New York State Teachers Retirement System Reduces Position in Automatic Data Processing (ADP)

New York State Teachers Retirement System lowered its stake in shares of Automatic Data Processing (NASDAQ:ADP) by 0.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 679,184 shares of the business services provider’s stock after selling 4,188 shares during the quarter. New York State Teachers Retirement System owned about 0.15% of Automatic Data Processing worth $74,248,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. boosted its stake in Automatic Data Processing by 1,971.2% during the first quarter. BlackRock Inc. now owns 29,631,769 shares of the business services provider’s stock worth $3,033,995,000 after buying an additional 28,201,085 shares in the last quarter. Janus Henderson Group PLC boosted its stake in Automatic Data Processing by 5,962.5% during the second quarter. Janus Henderson Group PLC now owns 4,013,865 shares of the business services provider’s stock worth $411,260,000 after buying an additional 3,947,657 shares in the last quarter. Vanguard Group Inc. boosted its stake in Automatic Data Processing by 4.4% during the first quarter. Vanguard Group Inc. now owns 34,188,021 shares of the business services provider’s stock worth $3,500,512,000 after buying an additional 1,430,863 shares in the last quarter. Fundsmith LLP boosted its stake in Automatic Data Processing by 29.0% during the second quarter. Fundsmith LLP now owns 5,176,340 shares of the business services provider’s stock worth $530,368,000 after buying an additional 1,164,972 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Automatic Data Processing by 671.9% during the second quarter. Arrowstreet Capital Limited Partnership now owns 1,245,110 shares of the business services provider’s stock worth $127,574,000 after buying an additional 1,083,799 shares in the last quarter. 78.64% of the stock is currently owned by institutional investors and hedge funds.

Shares of Automatic Data Processing (NASDAQ:ADP) opened at $116.02 on Friday. Automatic Data Processing has a 52 week low of $94.11 and a 52 week high of $121.77. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.51. The company has a market cap of $51,391.58, a price-to-earnings ratio of 30.98, a PEG ratio of 2.87 and a beta of 0.85.

Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Thursday, November 2nd. The business services provider reported $0.91 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.85 by $0.06. Automatic Data Processing had a net margin of 14.08% and a return on equity of 42.34%. The company had revenue of $3.08 billion for the quarter, compared to the consensus estimate of $3.06 billion. During the same quarter in the previous year, the company earned $0.86 EPS. The firm’s revenue for the quarter was up 5.6% compared to the same quarter last year. sell-side analysts expect that Automatic Data Processing will post 3.91 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, January 1st. Stockholders of record on Friday, December 8th will be paid a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 2.17%. The ex-dividend date of this dividend is Thursday, December 7th. This is an increase from Automatic Data Processing’s previous quarterly dividend of $0.57. Automatic Data Processing’s payout ratio is currently 64.12%.

A number of equities research analysts have weighed in on the stock. Royal Bank Of Canada reiterated a “hold” rating and set a $95.00 price target on shares of Automatic Data Processing in a research note on Friday, September 15th. Citigroup reiterated a “neutral” rating and set a $110.00 price target (up previously from $98.00) on shares of Automatic Data Processing in a research note on Thursday, August 17th. BidaskClub downgraded shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Tuesday, August 22nd. Bank of America upgraded shares of Automatic Data Processing from a “neutral” rating to a “buy” rating in a research note on Tuesday, December 5th. Finally, BMO Capital Markets reiterated a “market perform” rating and set a $105.00 price target on shares of Automatic Data Processing in a research note on Monday, August 21st. Twelve investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $112.37.

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About Automatic Data Processing

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.

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

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