Corundum Group Inc. raised its stake in Automatic Data Processing, Inc. (NASDAQ:ADP – Get Rating) by 28.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,856 shares of the business services provider's stock after acquiring an additional 1,072 shares during the period. Corundum Group Inc.'s holdings in Automatic Data Processing were worth $1,020,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. McDonald Partners LLC boosted its position in Automatic Data Processing by 0.9% in the 2nd quarter. McDonald Partners LLC now owns 6,736 shares of the business services provider's stock valued at $1,415,000 after buying an additional 61 shares during the period. Legacy Advisors LLC raised its stake in shares of Automatic Data Processing by 25.8% during the 2nd quarter. Legacy Advisors LLC now owns 13,120 shares of the business services provider's stock worth $2,769,000 after acquiring an additional 2,693 shares in the last quarter. BTC Capital Management Inc. bought a new position in shares of Automatic Data Processing during the 2nd quarter worth approximately $402,000. Walker Asset Management LLC bought a new position in shares of Automatic Data Processing during the 2nd quarter worth approximately $6,141,000. Finally, Strs Ohio grew its position in Automatic Data Processing by 1.3% during the 2nd quarter. Strs Ohio now owns 164,062 shares of the business services provider's stock worth $34,459,000 after purchasing an additional 2,050 shares during the last quarter. 79.06% of the stock is currently owned by institutional investors.
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Analyst Ratings Changes
ADP has been the topic of several recent research reports. Barclays upped their price objective on shares of Automatic Data Processing to $280.00 in a report on Tuesday, August 9th. Cowen increased their price target on shares of Automatic Data Processing from $230.00 to $236.00 in a report on Tuesday, September 20th. Cowen increased their price target on shares of Automatic Data Processing from $230.00 to $236.00 in a report on Tuesday, September 20th. Mizuho increased their price target on shares of Automatic Data Processing from $250.00 to $257.00 and gave the stock a "buy" rating in a report on Monday, August 1st. Finally, Morgan Stanley increased their price target on shares of Automatic Data Processing from $235.00 to $245.00 and gave the stock an "equal weight" rating in a report on Thursday, July 28th. Nine equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $236.85.
Insiders Place Their Bets
In other Automatic Data Processing news, VP Laura G. Brown sold 252 shares of the stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $228.35, for a total transaction of $57,544.20. Following the completion of the transaction, the vice president now owns 6,016 shares of the company's stock, valued at $1,373,753.60. The sale was disclosed in a legal filing with the SEC, which is available at
this link. In related news, CEO Carlos A. Rodriguez sold 58,864 shares of the firm's stock in a transaction that occurred on Thursday, September 8th. The shares were sold at an average price of $236.69, for a total value of $13,932,520.16. Following the sale, the chief executive officer now owns 44,426 shares of the company's stock, valued at $10,515,189.94. The sale was disclosed in a filing with the SEC, which can be accessed through
this hyperlink. Also, VP Laura G. Brown sold 252 shares of the firm's stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $228.35, for a total transaction of $57,544.20. Following the completion of the sale, the vice president now directly owns 6,016 shares in the company, valued at approximately $1,373,753.60. The disclosure for this sale can be found
here. Insiders sold a total of 107,034 shares of company stock valued at $25,514,241 over the last 90 days. 0.33% of the stock is owned by company insiders.
Automatic Data Processing Price Performance
Automatic Data Processing stock opened at $236.62 on Wednesday. Automatic Data Processing, Inc. has a 12-month low of $192.26 and a 12-month high of $261.59. The stock has a market cap of $98.27 billion, a P/E ratio of 33.75, a PEG ratio of 2.40 and a beta of 0.82. The company has a 50-day moving average price of $242.91 and a 200 day moving average price of $227.03. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.93.
Automatic Data Processing (NASDAQ:ADP – Get Rating) last released its quarterly earnings data on Wednesday, July 27th. The business services provider reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.48 by $0.02. Automatic Data Processing had a net margin of 17.87% and a return on equity of 66.25%. The firm had revenue of $4.13 billion during the quarter, compared to analysts' expectations of $4.05 billion. During the same period last year, the business earned $1.20 earnings per share. Automatic Data Processing's revenue was up 10.5% compared to the same quarter last year. Sell-side analysts anticipate that Automatic Data Processing, Inc. will post 8.05 earnings per share for the current year.
Automatic Data Processing Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Saturday, October 1st. Shareholders of record on Friday, September 9th were paid a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 1.76%. The ex-dividend date of this dividend was Thursday, September 8th. Automatic Data Processing's dividend payout ratio (DPR) is presently 59.34%.
Automatic Data Processing Profile
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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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