MainStreet Investment Advisors LLC purchased a new stake in Automatic Data Processing (NASDAQ:ADP) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,153 shares of the business services provider’s stock, valued at approximately $568,000.
Other large investors also recently made changes to their positions in the company. Archer Investment Corp acquired a new position in Automatic Data Processing in the fourth quarter valued at approximately $153,000. Cranbrook Wealth Management LLC lifted its holdings in Automatic Data Processing by 361.1% in the fourth quarter. Cranbrook Wealth Management LLC now owns 166 shares of the business services provider’s stock valued at $28,000 after acquiring an additional 130 shares during the period. Eastern Bank lifted its holdings in Automatic Data Processing by 4.9% in the fourth quarter. Eastern Bank now owns 23,770 shares of the business services provider’s stock valued at $4,053,000 after acquiring an additional 1,106 shares during the period. First American Bank acquired a new position in Automatic Data Processing in the fourth quarter valued at approximately $3,988,000. Finally, Carnegie Capital Asset Management LLC raised its stake in shares of Automatic Data Processing by 47.6% during the 4th quarter. Carnegie Capital Asset Management LLC now owns 10,366 shares of the business services provider’s stock worth $1,767,000 after buying an additional 3,342 shares during the period. 80.30% of the stock is owned by institutional investors.
Several research analysts have recently weighed in on the company. JPMorgan Chase & Co. reduced their target price on Automatic Data Processing from $189.00 to $159.00 and set a “neutral” rating for the company in a research note on Wednesday, April 15th. Stifel Nicolaus upped their target price on Automatic Data Processing from $150.00 to $155.00 and gave the stock a “hold” rating in a research note on Thursday, April 30th. Credit Suisse Group reaffirmed a “buy” rating and set a $190.00 target price on shares of Automatic Data Processing in a research note on Sunday, February 2nd. BMO Capital Markets reduced their target price on Automatic Data Processing from $179.00 to $154.00 and set a “market perform” rating for the company in a research note on Thursday, April 30th. Finally, Cowen reduced their target price on Automatic Data Processing from $195.00 to $158.00 and set an “outperform” rating for the company in a research note on Friday, April 24th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $166.50.
Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, April 29th. The business services provider reported $1.92 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.92. The company had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $4.03 billion. Automatic Data Processing had a return on equity of 47.51% and a net margin of 17.20%. The firm’s quarterly revenue was up 5.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.77 EPS. On average, analysts forecast that Automatic Data Processing will post 5.75 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th will be issued a $0.91 dividend. This represents a $3.64 annualized dividend and a yield of 2.70%. The ex-dividend date of this dividend is Thursday, June 11th. Automatic Data Processing’s payout ratio is currently 66.79%.
In other Automatic Data Processing news, VP Brian L. Michaud sold 250 shares of the company’s stock in a transaction on Monday, April 13th. The stock was sold at an average price of $140.23, for a total value of $35,057.50. Following the completion of the sale, the vice president now directly owns 5,412 shares in the company, valued at approximately $758,924.76. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.31% of the stock is owned by corporate 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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