Whalerock Point Partners LLC acquired a new stake in shares of Automatic Data Processing (NYSE:ADP) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 22,985 shares of the company’s stock, valued at approximately $2,027,000. Automatic Data Processing comprises approximately 0.8% of Whalerock Point Partners LLC’s investment portfolio, making the stock its 27th largest position.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Zions Bancorporation increased its position in Automatic Data Processing by 228.5% in the second quarter. Zions Bancorporation now owns 1,189 shares of the company’s stock valued at $110,000 after buying an additional 827 shares during the period. Hanson McClain Inc. raised its stake in Automatic Data Processing by 2.0% in the second quarter. Hanson McClain Inc. now owns 1,287 shares of the company’s stock worth $118,000 after buying an additional 25 shares during the period. Peddock Capital Advisors LLC purchased a new stake in Automatic Data Processing during the third quarter worth $128,000. TLP Group LLC purchased a new stake in Automatic Data Processing during the third quarter worth $129,000. Finally, Global X Management Co. LLC raised its stake in Automatic Data Processing by 200.7% in the third quarter. Global X Management Co. LLC now owns 1,747 shares of the company’s stock worth $154,000 after buying an additional 1,166 shares during the period.
Shares of Automatic Data Processing (NYSE:ADP) opened at 98.58 on Tuesday. The firm has a 50-day moving average of $101.22 and a 200 day moving average of $93.49. Automatic Data Processing has a 52 week low of $80.57 and a 52 week high of $104.09. The firm has a market capitalization of $44.25 billion and a P/E ratio of 26.49.
Automatic Data Processing (NYSE:ADP) last posted its quarterly earnings data on Wednesday, February 1st. The company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.06. The firm had revenue of $3 billion for the quarter, compared to analysts’ expectations of $3.02 billion. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.74 EPS. On average, equities research analysts expect that Automatic Data Processing will post $3.66 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Saturday, April 1st. Stockholders of record on Friday, March 10th will be paid a dividend of $0.57 per share. The ex-dividend date is Wednesday, March 8th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.31%.
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A number of analysts recently weighed in on the stock. William Blair reissued an “outperform” rating on shares of Automatic Data Processing in a research report on Tuesday, February 7th. BMO Capital Markets reissued a “hold” rating on shares of Automatic Data Processing in a research report on Thursday, February 2nd. Barclays PLC assumed coverage on shares of Automatic Data Processing in a research report on Tuesday, December 20th. They issued an “overweight” rating and a $115.00 price objective on the stock. Zacks Investment Research lowered shares of Automatic Data Processing from a “hold” rating to a “sell” rating in a research report on Tuesday, November 1st. Finally, Stifel Nicolaus raised their target price on shares of Automatic Data Processing from $95.00 to $105.00 and gave the stock a “hold” rating in a research report on Monday, January 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $102.75.
In other news, insider Edward B. Flynn III sold 41,521 shares of Automatic Data Processing stock in a transaction that occurred on Wednesday, February 1st. The shares were sold at an average price of $96.00, for a total transaction of $3,986,016.00. Following the sale, the insider now owns 73,553 shares in the company, valued at $7,061,088. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Thomas J. Perrotti sold 2,495 shares of Automatic Data Processing stock in a transaction that occurred on Tuesday, January 3rd. The shares were sold at an average price of $102.38, for a total transaction of $255,438.10. Following the sale, the vice president now owns 14,295 shares in the company, valued at approximately $1,463,522.10. The disclosure for this sale can be found here. Insiders have sold 121,765 shares of company stock worth $12,135,254 in the last quarter.
About Automatic Data Processing
Automatic Data Processing, Inc (ADP) is a provider of human capital management (HCM) solutions to employers, offering solutions to businesses of various sizes. The Company also provides business process outsourcing solutions. Its segments include Employer Services and Professional Employer Organization (PEO) Services.
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