Eliot Finkel Investment Counsel LLC reduced its position in shares of Automatic Data Processing (NYSE:ADP) by 10.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 27,100 shares of the company’s stock after selling 3,300 shares during the period. Automatic Data Processing accounts for about 2.2% of Eliot Finkel Investment Counsel LLC’s investment portfolio, making the stock its 24th largest position. Eliot Finkel Investment Counsel LLC’s holdings in Automatic Data Processing were worth $2,490,000 at the end of the most recent quarter.
Automatic Data Processing (NYSE:ADP) traded up 0.89% during mid-day trading on Friday, hitting $87.66. The company’s stock had a trading volume of 494,651 shares. Automatic Data Processing has a 12-month low of $76.65 and a 12-month high of $96.00. The firm’s 50-day moving average is $88.21 and its 200-day moving average is $89.31. The company has a market cap of $39.99 billion and a P/E ratio of 26.99.
Automatic Data Processing (NYSE:ADP) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.02. The firm earned $2.90 billion during the quarter, compared to the consensus estimate of $2.94 billion. During the same period last year, the company earned $0.55 EPS. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. Analysts predict that Automatic Data Processing will post $3.61 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Saturday, October 1st. Investors of record on Friday, September 9th were paid a $0.53 dividend. The ex-dividend date was Wednesday, September 7th. This represents a $2.12 annualized dividend and a yield of 2.44%.
A number of research analysts have issued reports on ADP shares. JPMorgan Chase & Co. reiterated a “hold” rating and set a $93.00 price objective on shares of Automatic Data Processing in a research note on Friday, July 29th. Wedbush started coverage on Automatic Data Processing in a research note on Thursday, September 8th. They set a “neutral” rating and a $100.00 price objective for the company. Sanford C. Bernstein upgraded Automatic Data Processing from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $97.00 to $110.00 in a research note on Monday, July 11th. Zacks Investment Research upgraded Automatic Data Processing from a “hold” rating to a “buy” rating and set a $98.00 price objective for the company in a research note on Wednesday, June 29th. Finally, Jefferies Group lifted their target price on Automatic Data Processing from $75.00 to $81.00 and gave the stock an “underperform” rating in a report on Monday, August 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $95.14.
In other Automatic Data Processing news, VP Deborah L. Dyson sold 898 shares of the company’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $88.06, for a total transaction of $79,077.88. Following the completion of the sale, the vice president now owns 11,891 shares in the company, valued at $1,047,121.46. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Carlos A. Rodriguez sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $89.91, for a total value of $899,100.00. Following the sale, the chief executive officer now owns 119,877 shares of the company’s stock, valued at approximately $10,778,141.07. The disclosure for this sale can be found here.
Automatic Data Processing Company Profile
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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