Stack Financial Management Inc trimmed its position in shares of Automatic Data Processing (NASDAQ:ADP) by 4.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 208,820 shares of the business services provider’s stock after selling 9,068 shares during the quarter. Automatic Data Processing makes up 3.4% of Stack Financial Management Inc’s holdings, making the stock its 6th biggest holding. Stack Financial Management Inc’s holdings in Automatic Data Processing were worth $31,461,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in the company. Atlantic Trust LLC acquired a new position in shares of Automatic Data Processing in the second quarter worth approximately $104,000. Integrated Investment Consultants LLC acquired a new position in shares of Automatic Data Processing in the second quarter worth approximately $111,000. Jolley Asset Management LLC acquired a new position in shares of Automatic Data Processing in the second quarter worth approximately $117,000. Fort L.P. acquired a new position in shares of Automatic Data Processing in the second quarter worth approximately $119,000. Finally, Willingdon Wealth Management lifted its stake in shares of Automatic Data Processing by 328.5% in the third quarter. Willingdon Wealth Management now owns 857 shares of the business services provider’s stock worth $129,000 after acquiring an additional 657 shares during the period. 77.94% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms recently commented on ADP. Jefferies Financial Group lifted their price objective on Automatic Data Processing to $167.00 and gave the stock a “hold” rating in a research note on Thursday, November 1st. BMO Capital Markets cut their price objective on Automatic Data Processing from $155.00 to $150.00 and set a “market perform” rating on the stock in a research note on Thursday, November 1st. Citigroup lifted their price objective on Automatic Data Processing from $137.00 to $147.00 and gave the stock a “neutral” rating in a research note on Thursday, November 1st. Zacks Investment Research raised Automatic Data Processing from a “sell” rating to a “hold” rating in a research note on Friday, October 26th. Finally, Moffett Nathanson began coverage on Automatic Data Processing in a research note on Thursday, October 4th. They issued a “buy” rating and a $180.00 price objective on the stock. Nine analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $148.69.
Shares of ADP stock opened at $148.30 on Thursday. The company has a market capitalization of $63.00 billion, a price-to-earnings ratio of 34.09, a price-to-earnings-growth ratio of 2.19 and a beta of 0.91. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.43. Automatic Data Processing has a fifty-two week low of $107.61 and a fifty-two week high of $153.51.
Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, October 31st. The business services provider reported $1.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.11 by $0.09. The business had revenue of $3.32 billion during the quarter, compared to the consensus estimate of $3.28 billion. Automatic Data Processing had a return on equity of 50.96% and a net margin of 12.71%. The firm’s revenue for the quarter was up 8.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.94 earnings per share. On average, research analysts anticipate that Automatic Data Processing will post 5.26 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 1st. Shareholders of record on Friday, December 14th will be issued a $0.79 dividend. This is an increase from Automatic Data Processing’s previous quarterly dividend of $0.69. This represents a $3.16 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date is Thursday, December 13th. Automatic Data Processing’s payout ratio is presently 63.45%.
TRADEMARK VIOLATION NOTICE: This article was originally posted by WKRB News and is the property of of WKRB News. If you are reading this article on another domain, it was stolen and republished in violation of United States and international copyright and trademark law. The original version of this article can be read at https://www.wkrb13.com/2018/11/09/automatic-data-processing-adp-stake-lowered-by-stack-financial-management-inc.html.
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.
Featured Article: What is a put option?
Want to see what other hedge funds are holding ADP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Automatic Data Processing (NASDAQ:ADP).
Receive News & Ratings for Automatic Data Processing Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Automatic Data Processing and related companies with MarketBeat.com's FREE daily email newsletter.