Webster Bank N. A. lessened its stake in shares of Automatic Data Processing (NASDAQ:ADP) by 2.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,205 shares of the business services provider’s stock after selling 308 shares during the quarter. Webster Bank N. A.’s holdings in Automatic Data Processing were worth $2,429,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of ADP. Pacer Advisors Inc. boosted its position in shares of Automatic Data Processing by 85,960.6% during the 1st quarter. Pacer Advisors Inc. now owns 61,103 shares of the business services provider’s stock valued at $9,761,000 after acquiring an additional 61,032 shares during the last quarter. Strategic Wealth Management Group LLC purchased a new position in Automatic Data Processing during the 1st quarter worth $219,000. Manning & Napier Group LLC increased its holdings in Automatic Data Processing by 26.0% during the 1st quarter. Manning & Napier Group LLC now owns 133,797 shares of the business services provider’s stock worth $21,372,000 after purchasing an additional 27,579 shares during the period. Centric Wealth Management increased its holdings in Automatic Data Processing by 2.5% during the 1st quarter. Centric Wealth Management now owns 3,621 shares of the business services provider’s stock worth $578,000 after purchasing an additional 90 shares during the period. Finally, Bank of The West increased its holdings in Automatic Data Processing by 1.4% during the 1st quarter. Bank of The West now owns 4,649 shares of the business services provider’s stock worth $743,000 after purchasing an additional 66 shares during the period. 80.45% of the stock is owned by institutional investors and hedge funds.
Several brokerages have issued reports on ADP. Zacks Investment Research raised Automatic Data Processing from a “sell” rating to a “hold” rating in a report on Wednesday, January 16th. BidaskClub downgraded shares of Automatic Data Processing from a “strong-buy” rating to a “buy” rating in a research note on Friday, April 5th. Eight research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $153.43.
Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings data on Wednesday, January 30th. The business services provider reported $1.34 EPS for the quarter, beating the Zacks’ consensus estimate of $1.18 by $0.16. The firm had revenue of $3.51 billion during the quarter, compared to the consensus estimate of $3.43 billion. Automatic Data Processing had a net margin of 13.12% and a return on equity of 51.92%. The firm’s revenue was up 8.3% compared to the same quarter last year. During the same quarter last year, the firm earned $1.03 earnings per share. On average, sell-side analysts anticipate that Automatic Data Processing will post 5.37 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be given a $0.79 dividend. The ex-dividend date is Thursday, June 13th. This represents a $3.16 dividend on an annualized basis and a yield of 1.97%. Automatic Data Processing’s payout ratio is currently 72.64%.
In other Automatic Data Processing news, VP Donald Weinstein sold 1,706 shares of the company’s stock in a transaction that occurred on Wednesday, February 13th. The shares were sold at an average price of $150.39, for a total value of $256,565.34. Following the transaction, the vice president now owns 26,220 shares in the company, valued at approximately $3,943,225.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 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 transaction of $229,282.14. Following the completion of the transaction, the vice president now owns 24,122 shares in the company, valued at approximately $3,742,045.86. The disclosure for this sale can be found here. In the last 90 days, insiders sold 86,721 shares of company stock valued at $12,714,980. 0.33% of the stock is owned by insiders.
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About Automatic Data Processing
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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