United Services Automobile Association Sells 51,354 Shares of Automatic Data Processing (NYSE:ADP)

United Services Automobile Association cut its stake in Automatic Data Processing (NYSE:ADP) by 6.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 710,281 shares of the business services provider’s stock after selling 51,354 shares during the period. United Services Automobile Association’s holdings in Automatic Data Processing were worth $72,726,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of ADP. Goelzer Investment Management Inc. increased its position in Automatic Data Processing by 0.3% in the first quarter. Goelzer Investment Management Inc. now owns 4,239 shares of the business services provider’s stock valued at $434,000 after buying an additional 12 shares during the last quarter. Middleton & Co Inc MA increased its position in Automatic Data Processing by 0.4% in the first quarter. Middleton & Co Inc MA now owns 5,306 shares of the business services provider’s stock valued at $543,000 after buying an additional 20 shares during the last quarter. Moloney Securities Asset Management LLC increased its position in Automatic Data Processing by 0.5% in the first quarter. Moloney Securities Asset Management LLC now owns 5,777 shares of the business services provider’s stock valued at $592,000 after buying an additional 28 shares during the last quarter. Ronald Blue & Co. LLC increased its position in Automatic Data Processing by 0.7% in the first quarter. Ronald Blue & Co. LLC now owns 4,044 shares of the business services provider’s stock valued at $414,000 after buying an additional 30 shares during the last quarter. Finally, TCI Wealth Advisors Inc. increased its position in Automatic Data Processing by 1.2% in the first quarter. TCI Wealth Advisors Inc. now owns 2,669 shares of the business services provider’s stock valued at $273,000 after buying an additional 32 shares during the last quarter.

Automatic Data Processing (ADP) opened at 104.41 on Friday. The company has a 50 day moving average price of $107.19 and a 200 day moving average price of $102.82. Automatic Data Processing has a 52 week low of $85.48 and a 52 week high of $121.77. The stock has a market cap of $46.40 billion and a price-to-earnings ratio of 27.12.

Automatic Data Processing (NYSE:ADP) last issued its quarterly earnings data on Thursday, July 27th. The business services provider reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.67 by $0.02. Automatic Data Processing had a return on equity of 26.39% and a net margin of 8.67%. The company had revenue of $3.06 billion for the quarter, compared to the consensus estimate of $3.04 billion. During the same period in the prior year, the company earned $0.69 EPS. The firm’s revenue was up 5.7% compared to the same quarter last year. Analysts expect that Automatic Data Processing will post $3.81 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 8th will be issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date is Thursday, September 7th.

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Several analysts have issued reports on the company. Citigroup Inc. increased their target price on Automatic Data Processing from $98.00 to $110.00 and gave the company a “neutral” rating in a research report on Thursday. Barclays PLC reaffirmed an “equal weight” rating and set a $105.00 target price on shares of Automatic Data Processing in a research report on Tuesday. Wells Fargo & Company reaffirmed a “market perform” rating on shares of Automatic Data Processing in a research report on Wednesday, August 9th. BMO Capital Markets reaffirmed a “market perform” rating and set a $105.00 target price on shares of Automatic Data Processing in a research report on Wednesday, August 9th. Finally, Argus raised their price objective on Automatic Data Processing from $118.00 to $130.00 and gave the stock a “buy” rating in a research report on Thursday, August 3rd. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $105.35.

In other news, VP Donald Weinstein sold 1,933 shares of the firm’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $101.98, for a total value of $197,127.34. Following the transaction, 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Carlos A. Rodriguez sold 36,363 shares of the firm’s stock in a transaction dated Thursday, July 27th. The shares were sold at an average price of $110.00, for a total transaction of $3,999,930.00. Following the completion of the transaction, the chief executive officer now directly owns 146,494 shares in the company, valued at approximately $16,114,340. The disclosure for this sale can be found here. In the last three months, insiders have sold 90,620 shares of company stock worth $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.

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

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