White Pine Investment CO lowered its stake in shares of Automatic Data Processing (NASDAQ:ADP) by 1.7% during the second quarter, HoldingsChannel reports. The firm owned 22,761 shares of the business services provider’s stock after selling 400 shares during the quarter. White Pine Investment CO’s holdings in Automatic Data Processing were worth $3,053,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in the company. Berkshire Asset Management LLC PA raised its stake in Automatic Data Processing by 4.0% in the 1st quarter. Berkshire Asset Management LLC PA now owns 15,245 shares of the business services provider’s stock valued at $1,730,000 after acquiring an additional 592 shares during the period. Busey Trust CO bought a new stake in Automatic Data Processing in the 1st quarter valued at $1,222,000. Rikoon Group LLC raised its stake in Automatic Data Processing by 10.5% in the 1st quarter. Rikoon Group LLC now owns 3,990 shares of the business services provider’s stock valued at $452,000 after acquiring an additional 379 shares during the period. Pensionfund Sabic bought a new stake in Automatic Data Processing in the 2nd quarter valued at $2,750,000. Finally, Pensionfund DSM Netherlands bought a new stake in Automatic Data Processing in the 2nd quarter valued at $3,595,000. Institutional investors own 78.66% of the company’s stock.
ADP has been the topic of a number of research analyst reports. Bank of America increased their price target on Automatic Data Processing from $138.00 to $140.00 and gave the company a “buy” rating in a research note on Friday, May 4th. BMO Capital Markets increased their price target on Automatic Data Processing from $118.00 to $126.00 and gave the company a “market perform” rating in a research note on Thursday, May 3rd. Stifel Nicolaus increased their price target on Automatic Data Processing from $126.00 to $148.00 and gave the company a “hold” rating in a research note on Wednesday, June 6th. Zacks Investment Research upgraded Automatic Data Processing from a “hold” rating to a “buy” rating and set a $146.00 price target on the stock in a research note on Monday, May 28th. Finally, Morgan Stanley increased their price target on Automatic Data Processing from $114.00 to $122.00 and gave the company a “hold” rating in a research note on Thursday, May 3rd. Nine research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $136.73.
Shares of NASDAQ ADP opened at $139.29 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.58. Automatic Data Processing has a one year low of $102.81 and a one year high of $141.52. The firm has a market capitalization of $60.62 billion, a price-to-earnings ratio of 31.88, a PEG ratio of 2.36 and a beta of 0.88.
Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, August 1st. The business services provider reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.02. Automatic Data Processing had a return on equity of 50.17% and a net margin of 12.16%. The firm had revenue of $3.32 billion for the quarter, compared to analyst estimates of $3.29 billion. During the same period in the prior year, the firm posted $0.66 EPS. The company’s revenue for the quarter was up 8.3% on a year-over-year basis. equities analysts forecast that Automatic Data Processing will post 5.18 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Friday, September 14th will be issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date of this dividend is Thursday, September 13th. Automatic Data Processing’s dividend payout ratio is 63.45%.
About Automatic Data Processing
Automatic Data Processing, Inc provides business process outsourcing services worldwide. The company operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) business process outsourcing and technology-enabled human capital management solutions.
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