Cibc World Markets Corp Has $13.95 Million Stock Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Cibc World Markets Corp decreased its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 23.3% in the second quarter, HoldingsChannel reports. The institutional investor owned 70,235 shares of the business services provider’s stock after selling 21,378 shares during the period. Cibc World Markets Corp’s holdings in Automatic Data Processing were worth $13,950,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in ADP. Price T Rowe Associates Inc. MD increased its position in Automatic Data Processing by 50.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,649,392 shares of the business services provider’s stock valued at $499,331,000 after acquiring an additional 891,869 shares in the last quarter. BlueSpruce Investments LP increased its position in Automatic Data Processing by 70.7% in the 1st quarter. BlueSpruce Investments LP now owns 1,608,644 shares of the business services provider’s stock valued at $303,181,000 after acquiring an additional 666,403 shares in the last quarter. Morgan Stanley increased its position in Automatic Data Processing by 4.3% in the 1st quarter. Morgan Stanley now owns 14,243,758 shares of the business services provider’s stock valued at $2,684,521,000 after acquiring an additional 584,565 shares in the last quarter. Prudential Financial Inc. increased its position in Automatic Data Processing by 81.3% in the 1st quarter. Prudential Financial Inc. now owns 1,275,902 shares of the business services provider’s stock valued at $240,469,000 after acquiring an additional 572,005 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in shares of Automatic Data Processing by 19.4% in the 1st quarter. Ameriprise Financial Inc. now owns 3,074,158 shares of the business services provider’s stock valued at $579,991,000 after purchasing an additional 498,893 shares during the last quarter. Institutional investors and hedge funds own 78.39% of the company’s stock.

ADP has been the topic of several recent research reports. JPMorgan Chase & Co. lowered shares of Automatic Data Processing from a “neutral” rating to an “underweight” rating and set a $224.00 target price on the stock. in a research note on Tuesday, August 17th. They noted that the move was a valuation call. Mizuho raised their target price on shares of Automatic Data Processing from $220.00 to $230.00 and gave the company a “buy” rating in a research note on Monday, August 2nd. Morgan Stanley raised their target price on shares of Automatic Data Processing from $185.00 to $200.00 and gave the company an “equal weight” rating in a research note on Thursday, July 29th. Barclays raised their target price on shares of Automatic Data Processing from $212.00 to $227.00 and gave the company an “overweight” rating in a research note on Monday, August 2nd. Finally, Credit Suisse Group lowered shares of Automatic Data Processing from an “outperform” rating to a “neutral” rating and set a $215.00 price objective on the stock. in a research note on Monday, August 16th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $196.79.

In other Automatic Data Processing news, VP Alexander Quevedo sold 950 shares of Automatic Data Processing stock in a transaction on Thursday, July 29th. The shares were sold at an average price of $209.25, for a total transaction of $198,787.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Deborah L. Dyson sold 2,428 shares of Automatic Data Processing stock in a transaction on Friday, July 9th. The stock was sold at an average price of $202.00, for a total transaction of $490,456.00. Following the transaction, the vice president now directly owns 26,614 shares of the company’s stock, valued at $5,376,028. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

Shares of ADP opened at $199.74 on Wednesday. The company has a market cap of $84.51 billion, a price-to-earnings ratio of 32.91, a PEG ratio of 2.52 and a beta of 0.73. Automatic Data Processing, Inc. has a 1-year low of $127.31 and a 1-year high of $217.15. The company’s fifty day simple moving average is $207.88 and its 200 day simple moving average is $197.53. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.53.

Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Tuesday, July 27th. The business services provider reported $1.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.06. The business had revenue of $3.74 billion for the quarter, compared to the consensus estimate of $3.67 billion. Automatic Data Processing had a net margin of 17.32% and a return on equity of 44.73%. During the same period in the previous year, the company earned $1.14 earnings per share. As a group, research analysts forecast that Automatic Data Processing, Inc. will post 6.64 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, October 1st. Investors of record on Friday, September 10th will be issued a dividend of $0.93 per share. The ex-dividend date of this dividend is Thursday, September 9th. This represents a $3.72 dividend on an annualized basis and a yield of 1.86%. Automatic Data Processing’s payout ratio is 61.79%.

Automatic Data Processing Company Profile

Automatic Data Processing, Inc engages in the provision of business outsourcing solutions specializes in cloud-based human capital management. It operates through the following business segments: Employer Services; and Professional Employer Organization Services; and Other. The Employer Services segment provides clients ranging from single-employee small businesses to large enterprises with tens of thousands of employees around the world, offering a range of human resources outsourcing and technology-based human capital management solutions, including strategic, cloud-based platforms.

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

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