company had revenue of $4.67 billion for the quarter, compared to analysts’ expectations of $4.65 billion. Automatic Data Processing had a net margin of 19.14% and a return on equity of 95.22%. Automatic Data Processing’s revenue was up 6.3% compared to the same quarter last year. During the same period in the prior year, the company posted $1.96 EPS. On average, sell-side analysts anticipate that Automatic Data Processing, Inc. will post 9.14 earnings per share for the current year.

Automatic Data Processing Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 8th will be paid a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 2.29%. The ex-dividend date is Thursday, March 7th. Automatic Data Processing’s dividend payout ratio is presently 65.19%.

Insiders Place Their Bets

In other Automatic Data Processing news, VP Sreenivasa Kutam sold 368 shares of the stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $247.01, for a total value of $90,899.68. Following the sale, the vice president now directly owns 20,319 shares in the company, valued at approximately $5,018,996.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, VP Sreenivasa Kutam sold 368 shares of the stock in a transaction on Monday, March 4th. The shares were sold at an average price of $247.01, for a total value of $90,899.68. Following the transaction, the vice president now owns 20,319 shares of the company’s stock, valued at approximately $5,018,996.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP John Ayala sold 1,500 shares of the stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $235.13, for a total transaction of $352,695.00. Following the completion of the transaction, the vice president now directly owns 19,183 shares in the company, valued at approximately $4,510,498.79. The disclosure for this sale can be found here. Insiders have sold 16,662 shares of company stock worth $4,094,554 in the last three months. 0.26% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ADP. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $267.00 price target on shares of Automatic Data Processing in a research note on Thursday, February 1st. Wolfe Research raised shares of Automatic Data Processing from an “underperform” rating to a “peer perform” rating in a research report on Thursday, January 4th. Bank of America raised shares of Automatic Data Processing from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $217.00 to $243.00 in a research report on Wednesday, January 17th. StockNews.com downgraded shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, Mizuho boosted their target price on shares of Automatic Data Processing from $265.00 to $272.00 and gave the stock a “buy” rating in a research report on Monday, March 11th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $254.58.

Read Our Latest Stock Report on ADP

Automatic Data Processing Company Profile

(Free Report)

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

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