Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Acquired by Penobscot Investment Management Company Inc.

Penobscot Investment Management Company Inc. increased its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 0.7% during the 4th quarter, Holdings Channel.com reports. The fund owned 46,059 shares of the business services provider’s stock after purchasing an additional 304 shares during the quarter. Automatic Data Processing comprises about 1.3% of Penobscot Investment Management Company Inc.’s portfolio, making the stock its 23rd biggest position. Penobscot Investment Management Company Inc.’s holdings in Automatic Data Processing were worth $10,730,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. Heritage Investment Group Inc. boosted its stake in Automatic Data Processing by 1.9% during the 4th quarter. Heritage Investment Group Inc. now owns 2,201 shares of the business services provider’s stock valued at $513,000 after acquiring an additional 41 shares during the last quarter. Argus Investors Counsel Inc. lifted its holdings in shares of Automatic Data Processing by 0.5% during the fourth quarter. Argus Investors Counsel Inc. now owns 8,863 shares of the business services provider’s stock valued at $2,065,000 after purchasing an additional 43 shares during the last quarter. Schechter Investment Advisors LLC lifted its holdings in shares of Automatic Data Processing by 1.1% during the third quarter. Schechter Investment Advisors LLC now owns 4,151 shares of the business services provider’s stock valued at $999,000 after purchasing an additional 46 shares during the last quarter. Simon Quick Advisors LLC raised its position in Automatic Data Processing by 1.0% during the fourth quarter. Simon Quick Advisors LLC now owns 4,580 shares of the business services provider’s stock valued at $1,067,000 after buying an additional 47 shares during the period. Finally, Allworth Financial LP increased its position in Automatic Data Processing by 0.7% in the 3rd quarter. Allworth Financial LP now owns 6,886 shares of the business services provider’s stock worth $1,657,000 after purchasing an additional 48 shares during the last quarter. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Automatic Data Processing Stock Down 0.4 %

Shares of Automatic Data Processing stock traded down $1.04 during trading on Tuesday, hitting $242.91. 471,246 shares of the stock were exchanged, compared to its average volume of 1,769,770. The stock has a market cap of $99.78 billion, a price-to-earnings ratio of 28.40, a price-to-earnings-growth ratio of 2.28 and a beta of 0.78. Automatic Data Processing, Inc. has a 12-month low of $205.53 and a 12-month high of $256.84. The firm’s 50-day moving average price is $246.51 and its 200 day moving average price is $239.10. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.01 and a quick ratio of 1.01.

Automatic Data Processing (NASDAQ:ADP) last announced its earnings results on Wednesday, January 31st. The business services provider reported $2.13 earnings per share for the quarter, beating the consensus estimate of $2.10 by $0.03. Automatic Data Processing had a net margin of 19.14% and a return on equity of 95.22%. The business had revenue of $4.67 billion during the quarter, compared to the consensus estimate of $4.65 billion. During the same period in the prior year, the firm earned $1.96 earnings per share. The business’s quarterly revenue was up 6.3% compared to the same quarter last year. As a group, analysts forecast that Automatic Data Processing, Inc. will post 9.14 earnings per share for the current fiscal year.

Automatic Data Processing Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be paid a dividend of $1.40 per share. The ex-dividend date is Friday, June 14th. This represents a $5.60 annualized dividend and a dividend yield of 2.31%. Automatic Data Processing’s dividend payout ratio (DPR) is currently 65.19%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Royal Bank of Canada restated a “sector perform” rating and set a $267.00 target price on shares of Automatic Data Processing in a research note on Thursday, February 1st. Mizuho raised their price target on Automatic Data Processing from $265.00 to $272.00 and gave the stock a “buy” rating in a research report on Monday, March 11th. Wolfe Research upgraded Automatic Data Processing from an “underperform” rating to a “peer perform” rating in a report on Thursday, January 4th. Bank of America raised Automatic Data Processing from an “underperform” rating to a “neutral” rating and lifted their target price for the company from $217.00 to $243.00 in a research report on Wednesday, January 17th. Finally, StockNews.com downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Tuesday, March 19th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Automatic Data Processing presently has an average rating of “Hold” and an average price target of $258.36.

Insider Activity

In other Automatic Data Processing news, VP David Kwon sold 863 shares of the stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $250.00, for a total value of $215,750.00. Following the sale, the vice president now directly owns 8,285 shares in the company, valued at approximately $2,071,250. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Automatic Data Processing news, VP Sreenivasa Kutam sold 368 shares of the stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $247.01, for a total value of $90,899.68. Following the completion of the sale, the vice president now directly owns 20,319 shares in the company, valued at $5,018,996.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP David Kwon sold 863 shares of the stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $250.00, for a total value of $215,750.00. Following the transaction, the vice president now owns 8,285 shares in the company, valued at approximately $2,071,250. The disclosure for this sale can be found here. Insiders sold a total of 15,162 shares of company stock valued at $3,741,859 in the last ninety days. 0.26% of the stock is owned by insiders.

Automatic Data Processing Profile

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.