North American Management Corp Lowers Stock Holdings in Automatic Data Processing (NASDAQ:ADP)

North American Management Corp lowered its holdings in shares of Automatic Data Processing (NASDAQ:ADP) by 1.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 85,062 shares of the business services provider’s stock after selling 1,047 shares during the quarter. Automatic Data Processing makes up 2.2% of North American Management Corp’s holdings, making the stock its 19th largest position. North American Management Corp’s holdings in Automatic Data Processing were worth $14,063,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Horan Capital Advisors LLC. acquired a new position in shares of Automatic Data Processing during the first quarter valued at approximately $31,000. Paragon Capital Management LLC acquired a new position in shares of Automatic Data Processing during the first quarter valued at approximately $32,000. C J Advisory Inc acquired a new position in shares of Automatic Data Processing during the first quarter valued at approximately $32,000. Cypress Capital Management LLC WY raised its holdings in shares of Automatic Data Processing by 257.1% during the first quarter. Cypress Capital Management LLC WY now owns 200 shares of the business services provider’s stock valued at $32,000 after acquiring an additional 144 shares during the last quarter. Finally, Permanens Capital L.P. acquired a new position in shares of Automatic Data Processing during the first quarter valued at approximately $32,000. Institutional investors own 79.77% of the company’s stock.

In other news, VP Dermot J. O’brien sold 1,771 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $162.04, for a total transaction of $286,972.84. Following the completion of the transaction, the vice president now directly owns 14,896 shares in the company, valued at $2,413,747.84. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.33% of the stock is owned by company insiders.

Several equities research analysts recently commented on ADP shares. Citigroup increased their price target on Automatic Data Processing from $147.00 to $162.00 and gave the company a “neutral” rating in a report on Thursday, May 2nd. JPMorgan Chase & Co. increased their price target on Automatic Data Processing from $170.00 to $177.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Barclays increased their price target on Automatic Data Processing from $180.00 to $190.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Jefferies Financial Group increased their price target on Automatic Data Processing to $176.00 and gave the company a “hold” rating in a report on Wednesday, July 31st. Finally, ValuEngine cut Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $171.70.

ADP stock traded down $2.59 during midday trading on Friday, hitting $167.73. 1,776,971 shares of the company’s stock were exchanged, compared to its average volume of 2,156,841. The company’s 50-day simple moving average is $165.81. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.05 and a quick ratio of 1.04. The stock has a market capitalization of $74.13 billion, a PE ratio of 30.78, a PEG ratio of 2.13 and a beta of 0.91. Automatic Data Processing has a 1-year low of $121.40 and a 1-year high of $172.00.

Automatic Data Processing (NASDAQ:ADP) last posted its earnings results on Wednesday, July 31st. The business services provider reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.01. The company had revenue of $3.50 billion during the quarter, compared to analysts’ expectations of $3.50 billion. Automatic Data Processing had a return on equity of 47.48% and a net margin of 16.17%. The firm’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.99 earnings per share. Equities research analysts forecast that Automatic Data Processing will post 6.16 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a dividend of $0.79 per share. The ex-dividend date is Thursday, September 12th. This represents a $3.16 annualized dividend and a yield of 1.88%. Automatic Data Processing’s dividend payout ratio (DPR) is 57.98%.

Automatic Data Processing 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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Institutional Ownership by Quarter for Automatic Data Processing (NASDAQ:ADP)

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