Jarislowsky Fraser Ltd Sells 5,608 Shares of Automatic Data Processing (NYSE:ADP)

Jarislowsky Fraser Ltd reduced its position in shares of Automatic Data Processing (NYSE:ADP) by 2.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 247,712 shares of the business services provider’s stock after selling 5,608 shares during the period. Jarislowsky Fraser Ltd owned about 0.06% of Automatic Data Processing worth $25,380,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in Automatic Data Processing by 4.4% in the first quarter. Vanguard Group Inc. now owns 34,188,021 shares of the business services provider’s stock worth $3,500,512,000 after buying an additional 1,430,863 shares in the last quarter. BlackRock Inc. boosted its position in Automatic Data Processing by 1,971.2% in the first quarter. BlackRock Inc. now owns 29,631,769 shares of the business services provider’s stock worth $3,033,995,000 after buying an additional 28,201,085 shares in the last quarter. Alliancebernstein L.P. boosted its position in Automatic Data Processing by 6.2% in the first quarter. Alliancebernstein L.P. now owns 8,345,691 shares of the business services provider’s stock worth $854,515,000 after buying an additional 485,320 shares in the last quarter. Polen Capital Management LLC boosted its position in Automatic Data Processing by 8.3% in the first quarter. Polen Capital Management LLC now owns 6,250,533 shares of the business services provider’s stock worth $639,992,000 after buying an additional 479,558 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Automatic Data Processing by 6.9% in the first quarter. Geode Capital Management LLC now owns 4,779,648 shares of the business services provider’s stock worth $488,748,000 after buying an additional 307,521 shares in the last quarter.

Automatic Data Processing (NYSE:ADP) opened at 108.81 on Friday. The firm has a 50-day moving average price of $106.27 and a 200 day moving average price of $102.61. The firm has a market capitalization of $48.35 billion and a price-to-earnings ratio of 28.26. Automatic Data Processing has a 52 week low of $85.48 and a 52 week high of $121.77.

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

The firm 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 $0.57 dividend. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.10%.

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A number of research firms have issued reports on ADP. Wells Fargo & Company reiterated a “market perform” rating on shares of Automatic Data Processing in a research report on Wednesday. BMO Capital Markets restated a “market perform” rating and set a $105.00 price target on shares of Automatic Data Processing in a report on Wednesday. Argus boosted their price target on Automatic Data Processing from $118.00 to $130.00 and gave the stock a “buy” rating in a report on Thursday, August 3rd. Morgan Stanley cut Automatic Data Processing from an “equal weight” rating to an “underweight” rating and boosted their price target for the stock from $98.00 to $100.00 in a report on Thursday, August 3rd. Finally, Royal Bank Of Canada boosted their price target on Automatic Data Processing from $94.00 to $95.00 and gave the stock a “sector perform” rating in a report on Tuesday, August 1st. 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 stock. The company currently has a consensus rating of “Hold” and an average price target of $104.96.

In other news, CEO Carlos A. Rodriguez sold 49,392 shares of Automatic Data Processing stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $100.01, for a total value of $4,939,693.92. Following the sale, the chief executive officer now directly owns 159,403 shares in the company, valued at approximately $15,941,894.03. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Donald Weinstein sold 1,933 shares of Automatic Data Processing stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $101.98, for a total value of $197,127.34. Following the completion of the sale, the vice president now owns 25,737 shares in the company, valued at $2,624,659.26. The disclosure for this sale can be found here. Over the last quarter, insiders sold 90,620 shares of company stock worth $9,435,757.

About Automatic Data Processing

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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