Pinnacle Bank reduced its stake in Automatic Data Processing (NASDAQ:ADP) by 4.5% during the second quarter, HoldingsChannel.com reports. The firm owned 4,583 shares of the business services provider’s stock after selling 214 shares during the quarter. Pinnacle Bank’s holdings in Automatic Data Processing were worth $682,000 as of its most recent SEC filing.
Other institutional investors also recently bought and sold shares of the company. Wealth Quarterback LLC purchased a new position in Automatic Data Processing in the fourth quarter worth about $5,301,510,000. Norges Bank purchased a new position in Automatic Data Processing in the 4th quarter worth approximately $676,751,000. Alliancebernstein L.P. lifted its position in Automatic Data Processing by 26.8% in the 1st quarter. Alliancebernstein L.P. now owns 9,561,003 shares of the business services provider’s stock valued at $1,306,798,000 after acquiring an additional 2,021,774 shares in the last quarter. M&G Investment Management Ltd. boosted its stake in Automatic Data Processing by 9,689.2% during the 1st quarter. M&G Investment Management Ltd. now owns 901,978 shares of the business services provider’s stock valued at $123,571,000 after purchasing an additional 892,764 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Automatic Data Processing by 34.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,183 shares of the business services provider’s stock worth $560,975,000 after purchasing an additional 842,216 shares in the last quarter. Institutional investors own 79.80% of the company’s stock.
NASDAQ:ADP traded down $2.22 on Tuesday, reaching $148.51. 563,805 shares of the company’s stock traded hands, compared to its average volume of 1,697,246. The stock has a 50-day simple moving average of $146.74 and a 200-day simple moving average of $153.84. Automatic Data Processing has a 12 month low of $103.11 and a 12 month high of $182.32. The firm has a market cap of $64.70 billion, a PE ratio of 25.72, a P/E/G ratio of 2.21 and a beta of 0.82. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.25.
Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, April 29th. The business services provider reported $1.92 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.92. Automatic Data Processing had a return on equity of 47.51% and a net margin of 17.20%. The company had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter last year, the company earned $1.77 EPS. The firm’s quarterly revenue was up 5.7% on a year-over-year basis. On average, equities analysts anticipate that Automatic Data Processing will post 5.75 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th were issued a $0.91 dividend. This represents a $3.64 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend was Thursday, June 11th. Automatic Data Processing’s dividend payout ratio (DPR) is presently 66.79%.
Several equities research analysts recently commented on the company. Cowen reduced their price objective on Automatic Data Processing from $195.00 to $158.00 and set an “outperform” rating for the company in a report on Friday, April 24th. Stifel Nicolaus increased their price objective on shares of Automatic Data Processing from $150.00 to $155.00 and gave the company a “hold” rating in a research report on Thursday, April 30th. BMO Capital Markets cut their target price on shares of Automatic Data Processing from $179.00 to $154.00 and set a “market perform” rating for the company in a research report on Thursday, April 30th. BidaskClub downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Friday, May 15th. Finally, JPMorgan Chase & Co. reduced their price objective on Automatic Data Processing from $189.00 to $159.00 and set a “neutral” rating for the company in a research report on Wednesday, April 15th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and four have given a buy rating to the company. Automatic Data Processing currently has a consensus rating of “Hold” and a consensus price target of $165.54.
In related news, VP Brian L. Michaud sold 250 shares of the company’s stock in a transaction on Monday, April 13th. The shares were sold at an average price of $140.23, for a total transaction of $35,057.50. Following the completion of the transaction, the vice president now owns 5,412 shares in the company, valued at $758,924.76. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.31% of the stock is currently owned by insiders.
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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