Virginia Retirement Systems ET AL purchased a new position in Automatic Data Processing (NASDAQ:ADP) during the 3rd quarter, HoldingsChannel.com reports. The fund purchased 62,700 shares of the business services provider’s stock, valued at approximately $9,446,000.
Other large investors have also bought and sold shares of the company. Atlantic Trust LLC acquired a new stake in shares of Automatic Data Processing during the second quarter valued at about $104,000. Integrated Investment Consultants LLC acquired a new stake in shares of Automatic Data Processing during the second quarter valued at about $111,000. Jolley Asset Management LLC acquired a new stake in shares of Automatic Data Processing during the second quarter valued at about $117,000. Fort L.P. acquired a new stake in shares of Automatic Data Processing during the second quarter valued at about $119,000. Finally, Willingdon Wealth Management increased its position in shares of Automatic Data Processing by 328.5% during the third quarter. Willingdon Wealth Management now owns 857 shares of the business services provider’s stock valued at $129,000 after acquiring an additional 657 shares during the last quarter. 77.94% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider Michael A. Bonarti sold 2,334 shares of Automatic Data Processing stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $144.77, for a total value of $337,893.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael C. Eberhard sold 9,100 shares of Automatic Data Processing stock in a transaction that occurred on Friday, September 21st. The stock was sold at an average price of $150.00, for a total transaction of $1,365,000.00. Following the completion of the transaction, the vice president now owns 48,468 shares of the company’s stock, valued at approximately $7,270,200. The disclosure for this sale can be found here. Insiders sold 15,919 shares of company stock valued at $2,351,933 in the last quarter. 0.33% of the stock is owned by insiders.
Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings data on Wednesday, October 31st. The business services provider reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.09. The firm had revenue of $3.32 billion during the quarter, compared to analysts’ expectations of $3.28 billion. Automatic Data Processing had a net margin of 12.71% and a return on equity of 50.96%. The business’s quarterly revenue was up 8.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.94 earnings per share. As a group, research analysts predict that Automatic Data Processing will post 5.26 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 1st. Investors of record on Friday, December 14th will be paid a $0.79 dividend. The ex-dividend date is Thursday, December 13th. This represents a $3.16 dividend on an annualized basis and a yield of 2.14%. This is an increase from Automatic Data Processing’s previous quarterly dividend of $0.69. Automatic Data Processing’s payout ratio is currently 63.45%.
A number of equities research analysts have weighed in on ADP shares. Wolfe Research started coverage on shares of Automatic Data Processing in a research report on Tuesday, July 17th. They set an “outperform” rating for the company. Jefferies Financial Group lifted their price objective on shares of Automatic Data Processing to $167.00 and gave the company a “hold” rating in a report on Thursday, November 1st. Citigroup lifted their price objective on shares of Automatic Data Processing from $137.00 to $147.00 and gave the company a “neutral” rating in a report on Thursday, November 1st. Zacks Investment Research upgraded shares of Automatic Data Processing from a “sell” rating to a “hold” rating in a report on Friday, October 26th. Finally, Moffett Nathanson assumed coverage on shares of Automatic Data Processing in a report on Thursday, October 4th. They issued a “buy” rating and a $180.00 price objective for the company. Nine investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $148.69.
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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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