Cibc World Markets Corp cut its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 23.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 70,235 shares of the business services provider’s stock after selling 21,378 shares during the period. Cibc World Markets Corp’s holdings in Automatic Data Processing were worth $13,950,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Paragon Wealth Strategies LLC purchased a new position in Automatic Data Processing in the second quarter valued at about $26,000. Lake Point Wealth Management purchased a new position in shares of Automatic Data Processing during the 2nd quarter worth approximately $27,000. Disciplined Investments LLC purchased a new position in shares of Automatic Data Processing during the 2nd quarter worth approximately $31,000. Annapolis Financial Services LLC increased its stake in shares of Automatic Data Processing by 232.0% during the 2nd quarter. Annapolis Financial Services LLC now owns 166 shares of the business services provider’s stock worth $33,000 after purchasing an additional 116 shares in the last quarter. Finally, Newton One Investments LLC purchased a new position in shares of Automatic Data Processing during the 2nd quarter worth approximately $42,000. 78.39% of the stock is owned by institutional investors.
ADP has been the subject of a number of recent research reports. Barclays raised their price objective on shares of Automatic Data Processing from $212.00 to $227.00 and gave the stock an “overweight” rating in a research note on Monday, August 2nd. Credit Suisse Group cut shares of Automatic Data Processing from an “outperform” rating to a “neutral” rating and set a $215.00 price objective for the company. in a research note on Monday, August 16th. They noted that the move was a valuation call. JPMorgan Chase & Co. cut shares of Automatic Data Processing from a “neutral” rating to an “underweight” rating and set a $224.00 price objective for the company. in a research note on Tuesday, August 17th. They noted that the move was a valuation call. Mizuho lifted their target price on shares of Automatic Data Processing from $220.00 to $230.00 and gave the stock a “buy” rating in a research note on Monday, August 2nd. Finally, Morgan Stanley lifted their target price on shares of Automatic Data Processing from $185.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 29th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $196.79.
Shares of ADP opened at $199.74 on Wednesday. The firm has a market cap of $84.51 billion, a PE ratio of 32.91, a price-to-earnings-growth ratio of 2.52 and a beta of 0.73. The company’s fifty day moving average is $207.88 and its two-hundred day moving average is $197.53. Automatic Data Processing, Inc. has a fifty-two week low of $127.31 and a fifty-two week high of $217.15. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.53.
Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings results on Tuesday, July 27th. The business services provider reported $1.20 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.14 by $0.06. The company had revenue of $3.74 billion for the quarter, compared to analyst estimates of $3.67 billion. Automatic Data Processing had a net margin of 17.32% and a return on equity of 44.73%. During the same quarter last year, the business earned $1.14 EPS. As a group, equities research analysts anticipate that Automatic Data Processing, Inc. will post 6.64 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 1st. Investors of record on Friday, September 10th will be issued a dividend of $0.93 per share. The ex-dividend date of this dividend is Thursday, September 9th. This represents a $3.72 annualized dividend and a dividend yield of 1.86%. Automatic Data Processing’s payout ratio is 61.79%.
Automatic Data Processing Company Profile
Automatic Data Processing, Inc engages in the provision of business outsourcing solutions specializes in cloud-based human capital management. It operates through the following business segments: Employer Services; and Professional Employer Organization Services; and Other. The Employer Services segment provides clients ranging from single-employee small businesses to large enterprises with tens of thousands of employees around the world, offering a range of human resources outsourcing and technology-based human capital management solutions, including strategic, cloud-based platforms.
Featured Story: What is intrinsic value?
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.