GHP Investment Advisors Inc. Raises Stake in Automatic Data Processing (ADP)
GHP Investment Advisors Inc. lifted its position in shares of Automatic Data Processing (NASDAQ:ADP) by 3.1% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 27,225 shares of the business services provider’s stock after purchasing an additional 822 shares during the quarter. GHP Investment Advisors Inc.’s holdings in Automatic Data Processing were worth $3,652,000 as of its most recent filing with the SEC.
Several other large investors have also recently modified their holdings of ADP. Rikoon Group LLC boosted its holdings in Automatic Data Processing by 10.5% in the 1st quarter. Rikoon Group LLC now owns 3,990 shares of the business services provider’s stock worth $452,000 after acquiring an additional 379 shares during the period. Pensionfund Sabic acquired a new position in shares of Automatic Data Processing in the 2nd quarter valued at approximately $2,750,000. Pensionfund DSM Netherlands acquired a new position in shares of Automatic Data Processing in the 2nd quarter valued at approximately $3,595,000. Park National Corp OH raised its position in shares of Automatic Data Processing by 0.9% in the 2nd quarter. Park National Corp OH now owns 367,536 shares of the business services provider’s stock valued at $49,301,000 after purchasing an additional 3,389 shares in the last quarter. Finally, Private Trust Co. NA raised its position in shares of Automatic Data Processing by 4.6% in the 2nd quarter. Private Trust Co. NA now owns 9,237 shares of the business services provider’s stock valued at $1,239,000 after purchasing an additional 406 shares in the last quarter. Institutional investors and hedge funds own 78.88% of the company’s stock.
ADP has been the topic of a number of recent analyst reports. BidaskClub lowered Automatic Data Processing from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 1st. Zacks Investment Research raised Automatic Data Processing from a “hold” rating to a “buy” rating and set a $143.00 target price on the stock in a research report on Monday, May 21st. Argus upped their target price on Automatic Data Processing from $130.00 to $145.00 and gave the company a “buy” rating in a research report on Monday, June 4th. Guggenheim initiated coverage on Automatic Data Processing in a research report on Monday, August 20th. They issued a “buy” rating and a $175.00 target price on the stock. Finally, Morgan Stanley upped their target price on Automatic Data Processing from $122.00 to $134.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 13th. Eight research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Automatic Data Processing has an average rating of “Buy” and a consensus target price of $141.07.
Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings results on Wednesday, August 1st. The business services provider reported $0.92 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.90 by $0.02. The business had revenue of $3.32 billion for the quarter, compared to analyst estimates of $3.29 billion. Automatic Data Processing had a return on equity of 50.17% and a net margin of 12.16%. The business’s revenue was up 8.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.66 EPS. sell-side analysts expect that Automatic Data Processing will post 5.18 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Friday, September 14th will be given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 1.88%. The ex-dividend date is Thursday, September 13th. Automatic Data Processing’s dividend payout ratio is currently 63.45%.
In related news, VP Brock Albinson sold 3,345 shares of the company’s stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $144.35, for a total transaction of $482,850.75. Following the completion of the transaction, the vice president now directly owns 6,081 shares in the company, valued at approximately $877,792.35. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Michael A. Bonarti sold 2,372 shares of the company’s stock in a transaction on Monday, July 2nd. The stock was sold at an average price of $132.66, for a total value of $314,669.52. Following the transaction, the insider now owns 41,023 shares of the company’s stock, valued at $5,442,111.18. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,191 shares of company stock worth $1,301,603. Corporate insiders own 0.25% of the company’s stock.
About Automatic Data Processing
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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