Arthur M. Cohen & Associates LLC continued to hold its position in shares of Automatic Data Processing (NYSE:ADP) during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 3,010 shares of the business services provider’s stock at the end of the first quarter. Arthur M. Cohen & Associates LLC’s holdings in Automatic Data Processing were worth $308,000 as of its most recent SEC filing.
Several other hedge funds and 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 valued at $106,000 after buying an additional 460 shares in 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 valued at $107,000 after buying an additional 45 shares in the last quarter. Ibex Wealth Advisors purchased a new position in shares of Automatic Data Processing during the fourth quarter valued at about $197,000. Weatherly Asset Management L. P. bought a new position in shares of Automatic Data Processing during the first quarter worth $209,000. Finally, 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 period.
Shares of Automatic Data Processing (NYSE ADP) traded down 0.26% during mid-day trading on Friday, hitting $104.41. 5,300,922 shares of the stock were exchanged. Automatic Data Processing has a 52-week low of $85.48 and a 52-week high of $121.77. The company has a market cap of $46.40 billion and a P/E ratio of 27.12. The stock’s 50-day moving average price is $107.19 and its 200-day moving average price is $102.82.
Automatic Data Processing (NYSE:ADP) last posted 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 8.67% and a return on equity of 26.39%. The firm had revenue of $3.06 billion during the quarter, compared to analyst estimates of $3.04 billion. During the same quarter in the prior year, the firm earned $0.69 earnings per share. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. Equities research analysts anticipate that Automatic Data Processing will post $3.81 earnings per share for the current fiscal year.
The business also recently declared 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 2.18%. The ex-dividend date of this dividend is Thursday, September 7th.
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A number of research analysts recently weighed in on ADP shares. Argus lowered their price objective on shares of Automatic Data Processing from $118.00 to $101.50 and set a “buy” rating on the stock in a research report on Wednesday, May 31st. Barclays PLC restated a “buy” rating on shares of Automatic Data Processing in a research report on Thursday, April 27th. BidaskClub upgraded shares of Automatic Data Processing from a “hold” rating to a “buy” rating in a research report on Tuesday, August 1st. Stifel Nicolaus restated a “hold” rating and set a $108.00 price objective (up previously from $103.00) on shares of Automatic Data Processing in a research report on Sunday, July 30th. Finally, William Blair downgraded 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, ten have given a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $105.35.
In related news, VP Donald Weinstein sold 1,933 shares of the business’s stock in a transaction on Monday, July 3rd. The shares were 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 through this hyperlink. Also, CEO Carlos A. Rodriguez sold 49,392 shares of the business’s 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 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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