Kanawha Capital Management LLC boosted its stake in Automatic Data Processing (NYSE:ADP) by 1.8% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 113,218 shares of the company’s stock after buying an additional 1,963 shares during the period. Automatic Data Processing comprises 1.7% of Kanawha Capital Management LLC’s investment portfolio, making the stock its 19th largest position. Kanawha Capital Management LLC’s holdings in Automatic Data Processing were worth $10,401,000 as of its most recent filing with the SEC.
Separately, Spectrum Management Group Inc. boosted its stake in shares of Automatic Data Processing by 283.9% in the second quarter. Spectrum Management Group Inc. now owns 8,560 shares of the company’s stock valued at $786,000 after buying an additional 6,330 shares during the last quarter.
Automatic Data Processing (NYSE:ADP) traded up 0.3697% during trading on Tuesday, hitting $87.5625. The company’s stock had a trading volume of 451,476 shares. Automatic Data Processing has a 12 month low of $76.65 and a 12 month high of $96.00. The firm has a market cap of $39.94 billion and a P/E ratio of 26.9589. The firm has a 50 day moving average of $88.08 and a 200 day moving average of $89.28.
Automatic Data Processing (NYSE:ADP) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.69 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.02. The firm had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.94 billion. The business’s quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.55 earnings per share. Equities research analysts predict that Automatic Data Processing will post $3.61 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Saturday, October 1st. Investors of record on Friday, September 9th were issued a dividend of $0.53 per share. The ex-dividend date was Wednesday, September 7th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.43%.
ADP has been the topic of several analyst reports. Zacks Investment Research cut Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Thursday, July 14th. JPMorgan Chase & Co. reiterated a “hold” rating and issued a $93.00 target price on shares of Automatic Data Processing in a report on Friday, July 29th. Wedbush initiated coverage on Automatic Data Processing in a report on Thursday, September 8th. They issued a “neutral” rating and a $100.00 target price on the stock. 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 report on Monday, August 1st. Finally, Citigroup Inc. reiterated a “neutral” rating and issued a $90.00 target price (up from $89.00) on shares of Automatic Data Processing in a report on Friday, July 29th. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $95.14.
In other Automatic Data Processing news, CEO Carlos A. Rodriguez sold 10,000 shares of Automatic Data Processing stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 119,877 shares of the company’s stock, valued at approximately $10,778,141.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jan Siegmund sold 6,592 shares of Automatic Data Processing stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $89.20, for a total value of $588,006.40. Following the completion of the transaction, the insider now directly owns 52,193 shares in the company, valued at $4,655,615.60. 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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