Stewart & Patten Co. LLC Reduces Holdings in Automatic Data Processing (NASDAQ:ADP)

Stewart & Patten Co. LLC decreased its holdings in shares of Automatic Data Processing (NASDAQ:ADP) by 1.0% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 131,033 shares of the business services provider’s stock after selling 1,357 shares during the period. Automatic Data Processing makes up approximately 3.3% of Stewart & Patten Co. LLC’s investment portfolio, making the stock its 13th largest holding. Stewart & Patten Co. LLC’s holdings in Automatic Data Processing were worth $18,278,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Nordea Investment Management AB lifted its holdings in shares of Automatic Data Processing by 115.7% during the second quarter. Nordea Investment Management AB now owns 3,784,376 shares of the business services provider’s stock worth $556,758,000 after purchasing an additional 2,030,189 shares during the period. BlackRock Inc. lifted its holdings in shares of Automatic Data Processing by 2.9% during the second quarter. BlackRock Inc. now owns 32,146,335 shares of the business services provider’s stock worth $4,786,267,000 after purchasing an additional 912,395 shares during the period. Public Investment Fund lifted its holdings in shares of Automatic Data Processing by 158.2% during the second quarter. Public Investment Fund now owns 1,481,837 shares of the business services provider’s stock worth $220,631,000 after purchasing an additional 907,837 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Automatic Data Processing by 8.6% during the second quarter. Bank of New York Mellon Corp now owns 10,811,602 shares of the business services provider’s stock worth $1,609,739,000 after purchasing an additional 855,564 shares during the period. Finally, Morgan Stanley lifted its holdings in shares of Automatic Data Processing by 6.5% during the first quarter. Morgan Stanley now owns 11,440,067 shares of the business services provider’s stock worth $1,563,628,000 after purchasing an additional 702,522 shares during the period. Institutional investors and hedge funds own 78.77% of the company’s stock.

ADP traded up $0.35 during mid-day trading on Friday, hitting $149.20. 1,082,910 shares of the stock were exchanged, compared to its average volume of 2,088,327. The firm’s fifty day moving average is $140.01 and its two-hundred day moving average is $142.17. Automatic Data Processing has a 1-year low of $103.11 and a 1-year high of $182.32. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.17. The company has a market cap of $64.13 billion, a PE ratio of 26.18, a PEG ratio of 2.44 and a beta of 0.76.

Automatic Data Processing (NASDAQ:ADP) last posted its earnings results on Wednesday, July 29th. The business services provider reported $1.14 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.96 by $0.18. Automatic Data Processing had a return on equity of 46.66% and a net margin of 16.91%. The firm had revenue of $3.40 billion for the quarter, compared to analyst estimates of $3.32 billion. During the same quarter in the prior year, the company earned $1.14 EPS. Automatic Data Processing’s revenue was down 2.8% on a year-over-year basis. As a group, research analysts anticipate that Automatic Data Processing will post 5.01 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Friday, September 11th were paid a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a yield of 2.44%. The ex-dividend date of this dividend was Thursday, September 10th. Automatic Data Processing’s payout ratio is 61.49%.

ADP has been the subject of a number of analyst reports. Citigroup decreased their price target on Automatic Data Processing from $148.00 to $144.00 and set a “neutral” rating for the company in a report on Thursday, July 30th. BidaskClub raised Automatic Data Processing from a “sell” rating to a “hold” rating in a report on Wednesday, October 7th. Zacks Investment Research raised Automatic Data Processing from a “sell” rating to a “hold” rating and set a $146.00 price target for the company in a report on Wednesday, September 30th. JPMorgan Chase & Co. upped their target price on Automatic Data Processing from $138.00 to $151.00 and gave the stock a “neutral” rating in a research note on Monday, August 17th. Finally, Goldman Sachs Group started coverage on Automatic Data Processing in a research report on Tuesday, July 14th. They set a “sell” rating and a $146.00 price target for the company. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and two have assigned a buy rating to the stock. Automatic Data Processing presently has an average rating of “Hold” and a consensus price target of $155.67.

In other Automatic Data Processing news, VP Brian L. Michaud sold 250 shares of the stock in a transaction dated Friday, October 9th. The stock was sold at an average price of $148.00, for a total value of $37,000.00. Following the sale, the vice president now owns 6,112 shares of the company’s stock, valued at approximately $904,576. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Carlos A. Rodriguez sold 52,229 shares of the stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $136.85, for a total value of $7,147,538.65. Following the completion of the sale, the chief executive officer now directly owns 116,284 shares in the company, valued at approximately $15,913,465.40. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

About Automatic Data Processing

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

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

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