Grove Bank & Trust Buys 694 Shares of Automatic Data Processing (ADP)

Grove Bank & Trust increased its stake in shares of Automatic Data Processing (NASDAQ:ADP) by 57.5% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 1,902 shares of the business services provider’s stock after purchasing an additional 694 shares during the period. Grove Bank & Trust’s holdings in Automatic Data Processing were worth $208,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of ADP. Acrospire Investment Management LLC purchased a new stake in shares of Automatic Data Processing in the 2nd quarter valued at about $102,000. Proficio Capital Partners LLC raised its holdings in shares of Automatic Data Processing by 1.8% in the 2nd quarter. Proficio Capital Partners LLC now owns 964 shares of the business services provider’s stock valued at $111,000 after acquiring an additional 17 shares in the last quarter. Armbruster Capital Management Inc. raised its holdings in shares of Automatic Data Processing by 2.5% in the 2nd quarter. Armbruster Capital Management Inc. now owns 1,322 shares of the business services provider’s stock valued at $135,000 after acquiring an additional 32 shares in the last quarter. San Francisco Sentry Investment Group CA purchased a new stake in shares of Automatic Data Processing in the 2nd quarter valued at about $136,000. Finally, Family Capital Trust Co purchased a new stake in shares of Automatic Data Processing in the 3rd quarter valued at about $137,000. 78.67% of the stock is currently owned by institutional investors and hedge funds.

Several research firms have weighed in on ADP. Sanford C. Bernstein raised their price target on Automatic Data Processing from $115.00 to $125.00 and gave the company an “outperform” rating in a report on Tuesday, October 31st. Barclays raised their price target on Automatic Data Processing from $105.00 to $115.00 and gave the company an “equal weight” rating in a report on Thursday, October 26th. BidaskClub cut Automatic Data Processing from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 2nd. Goldman Sachs Group raised Automatic Data Processing from a “neutral” rating to a “buy” rating and raised their price target for the company from $116.02 to $135.00 in a report on Monday, December 11th. Finally, Bank of America raised Automatic Data Processing from a “neutral” rating to a “buy” rating in a report on Tuesday, December 5th. Eleven research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $114.14.

Automatic Data Processing (NASDAQ ADP) opened at $117.57 on Wednesday. The firm has a market capitalization of $51,835.07, a PE ratio of 29.92, a P/E/G ratio of 2.90 and a beta of 0.85. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.51. Automatic Data Processing has a 1-year low of $94.11 and a 1-year high of $121.77.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings data on Thursday, November 2nd. The business services provider reported $0.91 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.85 by $0.06. The company had revenue of $3.08 billion for the quarter, compared to analysts’ expectations of $3.06 billion. Automatic Data Processing had a return on equity of 42.34% and a net margin of 14.08%. Automatic Data Processing’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same period last year, the firm posted $0.86 EPS. research analysts anticipate that Automatic Data Processing will post 3.91 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 1st. Investors of record on Friday, December 8th will be issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.14%. This is a boost from Automatic Data Processing’s previous quarterly dividend of $0.57. The ex-dividend date is Thursday, December 7th. Automatic Data Processing’s dividend payout ratio (DPR) is currently 64.12%.

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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 (NASDAQ:ADP)

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