Inverness Counsel LLC NY Cuts Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Inverness Counsel LLC NY decreased its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 7.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 12,224 shares of the business services provider’s stock after selling 950 shares during the period. Inverness Counsel LLC NY’s holdings in Automatic Data Processing were worth $2,428,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ADP. Price T Rowe Associates Inc. MD raised its holdings in Automatic Data Processing by 50.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,649,392 shares of the business services provider’s stock valued at $499,331,000 after buying an additional 891,869 shares during the period. BlueSpruce Investments LP raised its holdings in Automatic Data Processing by 70.7% in the first quarter. BlueSpruce Investments LP now owns 1,608,644 shares of the business services provider’s stock valued at $303,181,000 after buying an additional 666,403 shares during the period. Morgan Stanley raised its holdings in Automatic Data Processing by 4.3% in the first quarter. Morgan Stanley now owns 14,243,758 shares of the business services provider’s stock valued at $2,684,521,000 after buying an additional 584,565 shares during the period. Prudential Financial Inc. raised its holdings in Automatic Data Processing by 81.3% in the first quarter. Prudential Financial Inc. now owns 1,275,902 shares of the business services provider’s stock valued at $240,469,000 after buying an additional 572,005 shares during the period. Finally, Ameriprise Financial Inc. raised its holdings in Automatic Data Processing by 19.4% in the first quarter. Ameriprise Financial Inc. now owns 3,074,158 shares of the business services provider’s stock valued at $579,991,000 after buying an additional 498,893 shares during the period. Hedge funds and other institutional investors own 78.39% of the company’s stock.

In other Automatic Data Processing news, VP Deborah L. Dyson sold 2,428 shares of Automatic Data Processing stock in a transaction on Friday, July 9th. The stock was sold at an average price of $202.00, for a total value of $490,456.00. Following the completion of the transaction, the vice president now directly owns 26,614 shares of the company’s stock, valued at approximately $5,376,028. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Alexander Quevedo sold 950 shares of Automatic Data Processing stock in a transaction on Thursday, July 29th. The shares were sold at an average price of $209.25, for a total value of $198,787.50. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

A number of equities analysts have commented on ADP shares. Credit Suisse Group downgraded shares of Automatic Data Processing from an “outperform” rating to a “neutral” rating and set a $215.00 price objective for the company. in a report on Monday, August 16th. They noted that the move was a valuation call. Citigroup downgraded shares of Automatic Data Processing from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $212.00 to $220.00 in a report on Tuesday, August 10th. Jefferies Financial Group raised their target price on Automatic Data Processing from $200.00 to $215.00 and gave the company a “hold” rating in a research note on Wednesday, July 28th. Morgan Stanley raised their target price on Automatic Data Processing from $185.00 to $200.00 and gave the company an “equal weight” rating in a research note on Thursday, July 29th. Finally, Mizuho raised their target price on Automatic Data Processing from $220.00 to $230.00 and gave the company a “buy” rating in a research note on Monday, August 2nd. Two analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Automatic Data Processing has a consensus rating of “Hold” and an average price target of $196.79.

Shares of ADP traded down $0.15 during trading hours on Wednesday, hitting $199.59. 14,640 shares of the stock traded hands, compared to its average volume of 1,745,339. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.53. Automatic Data Processing, Inc. has a 1-year low of $127.31 and a 1-year high of $217.15. The firm has a market capitalization of $84.44 billion, a PE ratio of 32.91, a price-to-earnings-growth ratio of 2.52 and a beta of 0.73. The business has a fifty day moving average of $207.88 and a 200-day moving average of $197.53.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings data on Tuesday, July 27th. The business services provider reported $1.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.06. The business had revenue of $3.74 billion during the quarter, compared to the consensus estimate of $3.67 billion. Automatic Data Processing had a return on equity of 44.73% and a net margin of 17.32%. During the same period last year, the company earned $1.14 earnings per share. As a group, equities research analysts expect that Automatic Data Processing, Inc. will post 6.64 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 1st. Investors of record on Friday, September 10th will be issued a dividend of $0.93 per share. The ex-dividend date of this dividend is Thursday, September 9th. This represents a $3.72 dividend on an annualized basis and a dividend yield of 1.86%. Automatic Data Processing’s payout ratio is presently 61.79%.

Automatic Data Processing Company Profile

Automatic Data Processing, Inc engages in the provision of business outsourcing solutions specializes in cloud-based human capital management. It operates through the following business segments: Employer Services; and Professional Employer Organization Services; and Other. The Employer Services segment provides clients ranging from single-employee small businesses to large enterprises with tens of thousands of employees around the world, offering a range of human resources outsourcing and technology-based human capital management solutions, including strategic, cloud-based platforms.

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

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