Shayne & CO. LLC Reduces Position in Automatic Data Processing (NYSE:ADP)

Shayne & CO. LLC decreased its position in shares of Automatic Data Processing (NYSE:ADP) by 3.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,586 shares of the business services provider’s stock after selling 718 shares during the period. Automatic Data Processing makes up about 1.6% of Shayne & CO. LLC’s holdings, making the stock its 7th largest position. Shayne & CO. LLC’s holdings in Automatic Data Processing were worth $2,007,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Coconut Grove Bank raised its stake in Automatic Data Processing by 79.6% in the first quarter. Coconut Grove Bank now owns 1,038 shares of the business services provider’s stock valued at $106,000 after buying an additional 460 shares during the last quarter. Grisanti Capital Management LLC raised its stake in Automatic Data Processing by 4.5% in the first quarter. Grisanti Capital Management LLC now owns 1,045 shares of the business services provider’s stock valued at $107,000 after buying an additional 45 shares during the last quarter. Edmond DE Rothschild Holding S.A. bought a new stake in Automatic Data Processing during the first quarter valued at about $113,000. Harbour Capital Advisors LLC bought a new stake in Automatic Data Processing during the first quarter valued at about $176,000. Finally, Guardian Life Insurance Co. of America raised its stake in Automatic Data Processing by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 1,740 shares of the business services provider’s stock valued at $178,000 after buying an additional 12 shares during the last quarter.

Shares of Automatic Data Processing (NYSE:ADP) traded down 0.49% on Thursday, hitting $109.12. The stock had a trading volume of 1,387,950 shares. Automatic Data Processing has a 12-month low of $85.48 and a 12-month high of $121.77. The stock has a 50 day moving average of $105.89 and a 200 day moving average of $102.52. The firm has a market cap of $48.49 billion and a price-to-earnings ratio of 28.34. Automatic Data Processing also was the target of unusually large options trading on Tuesday. Traders acquired 15,090 put options on the company. This is an increase of approximately 264% compared to the typical daily volume of 4,143 put options.

Automatic Data Processing (NYSE:ADP) last posted its quarterly earnings data on Thursday, July 27th. The business services provider reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.67 by $0.02. Automatic Data Processing had a return on equity of 59.56% and a net margin of 17.24%. The company had revenue of $3.06 billion for the quarter, compared to analysts’ expectations of $3.04 billion. During the same period in the prior year, the company posted $0.69 EPS. The firm’s revenue was up 5.7% compared to the same quarter last year. Equities analysts predict that Automatic Data Processing will post $3.82 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 8th will be given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date is Thursday, September 7th.

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Several equities research analysts have recently issued reports on ADP shares. Argus lowered their price objective on Automatic Data Processing from $118.00 to $101.50 and set a “buy” rating for the company in a research note on Wednesday, May 31st. Barclays PLC reaffirmed a “buy” rating on shares of Automatic Data Processing in a research note on Thursday, April 27th. BidaskClub raised Automatic Data Processing from a “hold” rating to a “buy” rating in a research note on Tuesday, August 1st. Stifel Nicolaus reaffirmed a “hold” rating and issued a $108.00 price objective (up from $103.00) on shares of Automatic Data Processing in a research note on Sunday, July 30th. Finally, William Blair downgraded Automatic Data Processing from an “outperform” rating to a “market perform” rating in a report on Friday, July 21st. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company. Automatic Data Processing currently has a consensus rating of “Hold” and a consensus target price of $104.96.

In other news, CEO Carlos A. Rodriguez sold 49,392 shares of the company’s stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $100.01, for a total transaction of $4,939,693.92. Following the sale, the chief executive officer now owns 159,403 shares of the company’s stock, valued at $15,941,894.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Carlos A. Rodriguez sold 36,363 shares of the company’s stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $110.00, for a total value of $3,999,930.00. Following the sale, the chief executive officer now directly owns 146,494 shares in the company, valued at approximately $16,114,340. The disclosure for this sale can be found here. Insiders have sold 90,620 shares of company stock worth $9,435,757 in the last ninety days.

Automatic Data Processing Company Profile

Automatic Data Processing, Inc (ADP) is a provider of human capital management (HCM) solutions to employers, offering solutions to businesses of various sizes. The Company also provides business process outsourcing solutions. Its segments include Employer Services and Professional Employer Organization (PEO) Services.

Institutional Ownership by Quarter for Automatic Data Processing (NYSE:ADP)

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