Automatic Data Processing (ADP) Stake Lowered by Commonwealth Equity Services Inc

Commonwealth Equity Services Inc decreased its holdings in shares of Automatic Data Processing (NASDAQ:ADP) by 4.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 130,432 shares of the business services provider’s stock after selling 6,686 shares during the quarter. Commonwealth Equity Services Inc’s holdings in Automatic Data Processing were worth $14,258,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of ADP. Oak Ridge Investments LLC boosted its stake in Automatic Data Processing by 110.3% in the third quarter. Oak Ridge Investments LLC now owns 4,804 shares of the business services provider’s stock worth $525,000 after buying an additional 2,520 shares in the last quarter. Marble Harbor Investment Counsel LLC boosted its stake in Automatic Data Processing by 1.5% in the third quarter. Marble Harbor Investment Counsel LLC now owns 158,631 shares of the business services provider’s stock worth $17,342,000 after buying an additional 2,350 shares in the last quarter. Quantbot Technologies LP purchased a new stake in Automatic Data Processing in the third quarter worth approximately $1,416,000. Putnam FL Investment Management Co. purchased a new stake in Automatic Data Processing in the third quarter worth approximately $2,293,000. Finally, Cambridge Investment Research Advisors Inc. boosted its stake in Automatic Data Processing by 2.1% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 32,272 shares of the business services provider’s stock worth $3,528,000 after buying an additional 678 shares in the last quarter. 78.62% of the stock is owned by institutional investors.

Automatic Data Processing (NASDAQ:ADP) opened at $118.34 on Wednesday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.10 and a current ratio of 1.10. The company has a market capitalization of $52,490.00, a P/E ratio of 31.60, a P/E/G ratio of 2.93 and a beta of 0.86. Automatic Data Processing has a twelve month low of $94.11 and a twelve month high of $121.77.

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

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 1st. Investors of record on Friday, December 8th will be issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.13%. 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 dividend payout ratio is currently 63.96%.

ADP has been the subject of several recent research reports. Zacks Investment Research downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Tuesday, October 17th. Royal Bank of Canada reiterated a “hold” rating and issued a $95.00 price objective on shares of Automatic Data Processing in a research report on Friday, September 15th. BidaskClub upgraded Automatic Data Processing from a “hold” rating to a “buy” rating in a research report on Saturday, September 9th. Sanford C. Bernstein boosted their price objective on Automatic Data Processing from $115.00 to $125.00 and gave the company an “outperform” rating in a research report on Tuesday, October 31st. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $108.00 price objective on shares of Automatic Data Processing in a research report on Wednesday, October 4th. Eleven analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $114.17.

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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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