Zurcher Kantonalbank Zurich Cantonalbank Trims Stock Holdings in Automatic Data Processing (NASDAQ:ADP)

Zurcher Kantonalbank Zurich Cantonalbank trimmed its holdings in Automatic Data Processing (NASDAQ:ADP) by 0.9% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 108,994 shares of the business services provider’s stock after selling 1,035 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Automatic Data Processing were worth $18,020,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of ADP. Enterprise Financial Services Corp increased its holdings in shares of Automatic Data Processing by 2.0% in the 1st quarter. Enterprise Financial Services Corp now owns 3,215 shares of the business services provider’s stock valued at $514,000 after acquiring an additional 64 shares during the period. Berman Capital Advisors LLC boosted its position in shares of Automatic Data Processing by 2.5% in the 1st quarter. Berman Capital Advisors LLC now owns 2,780 shares of the business services provider’s stock worth $443,000 after purchasing an additional 67 shares in the last quarter. Ellevest Inc. boosted its position in shares of Automatic Data Processing by 34.6% in the 1st quarter. Ellevest Inc. now owns 276 shares of the business services provider’s stock worth $44,000 after purchasing an additional 71 shares in the last quarter. CX Institutional boosted its position in shares of Automatic Data Processing by 3.0% in the 2nd quarter. CX Institutional now owns 2,472 shares of the business services provider’s stock worth $409,000 after purchasing an additional 73 shares in the last quarter. Finally, Nations Financial Group Inc. IA ADV boosted its position in shares of Automatic Data Processing by 3.0% in the 1st quarter. Nations Financial Group Inc. IA ADV now owns 2,719 shares of the business services provider’s stock worth $434,000 after purchasing an additional 78 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

In related news, VP Dermot J. O’brien sold 1,771 shares of the company’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $162.04, for a total value of $286,972.84. Following 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.33% of the company’s stock.

A number of analysts have recently weighed in on the company. Zacks Investment Research raised Automatic Data Processing from a “hold” rating to a “buy” rating and set a $179.00 price objective for the company in a research report on Friday, June 21st. BidaskClub cut Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Monday, June 24th. Barclays lifted their price target on Automatic Data Processing from $180.00 to $190.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. Jefferies Financial Group lifted their price target on Automatic Data Processing to $176.00 and gave the stock a “hold” rating in a research report on Wednesday, July 31st. Finally, Sanford C. Bernstein cut Automatic Data Processing from an “outperform” rating to a “market perform” rating in a research report on Tuesday, April 30th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Automatic Data Processing currently has an average rating of “Hold” and an average target price of $170.64.

ADP traded down $2.59 during trading hours on Friday, reaching $167.73. The company’s stock had a trading volume of 1,776,971 shares, compared to its average volume of 2,139,431. Automatic Data Processing has a fifty-two week low of $121.40 and a fifty-two week high of $172.00. The stock has a market cap of $71.58 billion, a PE ratio of 30.78, a PEG ratio of 2.05 and a beta of 0.91. The business has a 50-day moving average of $165.81. The company has a current ratio of 1.05, a quick ratio of 1.04 and a debt-to-equity ratio of 0.37.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings data on Wednesday, July 31st. The business services provider reported $1.14 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.01. Automatic Data Processing had a return on equity of 47.48% and a net margin of 16.17%. The firm had revenue of $3.50 billion for the quarter, compared to analysts’ expectations of $3.50 billion. During the same period in the prior year, the firm posted $0.99 earnings per share. The firm’s quarterly revenue was up 5.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Automatic Data Processing will post 6.16 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date is Thursday, September 12th. Automatic Data Processing’s dividend payout ratio is presently 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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