Coldstream Capital Management Inc. Reduces Position in Automatic Data Processing (NASDAQ:ADP)
Coldstream Capital Management Inc. reduced its stake in Automatic Data Processing (NASDAQ:ADP) by 1.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 23,471 shares of the business services provider’s stock after selling 226 shares during the quarter. Coldstream Capital Management Inc.’s holdings in Automatic Data Processing were worth $3,881,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in the business. Krane Funds Advisors LLC acquired a new position in Automatic Data Processing during the second quarter worth $25,000. Permanens Capital L.P. acquired a new position in Automatic Data Processing during the first quarter worth $32,000. Virtus ETF Advisers LLC acquired a new position in Automatic Data Processing during the second quarter worth $41,000. MRA Associates USA LLC acquired a new position in Automatic Data Processing during the second quarter worth $42,000. Finally, Hudock Capital Group LLC acquired a new position in Automatic Data Processing during the second quarter worth $49,000. Institutional investors own 80.26% of the company’s stock.
In related news, VP Brock Albinson sold 6,683 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $167.87, for a total value of $1,121,875.21. Following the completion of the sale, the vice president now directly owns 6,302 shares of the company’s stock, valued at approximately $1,057,916.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Dermot J. O’brien sold 1,771 shares of the stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $162.04, for a total transaction of $286,972.84. Following the sale, the vice president now directly owns 14,896 shares of the company’s stock, valued at $2,413,747.84. The disclosure for this sale can be found here. Insiders have sold a total of 57,846 shares of company stock valued at $9,395,534 over the last quarter. 0.33% of the stock is currently owned by company insiders.
Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings data on Wednesday, July 31st. The business services provider reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.01. The business had revenue of $3.50 billion during the quarter, compared to the consensus estimate of $3.50 billion. Automatic Data Processing had a net margin of 16.17% and a return on equity of 47.48%. The firm’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.99 earnings per share. As a group, equities analysts predict that Automatic Data Processing will post 6.16 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a $0.79 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 1.98%. Automatic Data Processing’s payout ratio is 57.98%.
ADP has been the subject of several research reports. Morgan Stanley lifted their price objective on Automatic Data Processing from $150.00 to $174.00 and gave the stock an “equal weight” rating in a report on Thursday, August 15th. 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 report on Friday, June 21st. JPMorgan Chase & Co. lifted their price objective on Automatic Data Processing from $170.00 to $177.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Barclays lifted their price objective on Automatic Data Processing from $180.00 to $190.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. Finally, ValuEngine downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Ten investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Automatic Data Processing has an average rating of “Hold” and an average target price of $176.10.
Automatic Data Processing Company 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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