Oppenheimer Asset Management Inc. cut its stake in Automatic Data Processing (NASDAQ:ADP) by 3.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,855 shares of the business services provider’s stock after selling 223 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Automatic Data Processing were worth $899,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Cerebellum GP LLC increased its stake in Automatic Data Processing by 1,376.9% during the 4th quarter. Cerebellum GP LLC now owns 192 shares of the business services provider’s stock worth $25,000 after purchasing an additional 179 shares in the last quarter. Tributary Capital Management LLC bought a new stake in Automatic Data Processing during the 4th quarter worth approximately $26,000. Horan Securities Inc. bought a new stake in Automatic Data Processing during the 4th quarter worth approximately $31,000. Moody National Bank Trust Division bought a new stake in Automatic Data Processing during the 4th quarter worth approximately $37,000. Finally, Willingdon Wealth Management increased its stake in Automatic Data Processing by 328.5% during the 3rd quarter. Willingdon Wealth Management now owns 857 shares of the business services provider’s stock worth $129,000 after purchasing an additional 657 shares in the last quarter. 77.89% of the stock is owned by institutional investors.
ADP has been the subject of several research reports. Zacks Investment Research raised shares of Automatic Data Processing from a “sell” rating to a “hold” rating in a research note on Thursday, January 24th. Barclays initiated coverage on shares of Automatic Data Processing in a research note on Wednesday, November 14th. They set an “overweight” rating and a $168.00 price target for the company. Jefferies Financial Group raised their price target on shares of Automatic Data Processing to $167.00 and gave the stock a “hold” rating in a research note on Thursday, November 1st. BMO Capital Markets decreased their price target on shares of Automatic Data Processing from $155.00 to $150.00 and set a “market perform” rating for the company in a research note on Thursday, November 1st. Finally, Citigroup raised their price target on shares of Automatic Data Processing from $137.00 to $147.00 and gave the stock a “neutral” rating in a research note on Thursday, November 1st. Eight research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Automatic Data Processing presently has a consensus rating of “Buy” and a consensus target price of $151.87.
Shares of ADP opened at $146.81 on Friday. The company has a market cap of $63.95 billion, a PE ratio of 33.75, a price-to-earnings-growth ratio of 2.14 and a beta of 0.91. Automatic Data Processing has a twelve month low of $107.61 and a twelve month high of $153.51. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.05 and a quick ratio of 1.05.
Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings data on Wednesday, January 30th. The business services provider reported $1.34 EPS for the quarter, beating the consensus estimate of $1.18 by $0.16. The company had revenue of $3.51 billion during the quarter, compared to the consensus estimate of $3.43 billion. Automatic Data Processing had a return on equity of 51.92% and a net margin of 13.12%. The firm’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.03 EPS. As a group, sell-side analysts expect that Automatic Data Processing will post 5.37 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 8th will be issued a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 2.15%. The ex-dividend date is Thursday, March 7th. Automatic Data Processing’s payout ratio is presently 72.64%.
In other news, CEO Carlos A. Rodriguez sold 62,228 shares of the stock in a transaction that occurred on Friday, November 16th. The stock was sold at an average price of $145.59, for a total value of $9,059,774.52. Following the completion of the sale, the chief executive officer now owns 137,177 shares of the company’s stock, valued at approximately $19,971,599.43. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Brock Albinson sold 4,389 shares of the stock in a transaction that occurred on Wednesday, January 2nd. The shares were sold at an average price of $129.00, for a total value of $566,181.00. Following the completion of the sale, the vice president now directly owns 8,144 shares of the company’s stock, valued at approximately $1,050,576. The disclosure for this sale can be found here. In the last three months, insiders sold 142,655 shares of company stock valued at $20,193,990. 0.33% of the stock is currently owned by insiders.
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Automatic Data Processing Company Profile
Automatic Data Processing, Inc provides business process outsourcing services worldwide. It operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) outsourcing and technology-based human capital management solutions.
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