Automatic Data Processing (ADP) Shares Sold by Congress Asset Management Co. MA

Congress Asset Management Co. MA cut its stake in Automatic Data Processing (NYSE:ADP) by 89.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 55,825 shares of the business services provider’s stock after selling 488,117 shares during the period. Congress Asset Management Co. MA’s holdings in Automatic Data Processing were worth $5,716,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ADP. Fundsmith LLP increased its position in shares of Automatic Data Processing by 3.4% in the first quarter. Fundsmith LLP now owns 4,011,368 shares of the business services provider’s stock valued at $410,724,000 after buying an additional 133,125 shares during the period. American Century Companies Inc. increased its position in shares of Automatic Data Processing by 51.1% in the first quarter. American Century Companies Inc. now owns 2,697,795 shares of the business services provider’s stock valued at $276,227,000 after buying an additional 912,528 shares during the period. Swiss National Bank increased its position in shares of Automatic Data Processing by 17.3% in the first quarter. Swiss National Bank now owns 2,391,985 shares of the business services provider’s stock valued at $244,915,000 after buying an additional 353,200 shares during the period. UBS Asset Management Americas Inc. increased its position in shares of Automatic Data Processing by 6.9% in the first quarter. UBS Asset Management Americas Inc. now owns 2,067,285 shares of the business services provider’s stock valued at $211,669,000 after buying an additional 134,041 shares during the period. Finally, First Eagle Investment Management LLC increased its position in shares of Automatic Data Processing by 3.2% in the first quarter. First Eagle Investment Management LLC now owns 1,517,870 shares of the business services provider’s stock valued at $155,415,000 after buying an additional 47,447 shares during the period.

Shares of Automatic Data Processing (ADP) traded down 0.26% during mid-day trading on Friday, hitting $104.41. 5,300,922 shares of the stock traded hands. The company’s 50 day moving average is $107.19 and its 200 day moving average is $102.82. Automatic Data Processing has a one year low of $85.48 and a one year high of $121.77. The firm has a market capitalization of $46.40 billion and a P/E ratio of 27.12.

Automatic Data Processing (NYSE:ADP) last released its earnings results on Thursday, July 27th. The business services provider reported $0.65 EPS for the quarter, missing the consensus estimate of $0.67 by $0.02. Automatic Data Processing had a net margin of 8.67% and a return on equity of 26.39%. The firm had revenue of $3.06 billion during the quarter, compared to the consensus estimate of $3.04 billion. During the same period in the prior year, the business earned $0.69 earnings per share. Automatic Data Processing’s quarterly revenue was up 5.7% compared to the same quarter last year. On average, equities analysts expect that Automatic Data Processing will post $3.81 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 8th will be issued a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 2.18%. The ex-dividend date is Thursday, September 7th.

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ADP has been the topic of several recent analyst reports. Barclays PLC dropped their target price on shares of Automatic Data Processing from $115.00 to $113.00 and set an “overweight” rating on the stock in a report on Tuesday, April 25th. Morgan Stanley downgraded shares of Automatic Data Processing from an “equal weight” rating to an “underweight” rating and boosted their price objective for the stock from $98.00 to $100.00 in a report on Thursday, August 3rd. BidaskClub upgraded shares of Automatic Data Processing from a “hold” rating to a “buy” rating in a report on Tuesday, August 1st. Citigroup Inc. boosted their price objective on shares of Automatic Data Processing from $98.00 to $110.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, William Blair downgraded shares of Automatic Data Processing from an “outperform” rating to a “market perform” rating in a report on Friday, July 21st. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $105.35.

In other news, CEO Carlos A. Rodriguez sold 49,392 shares of the firm’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 sale, the chief executive officer now directly owns 159,403 shares in the company, valued at approximately $15,941,894.03. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Carlos A. Rodriguez sold 36,363 shares of Automatic Data Processing stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $110.00, for a total transaction of $3,999,930.00. Following the sale, the chief executive officer now owns 146,494 shares in the company, valued at $16,114,340. The disclosure for this sale can be found here. Over the last three months, insiders sold 90,620 shares of company stock worth $9,435,757.

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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