Court Place Advisors LLC Lowers Position in Automatic Data Processing (ADP)

Court Place Advisors LLC decreased its stake in shares of Automatic Data Processing (NYSE:ADP) by 0.8% during the second quarter, Holdings Channel reports. The institutional investor owned 76,194 shares of the business services provider’s stock after selling 590 shares during the period. Automatic Data Processing makes up about 3.7% of Court Place Advisors LLC’s holdings, making the stock its 3rd largest position. Court Place Advisors LLC’s holdings in Automatic Data Processing were worth $7,807,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. Coconut Grove Bank raised its stake in Automatic Data Processing by 79.6% in the first quarter. Coconut Grove Bank now owns 1,038 shares of the business services provider’s stock valued at $106,000 after buying an additional 460 shares in the last quarter. Grisanti Capital Management LLC raised its stake in Automatic Data Processing by 4.5% in the first quarter. Grisanti Capital Management LLC now owns 1,045 shares of the business services provider’s stock valued at $107,000 after buying an additional 45 shares in the last quarter. Edmond DE Rothschild Holding S.A. purchased a new stake in Automatic Data Processing during the first quarter valued at $113,000. Harbour Capital Advisors LLC purchased a new stake in Automatic Data Processing during the first quarter valued at $176,000. Finally, Guardian Life Insurance Co. of America raised its stake in Automatic Data Processing by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 1,740 shares of the business services provider’s stock valued at $178,000 after buying an additional 12 shares in the last quarter.

Automatic Data Processing (NYSE:ADP) traded down 0.49% during mid-day trading on Thursday, reaching $109.12. The company had a trading volume of 1,387,950 shares. Automatic Data Processing has a 52 week low of $85.48 and a 52 week high of $121.77. The stock’s 50-day moving average price is $105.89 and its 200 day moving average price is $102.52. The firm has a market capitalization of $48.49 billion and a PE ratio of 28.34. Automatic Data Processing also was the recipient of unusually large options trading on Tuesday. Traders acquired 15,090 put options on the company. This is an increase of approximately 264% compared to the average daily volume of 4,143 put options.

Automatic Data Processing (NYSE:ADP) last issued its quarterly earnings results on Thursday, July 27th. The business services provider reported $0.65 EPS for the quarter, missing the Zacks’ consensus estimate of $0.67 by $0.02. Automatic Data Processing had a return on equity of 59.56% and a net margin of 17.24%. The firm had revenue of $3.06 billion for the quarter, compared to analyst estimates of $3.04 billion. During the same period in the prior year, the firm posted $0.69 EPS. The business’s revenue was up 5.7% compared to the same quarter last year. On average, equities research analysts predict that Automatic Data Processing will post $3.82 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 8th will be given a dividend of $0.57 per share. The ex-dividend date is Thursday, September 7th. This represents a $2.28 dividend on an annualized basis and a yield of 2.08%.

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Several equities research analysts recently weighed in on the company. BMO Capital Markets restated a “market perform” rating and set a $105.00 price target on shares of Automatic Data Processing in a research report on Wednesday. Barclays PLC reissued a “buy” rating on shares of Automatic Data Processing in a report on Thursday, April 27th. Robert W. Baird reissued a “neutral” rating and issued a $95.00 target price on shares of Automatic Data Processing in a report on Sunday, July 30th. Evercore ISI downgraded Automatic Data Processing from an “in-line” rating to an “underperform” rating and set a $85.00 target price on the stock. in a report on Friday, June 2nd. Finally, Wells Fargo & Company reissued a “market perform” rating on shares of Automatic Data Processing in a report on Wednesday. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company. Automatic Data Processing currently has a consensus rating of “Hold” and an average target price of $104.96.

In other Automatic Data Processing news, CEO Carlos A. Rodriguez sold 49,392 shares of Automatic Data Processing stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $100.01, for a total transaction of $4,939,693.92. Following the completion of the sale, the chief executive officer now owns 159,403 shares of the company’s stock, valued at approximately $15,941,894.03. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Carlos A. Rodriguez sold 36,363 shares of Automatic Data Processing stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $110.00, for a total value of $3,999,930.00. Following the sale, the chief executive officer now directly owns 146,494 shares of the company’s stock, valued at approximately $16,114,340. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 90,620 shares of company stock valued at $9,435,757.

About Automatic Data Processing

Automatic Data Processing, Inc (ADP) is a provider of human capital management (HCM) solutions to employers, offering solutions to businesses of various sizes. The Company also provides business process outsourcing solutions. Its segments include Employer Services and Professional Employer Organization (PEO) Services.

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Institutional Ownership by Quarter for Automatic Data Processing (NYSE:ADP)

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