Prio Wealth Limited Partnership Trims Position in Automatic Data Processing (ADP)

Prio Wealth Limited Partnership lessened its position in shares of Automatic Data Processing (NASDAQ:ADP) by 3.4% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 134,966 shares of the business services provider’s stock after selling 4,682 shares during the quarter. Prio Wealth Limited Partnership’s holdings in Automatic Data Processing were worth $18,104,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Atria Investments LLC grew its holdings in Automatic Data Processing by 1.4% during the second quarter. Atria Investments LLC now owns 26,851 shares of the business services provider’s stock valued at $3,602,000 after purchasing an additional 374 shares during the period. Rikoon Group LLC boosted its stake in shares of Automatic Data Processing by 10.5% in the first quarter. Rikoon Group LLC now owns 3,990 shares of the business services provider’s stock worth $452,000 after acquiring an additional 379 shares during the period. First Midwest Bank Trust Division boosted its stake in shares of Automatic Data Processing by 5.1% in the second quarter. First Midwest Bank Trust Division now owns 7,859 shares of the business services provider’s stock worth $1,054,000 after acquiring an additional 380 shares during the period. Bbva Compass Bancshares Inc. boosted its stake in shares of Automatic Data Processing by 2.1% in the second quarter. Bbva Compass Bancshares Inc. now owns 19,489 shares of the business services provider’s stock worth $2,614,000 after acquiring an additional 392 shares during the period. Finally, Private Trust Co. NA boosted its stake in shares of Automatic Data Processing by 4.6% in the second quarter. Private Trust Co. NA now owns 9,237 shares of the business services provider’s stock worth $1,239,000 after acquiring an additional 406 shares during the period. Institutional investors own 78.66% of the company’s stock.

NASDAQ:ADP opened at $139.29 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $60.62 billion, a P/E ratio of 31.88, a PEG ratio of 2.36 and a beta of 0.88. Automatic Data Processing has a 12 month low of $102.81 and a 12 month high of $141.52.

Automatic Data Processing (NASDAQ:ADP) last posted its earnings results on Wednesday, August 1st. The business services provider reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.90 by $0.02. The company had revenue of $3.32 billion for the quarter, compared to the consensus estimate of $3.29 billion. Automatic Data Processing had a return on equity of 50.17% and a net margin of 12.16%. The firm’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.66 earnings per share. equities research analysts anticipate that Automatic Data Processing will post 5.18 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Friday, September 14th will be given a $0.69 dividend. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.98%. Automatic Data Processing’s dividend payout ratio is currently 63.45%.

A number of equities analysts have recently weighed in on ADP shares. Stifel Nicolaus upped their price objective on Automatic Data Processing from $126.00 to $148.00 and gave the stock a “hold” rating in a research note on Wednesday, June 6th. Zacks Investment Research raised Automatic Data Processing from a “hold” rating to a “buy” rating and set a $146.00 price objective for the company in a research note on Monday, May 28th. BMO Capital Markets reaffirmed a “hold” rating and issued a $118.00 price objective on shares of Automatic Data Processing in a research note on Thursday, April 19th. Bank of America upped their price objective on Automatic Data Processing from $138.00 to $140.00 and gave the stock a “buy” rating in a research note on Friday, May 4th. Finally, Argus upped their price objective on Automatic Data Processing from $130.00 to $145.00 and gave the stock a “buy” rating in a research note on Monday, June 4th. Nine investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $136.73.

In related news, VP Maria Black sold 8,137 shares of the business’s stock in a transaction dated Wednesday, June 13th. The stock was sold at an average price of $138.22, for a total value of $1,124,696.14. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Michael A. Bonarti sold 2,372 shares of the business’s stock in a transaction dated Monday, July 2nd. The stock was sold at an average price of $132.66, for a total value of $314,669.52. Following the completion of the sale, the insider now owns 41,023 shares in the company, valued at $5,442,111.18. The disclosure for this sale can be found here. Insiders sold 23,723 shares of company stock worth $3,223,283 over the last quarter. 0.25% of the stock is owned by company insiders.

Automatic Data Processing Profile

Automatic Data Processing, Inc provides business process outsourcing services worldwide. The company operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) business process outsourcing and technology-enabled human capital management solutions.

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Institutional Ownership by Quarter for Automatic Data Processing (NASDAQ:ADP)

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