BlackRock Inc. Increases Stake in Automatic Data Processing (ADP)

BlackRock Inc. grew its holdings in Automatic Data Processing (NYSE:ADP) by 0.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 29,869,208 shares of the business services provider’s stock after buying an additional 237,439 shares during the quarter. BlackRock Inc. owned approximately 6.72% of Automatic Data Processing worth $3,060,398,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Nationwide Fund Advisors increased its stake in shares of Automatic Data Processing by 27.3% in the second quarter. Nationwide Fund Advisors now owns 239,880 shares of the business services provider’s stock valued at $24,578,000 after buying an additional 51,410 shares in the last quarter. KCM Investment Advisors LLC increased its stake in shares of Automatic Data Processing by 0.7% in the second quarter. KCM Investment Advisors LLC now owns 183,565 shares of the business services provider’s stock valued at $18,808,000 after buying an additional 1,255 shares in the last quarter. Norinchukin Bank The increased its stake in shares of Automatic Data Processing by 0.7% in the second quarter. Norinchukin Bank The now owns 257,448 shares of the business services provider’s stock valued at $26,378,000 after buying an additional 1,878 shares in the last quarter. Fort Washington Investment Advisors Inc. OH increased its stake in shares of Automatic Data Processing by 0.4% in the second quarter. Fort Washington Investment Advisors Inc. OH now owns 23,333 shares of the business services provider’s stock valued at $2,391,000 after buying an additional 94 shares in the last quarter. Finally, HAP Trading LLC increased its stake in shares of Automatic Data Processing by 373.5% in the second quarter. HAP Trading LLC now owns 50,661 shares of the business services provider’s stock valued at $5,191,000 after buying an additional 39,961 shares in the last quarter.

Several research firms recently issued reports on ADP. Royal Bank Of Canada raised their price target on Automatic Data Processing from $94.00 to $95.00 and gave the company a “sector perform” rating in a report on Tuesday, August 1st. BidaskClub upgraded Automatic Data Processing from a “hold” rating to a “buy” rating in a report on Tuesday, August 1st. Stifel Nicolaus reiterated a “hold” rating and issued a $108.00 price target (up previously from $103.00) on shares of Automatic Data Processing in a report on Sunday, July 30th. Barclays PLC cut Automatic Data Processing from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $110.00 to $105.00 in a report on Tuesday, July 18th. Finally, Citigroup Inc. reiterated a “neutral” rating and issued a $110.00 price target (up previously from $98.00) on shares of Automatic Data Processing in a report on Thursday, August 17th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $111.57.

In other Automatic Data Processing news, VP Brock Albinson sold 3,663 shares of the firm’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $106.54, for a total transaction of $390,256.02. Following the transaction, the vice president now owns 6,287 shares in the company, valued at $669,816.98. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Maria Black sold 631 shares of Automatic Data Processing stock in a transaction dated Saturday, September 2nd. The shares were sold at an average price of $106.64, for a total value of $67,289.84. Following the transaction, the vice president now owns 10,550 shares in the company, valued at approximately $1,125,052. The disclosure for this sale can be found here.

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Automatic Data Processing (NYSE:ADP) opened at $112.24 on Monday.

Automatic Data Processing (NYSE:ADP) last issued its earnings results on Thursday, November 2nd. The business services provider reported $0.91 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.85 by $0.06. Automatic Data Processing had a return on equity of 40.61% and a net margin of 13.04%. The firm had revenue of $3.08 billion for the quarter, compared to analysts’ expectations of $3.06 billion. During the same quarter last year, the business earned $0.86 earnings per share. The company’s revenue was up 5.6% compared to the same quarter last year.

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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