Essex Financial Services Inc. decreased its stake in Automatic Data Processing (NYSE:ADP) by 1.6% during the second quarter, Holdings Channel reports. The firm owned 20,632 shares of the company’s stock after selling 345 shares during the period. Essex Financial Services Inc.’s holdings in Automatic Data Processing were worth $1,895,000 at the end of the most recent reporting period.
Separately, Spectrum Management Group Inc. boosted its stake in Automatic Data Processing by 283.9% in the second quarter. Spectrum Management Group Inc. now owns 8,560 shares of the company’s stock worth $786,000 after buying an additional 6,330 shares during the last quarter.
Shares of Automatic Data Processing (NYSE:ADP) traded down 0.27% on Monday, hitting $87.32. The stock had a trading volume of 380,271 shares. Automatic Data Processing has a 52 week low of $76.65 and a 52 week high of $96.00. The company has a market cap of $39.83 billion and a price-to-earnings ratio of 26.88. The firm has a 50 day moving average price of $88.15 and a 200-day moving average price of $89.30.
Automatic Data Processing (NYSE:ADP) last announced its quarterly 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 earned $2.90 billion during the quarter, compared to analyst estimates of $2.94 billion. Automatic Data Processing’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.55 EPS. Analysts anticipate that Automatic Data Processing will post $3.61 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Saturday, October 1st. Investors of record on Friday, September 9th were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 2.42%. The ex-dividend date of this dividend was Wednesday, September 7th.
ADP has been the topic of a number of recent research reports. Wedbush initiated coverage on Automatic Data Processing in a research note on Thursday, September 8th. They issued a “neutral” rating and a $100.00 target price on the stock. Robert W. Baird cut Automatic Data Processing from an “outperform” rating to a “neutral” rating and set a $94.00 target price on the stock. in a research note on Friday, July 29th. JPMorgan Chase & Co. reiterated a “hold” rating and issued a $93.00 target price on shares of Automatic Data Processing in a research note on Friday, July 29th. Zacks Investment Research cut Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Thursday, July 14th. Finally, Sanford C. Bernstein raised Automatic Data Processing from a “market perform” rating to an “outperform” rating and raised their price target for the company from $97.00 to $110.00 in a report on Monday, July 11th. One analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. Automatic Data Processing currently has a consensus rating of “Hold” and an average target price of $95.14.
In related news, VP Deborah L. Dyson sold 898 shares of the business’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $88.06, for a total value of $79,077.88. Following the sale, the vice president now owns 11,891 shares of the company’s stock, valued at approximately $1,047,121.46. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Carlos A. Rodriguez sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 6th. The shares were sold at an average price of $89.91, for a total value of $899,100.00. Following the completion of the sale, the chief executive officer now directly owns 119,877 shares in the company, 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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