Virginia Retirement Systems ET AL acquired a new position in shares of Automatic Data Processing (NYSE:ADP) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 156,200 shares of the company’s stock, valued at approximately $14,350,000.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Kleinwort Benson Investors Dublin Ltd acquired a new position in Automatic Data Processing during the second quarter worth approximately $202,000. Smith Salley & Associates boosted its stake in shares of Automatic Data Processing by 1.2% in the second quarter. Smith Salley & Associates now owns 2,436 shares of the company’s stock worth $224,000 after buying an additional 30 shares during the period. Wrapmanager Inc. purchased a new stake in shares of Automatic Data Processing during the second quarter worth about $241,000. South Texas Money Management Ltd. boosted its stake in shares of Automatic Data Processing by 6.1% in the second quarter. South Texas Money Management Ltd. now owns 2,764 shares of the company’s stock worth $254,000 after buying an additional 159 shares during the period. Finally, CLS Investments LLC boosted its stake in shares of Automatic Data Processing by 2.4% in the second quarter. CLS Investments LLC now owns 2,780 shares of the company’s stock worth $255,000 after buying an additional 65 shares during the period.
Shares of Automatic Data Processing (NYSE:ADP) opened at 88.50 on Wednesday. The firm’s 50-day moving average price is $89.11 and its 200-day moving average price is $89.41. Automatic Data Processing has a 52-week low of $76.65 and a 52-week high of $96.00. The firm has a market capitalization of $40.37 billion and a PE ratio of 27.25.
Automatic Data Processing (NYSE:ADP) last posted its earnings results on Thursday, July 28th. The company reported $0.69 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.02. The company had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.94 billion. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period last year, the company posted $0.55 earnings per share. On average, equities analysts predict that Automatic Data Processing will post $3.61 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Saturday, October 1st. Stockholders of record on Friday, September 9th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 2.38%. The ex-dividend date is Wednesday, September 7th.
A number of analysts recently issued reports on the company. Wedbush assumed coverage on Automatic Data Processing in a research report on Thursday, September 8th. They issued a “neutral” rating and a $100.00 target price for the company. Jefferies Group upped their target price on Automatic Data Processing from $75.00 to $81.00 and gave the company an “underperform” rating in a research report on Monday, August 1st. JPMorgan Chase & Co. reissued a “hold” rating and issued a $93.00 target price on shares of Automatic Data Processing in a research report on Friday, July 29th. Citigroup Inc. reissued a “neutral” rating and issued a $90.00 target price (up from $89.00) on shares of Automatic Data Processing in a research report on Friday, July 29th. Finally, Robert W. Baird cut Automatic Data Processing from an “outperform” rating to a “neutral” rating and set a $94.00 target price for the company. in a research report on Friday, July 29th. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. Automatic Data Processing presently has a consensus rating of “Hold” and a consensus target price of $95.14.
In other news, CEO Carlos A. Rodriguez sold 67,064 shares of the business’s stock in a transaction that occurred on Monday, July 11th. The stock was sold at an average price of $95.00, for a total transaction of $6,371,080.00. Following the completion of the transaction, the chief executive officer now directly owns 166,627 shares in the company, valued at $15,829,565. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Michael C. Eberhard sold 3,412 shares of the business’s stock in a transaction that occurred on Friday, July 1st. The stock was sold at an average price of $92.00, for a total value of $313,904.00. Following the transaction, the vice president now owns 27,524 shares of the company’s stock, valued at $2,532,208. The disclosure for this sale can be found here.
About Automatic Data Processing
Automatic Data Processing, Inc (ADP) is a provider of human capital management (HCM) solutions and business process outsourcing. The Company operates through two segments: Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers a range of business outsourcing and technology-enabled HCM solutions.
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