Eliot Finkel Investment Counsel LLC Reduces Position in Automatic Data Processing (ADP)

Eliot Finkel Investment Counsel LLC decreased its stake in Automatic Data Processing (NYSE:ADP) by 8.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 24,480 shares of the business services provider’s stock after selling 2,180 shares during the period. Automatic Data Processing makes up 1.9% of Eliot Finkel Investment Counsel LLC’s portfolio, making the stock its 27th largest position. Eliot Finkel Investment Counsel LLC’s holdings in Automatic Data Processing were worth $2,507,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Coconut Grove Bank increased 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 worth $106,000 after buying an additional 460 shares during the last quarter. Grisanti Capital Management LLC boosted 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 period. Weatherly Asset Management L. P. purchased a new stake in Automatic Data Processing during the first quarter valued at $209,000. Good Life Advisors LLC boosted its stake in Automatic Data Processing by 2.5% in the first quarter. Good Life Advisors LLC now owns 2,153 shares of the business services provider’s stock valued at $221,000 after buying an additional 52 shares during the period. Finally, MCF Advisors LLC boosted its position in Automatic Data Processing by 18.8% in the first quarter. MCF Advisors LLC now owns 2,179 shares of the business services provider’s stock worth $223,000 after buying an additional 345 shares during the last quarter.

Shares of Automatic Data Processing (ADP) traded down 0.26% during trading on Friday, reaching $104.41. 5,300,922 shares of the company traded hands. The firm has a market capitalization of $46.40 billion and a PE ratio of 27.12. Automatic Data Processing has a 12 month low of $85.48 and a 12 month high of $121.77. The firm has a 50-day moving average price of $107.19 and a 200-day moving average price of $102.82.

Automatic Data Processing (NYSE:ADP) last posted its earnings results on Thursday, July 27th. The business services provider reported $0.65 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.67 by $0.02. The company had revenue of $3.06 billion for the quarter, compared to analyst estimates of $3.04 billion. Automatic Data Processing had a return on equity of 26.39% and a net margin of 8.67%. Automatic Data Processing’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.69 earnings per share. Equities research analysts anticipate that Automatic Data Processing will post $3.81 EPS for the current year.

The business also recently announced 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. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $2.28 annualized dividend and a dividend yield of 2.18%.

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Several equities analysts have commented on ADP shares. Citigroup Inc. raised their price target on shares of Automatic Data Processing from $98.00 to $110.00 and gave the company a “neutral” rating in a research report on Thursday. Barclays PLC reissued an “equal weight” rating and issued a $105.00 price target on shares of Automatic Data Processing in a research report on Tuesday. Wells Fargo & Company restated a “market perform” rating on shares of Automatic Data Processing in a report on Wednesday, August 9th. BMO Capital Markets restated a “market perform” rating and issued a $105.00 price objective on shares of Automatic Data Processing in a report on Wednesday, August 9th. Finally, Argus raised their price objective on shares of Automatic Data Processing from $118.00 to $130.00 and gave the company a “buy” rating in a report on Thursday, August 3rd. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company’s stock. Automatic Data Processing has a consensus rating of “Hold” and an average price target of $105.35.

In related news, CEO Carlos A. Rodriguez sold 36,363 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 146,494 shares in the company, valued at approximately $16,114,340. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Carlos A. Rodriguez sold 49,392 shares of the business’s stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $100.01, for a total value of $4,939,693.92. Following the completion of the transaction, the chief executive officer now owns 159,403 shares of the company’s stock, valued at $15,941,894.03. The disclosure for this sale can be found here. Insiders sold a total of 90,620 shares of company stock valued at $9,435,757 over the last quarter.

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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