Capital Investment Services of America Inc. Reduces Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

by · The Cerbat Gem

Capital Investment Services of America Inc. trimmed its position in Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report) by 1.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,644 shares of the business services provider’s stock after selling 150 shares during the period. Capital Investment Services of America Inc.’s holdings in Automatic Data Processing were worth $2,115,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. BlueSpruce Investments LP purchased a new stake in shares of Automatic Data Processing during the 1st quarter valued at $365,757,000. International Assets Investment Management LLC grew its position in Automatic Data Processing by 28,478.6% during the third quarter. International Assets Investment Management LLC now owns 1,194,587 shares of the business services provider’s stock valued at $3,305,780,000 after acquiring an additional 1,190,407 shares during the period. Jacobs Levy Equity Management Inc. increased its stake in Automatic Data Processing by 238.1% during the first quarter. Jacobs Levy Equity Management Inc. now owns 784,003 shares of the business services provider’s stock worth $195,797,000 after acquiring an additional 552,096 shares during the last quarter. Mackenzie Financial Corp increased its stake in Automatic Data Processing by 242.4% during the second quarter. Mackenzie Financial Corp now owns 644,135 shares of the business services provider’s stock worth $153,749,000 after acquiring an additional 456,027 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in shares of Automatic Data Processing by 12.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 4,065,308 shares of the business services provider’s stock worth $964,989,000 after purchasing an additional 435,093 shares during the period. 80.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Citigroup increased their target price on shares of Automatic Data Processing from $260.00 to $295.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 25th. TD Cowen increased their price objective on shares of Automatic Data Processing from $276.00 to $285.00 and gave the stock a “hold” rating in a research report on Friday. Royal Bank of Canada raised their target price on shares of Automatic Data Processing from $267.00 to $315.00 and gave the company a “sector perform” rating in a research note on Thursday. StockNews.com downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Thursday, September 19th. Finally, Jefferies Financial Group boosted their price objective on Automatic Data Processing from $260.00 to $290.00 and gave the stock a “hold” rating in a research note on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Automatic Data Processing currently has an average rating of “Hold” and an average price target of $289.91.

Check Out Our Latest Stock Report on ADP

Insider Buying and Selling

In other Automatic Data Processing news, Director Carlos A. Rodriguez sold 9,203 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $269.45, for a total transaction of $2,479,748.35. Following the sale, the director now owns 36,741 shares in the company, valued at $9,899,862.45. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other Automatic Data Processing news, Director Carlos A. Rodriguez sold 9,203 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $269.45, for a total transaction of $2,479,748.35. Following the completion of the sale, the director now owns 36,741 shares in the company, valued at $9,899,862.45. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Don Mcguire sold 3,179 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $274.38, for a total transaction of $872,254.02. Following the completion of the transaction, the vice president now owns 41,696 shares in the company, valued at approximately $11,440,548.48. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 58,817 shares of company stock worth $15,999,208. Corporate insiders own 0.21% of the company’s stock.

Automatic Data Processing Stock Up 0.9 %

Shares of ADP traded up $2.48 during trading on Monday, reaching $290.66. The company’s stock had a trading volume of 305,903 shares, compared to its average volume of 1,630,922. The company has a market cap of $118.54 billion, a price-to-earnings ratio of 30.76, a P/E/G ratio of 3.32 and a beta of 0.78. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.56. The company has a fifty day moving average of $281.57 and a two-hundred day moving average of $260.13. Automatic Data Processing, Inc. has a twelve month low of $218.63 and a twelve month high of $294.18.

Automatic Data Processing (NASDAQ:ADP – Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.21 by $0.12. Automatic Data Processing had a net margin of 19.72% and a return on equity of 82.36%. The business had revenue of $4.83 billion during the quarter, compared to analyst estimates of $4.77 billion. During the same quarter in the previous year, the firm earned $2.08 earnings per share. The business’s revenue was up 7.1% compared to the same quarter last year. On average, sell-side analysts predict that Automatic Data Processing, Inc. will post 9.97 EPS for the current fiscal year.

Automatic Data Processing Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were given a dividend of $1.40 per share. The ex-dividend date was Friday, September 13th. This represents a $5.60 annualized dividend and a dividend yield of 1.93%. Automatic Data Processing’s payout ratio is 59.77%.

About Automatic Data Processing

(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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