Fundsmith LLP boosted its stake in Automatic Data Processing (NASDAQ:ADP) by 1.1% in the first quarter, HoldingsChannel.com reports. The fund owned 5,994,171 shares of the business services provider’s stock after buying an additional 66,480 shares during the quarter. Automatic Data Processing makes up about 5.4% of Fundsmith LLP’s holdings, making the stock its 11th biggest holding. Fundsmith LLP’s holdings in Automatic Data Processing were worth $957,509,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADP. Oregon Public Employees Retirement Fund boosted its holdings in Automatic Data Processing by 18,918.6% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 23,462,482 shares of the business services provider’s stock worth $179,000 after acquiring an additional 23,339,116 shares during the period. Lunia Capital LP boosted its stake in shares of Automatic Data Processing by 14,251.9% during the 4th quarter. Lunia Capital LP now owns 18,367,683 shares of the business services provider’s stock valued at $18,368,000 after buying an additional 18,239,702 shares during the last quarter. Norges Bank purchased a new position in shares of Automatic Data Processing during the 4th quarter valued at approximately $522,489,000. Ronna Sue Cohen boosted its stake in shares of Automatic Data Processing by 15,564.1% during the 1st quarter. Ronna Sue Cohen now owns 3,468,349 shares of the business services provider’s stock valued at $3,468,000 after buying an additional 3,446,207 shares during the last quarter. Finally, BlackRock Inc. boosted its stake in shares of Automatic Data Processing by 5.4% during the 4th quarter. BlackRock Inc. now owns 30,996,337 shares of the business services provider’s stock valued at $4,064,239,000 after buying an additional 1,587,214 shares during the last quarter. Hedge funds and other institutional investors own 79.79% of the company’s stock.
In related news, VP Donald Weinstein sold 1,706 shares of the company’s stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $165.01, for a total transaction of $281,507.06. Following the sale, the vice president now directly owns 26,220 shares of the company’s stock, valued at approximately $4,326,562.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Stuart Sackman sold 1,478 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $155.13, for a total value of $229,282.14. Following the sale, the vice president now directly owns 24,122 shares in the company, valued at $3,742,045.86. The disclosure for this sale can be found here. Over the last three months, insiders have sold 30,456 shares of company stock worth $5,010,669. Corporate insiders own 0.33% of the company’s stock.
Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings results on Wednesday, May 1st. The business services provider reported $1.77 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.69 by $0.08. The business had revenue of $3.85 billion for the quarter, compared to analyst estimates of $3.91 billion. Automatic Data Processing had a return on equity of 50.53% and a net margin of 13.76%. The business’s revenue was up 4.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.57 EPS. Sell-side analysts expect that Automatic Data Processing will post 5.44 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 1.91%. The ex-dividend date of this dividend is Thursday, June 13th. Automatic Data Processing’s dividend payout ratio is currently 72.64%.
ADP has been the subject of several research analyst reports. BidaskClub cut Automatic Data Processing from a “strong-buy” rating to a “buy” rating in a research note on Friday, April 5th. Sanford C. Bernstein cut Automatic Data Processing from an “outperform” rating to a “market perform” rating in a research note on Tuesday, April 30th. Citigroup increased their target price on Automatic Data Processing from $147.00 to $162.00 and gave the company a “neutral” rating in a research note on Thursday, May 2nd. Barclays increased their target price on Automatic Data Processing from $168.00 to $180.00 and gave the company an “overweight” rating in a research note on Monday, May 6th. Finally, Zacks Investment Research cut Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Wednesday, May 8th. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Automatic Data Processing has an average rating of “Hold” and a consensus price target of $159.92.
Automatic Data Processing Company Profile
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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