Gofen & Glossberg LLC IL Lowers Position in Automatic Data Processing (ADP)

Gofen & Glossberg LLC IL lowered its stake in Automatic Data Processing (NASDAQ:ADP) by 6.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 21,562 shares of the business services provider’s stock after selling 1,367 shares during the period. Gofen & Glossberg LLC IL’s holdings in Automatic Data Processing were worth $2,357,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Flagship Harbor Advisors LLC grew its holdings in Automatic Data Processing by 0.6% during the 1st quarter. Flagship Harbor Advisors LLC now owns 2,778 shares of the business services provider’s stock worth $282,000 after acquiring an additional 16 shares during the period. Proficio Capital Partners LLC grew its holdings in Automatic Data Processing by 1.8% during the 2nd quarter. Proficio Capital Partners LLC now owns 964 shares of the business services provider’s stock worth $111,000 after acquiring an additional 17 shares during the period. Northwest Quadrant Wealth Management LLC grew its holdings in Automatic Data Processing by 0.5% during the 2nd quarter. Northwest Quadrant Wealth Management LLC now owns 4,221 shares of the business services provider’s stock worth $458,000 after acquiring an additional 21 shares during the period. Ironwood Investment Management LLC grew its holdings in Automatic Data Processing by 0.7% during the 2nd quarter. Ironwood Investment Management LLC now owns 3,463 shares of the business services provider’s stock worth $355,000 after acquiring an additional 25 shares during the period. Finally, Savant Capital LLC grew its holdings in Automatic Data Processing by 0.5% during the 2nd quarter. Savant Capital LLC now owns 4,729 shares of the business services provider’s stock worth $484,000 after acquiring an additional 25 shares during the period. 78.67% of the stock is owned by institutional investors and hedge funds.

A number of analysts have commented on ADP shares. BidaskClub lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Friday, September 15th. Bank of America raised shares of Automatic Data Processing from a “neutral” rating to a “buy” rating in a report on Tuesday, December 5th. Morgan Stanley raised shares of Automatic Data Processing from an “underweight” rating to an “equal” rating and set a $114.00 target price for the company in a report on Tuesday, November 14th. Sanford C. Bernstein lifted their target price on shares of Automatic Data Processing from $115.00 to $125.00 and gave the stock an “outperform” rating in a report on Tuesday, October 31st. Finally, Goldman Sachs Group raised shares of Automatic Data Processing from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $116.02 to $135.00 in a report on Monday, December 11th. Twelve investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $114.14.

In other news, insider Michael A. Bonarti sold 3,900 shares of Automatic Data Processing stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $116.03, for a total transaction of $452,517.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John P. Jones III sold 5,688 shares of Automatic Data Processing stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $116.03, for a total transaction of $659,978.64. Following the transaction, the director now directly owns 53,956 shares in the company, valued at $6,260,514.68. The disclosure for this sale can be found here. Over the last three months, insiders have sold 11,863 shares of company stock worth $1,376,464. Insiders own 0.25% of the company’s stock.

Automatic Data Processing (NASDAQ:ADP) opened at $118.37 on Friday. The firm has a market cap of $51,999.16, a price-to-earnings ratio of 30.12, a PEG ratio of 2.90 and a beta of 0.85. Automatic Data Processing has a 52-week low of $94.11 and a 52-week high of $121.77. 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 (NASDAQ:ADP) last announced its quarterly earnings results on Thursday, November 2nd. The business services provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates 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 net margin of 14.08% and a return on equity of 42.34%. The business’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same period last year, the firm posted $0.86 earnings per share. research analysts anticipate that Automatic Data Processing will post 3.91 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, January 1st. Stockholders of record on Friday, December 8th were given a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.13%. This is a boost from Automatic Data Processing’s previous quarterly dividend of $0.57. The ex-dividend date was Thursday, December 7th. Automatic Data Processing’s dividend payout ratio (DPR) is currently 64.12%.

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Automatic Data Processing 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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