1ST Source Bank raised its stake in shares of Automatic Data Processing (NYSE:ADP) by 0.3% during the second quarter, Holdings Channel reports. The fund owned 52,438 shares of the company’s stock after buying an additional 176 shares during the period. 1ST Source Bank’s holdings in Automatic Data Processing were worth $4,818,000 as of its most recent filing with the SEC.
Other institutional investors have also modified their holdings of the company. Bbva Compass Bancshares Inc. increased its stake in Automatic Data Processing by 2.6% in the second quarter. Bbva Compass Bancshares Inc. now owns 24,028 shares of the company’s stock valued at $2,207,000 after buying an additional 612 shares during the period. Kanawha Capital Management LLC increased its stake in Automatic Data Processing by 1.8% in the second quarter. Kanawha Capital Management LLC now owns 113,218 shares of the company’s stock valued at $10,401,000 after buying an additional 1,963 shares during the period. Finally, Spectrum Management Group Inc. increased its stake in 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 period.
Shares of Automatic Data Processing (NYSE:ADP) traded up 0.24% on Wednesday, hitting $87.59. The stock had a trading volume of 549,197 shares. Automatic Data Processing has a 1-year low of $76.65 and a 1-year high of $96.00. The firm has a market capitalization of $39.96 billion and a price-to-earnings ratio of 26.97. The firm has a 50 day moving average of $88.01 and a 200-day moving average of $89.26.
Automatic Data Processing (NYSE:ADP) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.02. The firm earned $2.90 billion during the quarter, compared to the consensus estimate of $2.94 billion. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.55 EPS. Equities analysts predict that Automatic Data Processing will post $3.61 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Saturday, October 1st. Stockholders of record on Friday, September 9th were issued a $0.53 dividend. The ex-dividend date of this dividend was Wednesday, September 7th. This represents a $2.12 annualized dividend and a dividend yield of 2.43%.
ADP has been the topic of several recent research reports. Zacks Investment Research raised Automatic Data Processing from a “hold” rating to a “buy” rating and set a $98.00 price objective on the stock in a report on Wednesday, June 29th. JPMorgan Chase & Co. reaffirmed a “hold” rating and set a $93.00 target price on shares of Automatic Data Processing in a report on Friday, July 29th. Wedbush began coverage on Automatic Data Processing in a report on Thursday, September 8th. They set a “neutral” rating and a $100.00 target price on the stock. Citigroup Inc. reaffirmed a “neutral” rating and set a $90.00 target price (up from $89.00) on shares of Automatic Data Processing in a report on Friday, July 29th. Finally, Robert W. Baird downgraded Automatic Data Processing from an “outperform” rating to a “neutral” rating and set a $94.00 target price on the stock. in a report on Friday, July 29th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $95.14.
In other news, VP Maria Black sold 527 shares of the company’s stock in a transaction on Friday, September 2nd. The shares were sold at an average price of $90.00, for a total value of $47,430.00. Following the transaction, the vice president now owns 7,836 shares of the company’s stock, valued at $705,240. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Jan Siegmund sold 6,592 shares of the company’s stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $89.20, for a total transaction of $588,006.40. Following the completion of the transaction, the insider now directly owns 52,193 shares in the company, valued at approximately $4,655,615.60. The disclosure for this sale can be found here.
Automatic Data Processing Company Profile
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.
Want to see what other hedge funds are holding ADP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Automatic Data Processing (NYSE:ADP).
Receive News & Ratings for Automatic Data Processing Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Automatic Data Processing and related companies with MarketBeat.com's FREE daily email newsletter.