Retirement Systems of Alabama decreased its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 4.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 231,745 shares of the business services provider's stock after selling 11,889 shares during the quarter. Retirement Systems of Alabama owned about 0.06% of Automatic Data Processing worth $64,131,000 as of its most recent filing with the SEC.
Several other institutional investors have also modified their holdings of ADP. State Street Corp increased its stake in Automatic Data Processing by 2.4% during the 3rd quarter. State Street Corp now owns 18,334,580 shares of the business services provider's stock valued at $5,098,541,000 after buying an additional 424,328 shares during the period. Geode Capital Management LLC lifted its position in Automatic Data Processing by 2.8% in the third quarter. Geode Capital Management LLC now owns 10,517,642 shares of the business services provider's stock worth $2,906,257,000 after purchasing an additional 286,080 shares during the period. Ameriprise Financial Inc. lifted its position in Automatic Data Processing by 12.0% in the second quarter. Ameriprise Financial Inc. now owns 4,065,308 shares of the business services provider's stock worth $964,989,000 after purchasing an additional 435,093 shares during the period. Legal & General Group Plc boosted its stake in Automatic Data Processing by 4.1% during the 2nd quarter. Legal & General Group Plc now owns 3,548,165 shares of the business services provider's stock valued at $846,912,000 after purchasing an additional 139,561 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Automatic Data Processing by 1.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,238,526 shares of the business services provider's stock valued at $896,197,000 after purchasing an additional 41,709 shares during the period. Institutional investors own 80.03% of the company's stock.
Insider Activity at Automatic Data Processing
In other Automatic Data Processing news, VP Sreenivasa Kutam sold 38,975 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $300.00, for a total transaction of $11,692,500.00. Following the transaction, the vice president now owns 32,604 shares in the company, valued at $9,781,200. This trade represents a 54.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.21% of the company's stock.
Automatic Data Processing Stock Down 0.2 %
ADP traded down $0.45 on Friday, reaching $296.76. 1,620,501 shares of the company traded hands, compared to its average volume of 1,645,547. The company has a market cap of $120.92 billion, a price-to-earnings ratio of 31.88, a PEG ratio of 3.50 and a beta of 0.79. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.01 and a quick ratio of 1.01. The stock's 50 day moving average price is $296.79 and its 200-day moving average price is $271.23. Automatic Data Processing, Inc. has a 52-week low of $227.12 and a 52-week high of $309.63.
Automatic Data Processing (NASDAQ:ADP - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share for the quarter, topping analysts' consensus estimates of $2.21 by $0.12. Automatic Data Processing had a net margin of 19.72% and a return on equity of 82.36%. The business had revenue of $4.83 billion for the quarter, compared to the consensus estimate of $4.77 billion. During the same period in the prior year, the business posted $2.08 earnings per share. Automatic Data Processing's revenue for the quarter was up 7.1% compared to the same quarter last year. On average, sell-side analysts expect that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.
Automatic Data Processing Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be issued a $1.54 dividend. The ex-dividend date is Friday, December 13th. This represents a $6.16 dividend on an annualized basis and a yield of 2.08%. This is an increase from Automatic Data Processing's previous quarterly dividend of $1.40. Automatic Data Processing's dividend payout ratio is currently 59.77%.
Wall Street Analysts Forecast Growth
Several brokerages recently weighed in on ADP. Mizuho raised their target price on Automatic Data Processing from $281.00 to $310.00 and gave the company an "outperform" rating in a research note on Monday, November 4th. Royal Bank of Canada lifted their price objective on shares of Automatic Data Processing from $267.00 to $315.00 and gave the stock a "sector perform" rating in a research note on Thursday, October 31st. StockNews.com cut shares of Automatic Data Processing from a "buy" rating to a "hold" rating in a report on Thursday, September 19th. Barclays increased their price objective on Automatic Data Processing from $310.00 to $325.00 and gave the company an "overweight" rating in a research report on Monday, November 4th. Finally, Citigroup raised their price objective on Automatic Data Processing from $260.00 to $295.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 25th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $289.91.
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About Automatic Data Processing
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Free Report)
Automatic Data Processing, Inc provides cloud-based human capital management solutions worldwide. It operates in two segments, Employer Services and Professional Employer Organization (PEO). The Employer Services segment offers strategic, cloud-based platforms, and human resources (HR) outsourcing solutions.
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