Hallmark Capital Management Inc. Increases Holdings in Automatic Data Processing (NASDAQ:ADP)

Hallmark Capital Management Inc. grew its holdings in Automatic Data Processing (NASDAQ:ADP) by 4.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,134 shares of the business services provider’s stock after purchasing an additional 100 shares during the period. Hallmark Capital Management Inc.’s holdings in Automatic Data Processing were worth $352,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the business. Enterprise Financial Services Corp increased its position in shares of Automatic Data Processing by 2.0% during the first quarter. Enterprise Financial Services Corp now owns 3,215 shares of the business services provider’s stock worth $514,000 after purchasing an additional 64 shares in the last quarter. Berman Capital Advisors LLC lifted its stake in Automatic Data Processing by 2.5% in the 1st quarter. Berman Capital Advisors LLC now owns 2,780 shares of the business services provider’s stock valued at $443,000 after buying an additional 67 shares in the last quarter. Ellevest Inc. lifted its stake in Automatic Data Processing by 34.6% in the 1st quarter. Ellevest Inc. now owns 276 shares of the business services provider’s stock valued at $44,000 after buying an additional 71 shares in the last quarter. CX Institutional lifted its stake in Automatic Data Processing by 3.0% in the 2nd quarter. CX Institutional now owns 2,472 shares of the business services provider’s stock valued at $409,000 after buying an additional 73 shares in the last quarter. Finally, Nations Financial Group Inc. IA ADV lifted its stake in Automatic Data Processing by 3.0% in the 1st quarter. Nations Financial Group Inc. IA ADV now owns 2,719 shares of the business services provider’s stock valued at $434,000 after buying an additional 78 shares in the last quarter. 80.22% of the stock is owned by institutional investors and hedge funds.

Shares of Automatic Data Processing stock opened at $160.08 on Friday. The firm has a market cap of $71.31 billion, a price-to-earnings ratio of 29.37, a price-to-earnings-growth ratio of 2.05 and a beta of 0.90. Automatic Data Processing has a 52-week low of $121.40 and a 52-week high of $174.50. The company’s 50-day simple moving average is $167.45 and its 200-day simple moving average is $162.56. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.37.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings data on Wednesday, July 31st. The business services provider reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.01. The firm had revenue of $3.50 billion for the quarter, compared to the consensus estimate of $3.50 billion. Automatic Data Processing had a net margin of 16.17% and a return on equity of 47.48%. The firm’s revenue was up 5.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.99 earnings per share. Equities research analysts anticipate that Automatic Data Processing will post 6.16 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date of this dividend is Thursday, September 12th. Automatic Data Processing’s dividend payout ratio is currently 57.98%.

In other news, CEO Carlos A. Rodriguez sold 49,392 shares of the company’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $161.70, for a total value of $7,986,686.40. Following the completion of the transaction, the chief executive officer now directly owns 132,338 shares in the company, valued at $21,399,054.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Brock Albinson sold 6,683 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $167.87, for a total transaction of $1,121,875.21. Following the completion of the transaction, the vice president now owns 6,302 shares of the company’s stock, valued at $1,057,916.74. The disclosure for this sale can be found here. Insiders sold 57,846 shares of company stock worth $9,395,534 in the last ninety days. Insiders own 0.33% of the company’s stock.

A number of research analysts recently weighed in on the stock. BidaskClub lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Wednesday. Cowen assumed coverage on shares of Automatic Data Processing in a research note on Wednesday. They issued an “outperform” rating and a $195.00 price target on the stock. Zacks Investment Research raised shares of Automatic Data Processing from a “hold” rating to a “buy” rating and set a $179.00 price target on the stock in a research note on Friday, June 21st. Robert W. Baird increased their price objective on shares of Automatic Data Processing from $167.00 to $178.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Finally, Bank of America downgraded shares of Automatic Data Processing from a “buy” rating to a “neutral” rating in a report on Wednesday. Ten analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Automatic Data Processing has an average rating of “Hold” and a consensus price target of $176.10.

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.

Further Reading: Outperform Rating

Institutional Ownership by Quarter for Automatic Data Processing (NASDAQ: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.