The Manufacturers Life Insurance Company increased its stake in Automatic Data Processing (NASDAQ:ADP) by 16.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 471,857 shares of the business services provider’s stock after acquiring an additional 65,633 shares during the period. The Manufacturers Life Insurance Company’s holdings in Automatic Data Processing were worth $64,494,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ADP. Creative Financial Designs Inc. ADV bought a new stake in shares of Automatic Data Processing in the 1st quarter valued at about $27,000. Paragon Capital Management LLC bought a new position in Automatic Data Processing during the 1st quarter valued at approximately $27,000. Raab & Moskowitz Asset Management LLC bought a new position in Automatic Data Processing during the 4th quarter valued at approximately $28,000. Cranbrook Wealth Management LLC raised its position in Automatic Data Processing by 361.1% during the 4th quarter. Cranbrook Wealth Management LLC now owns 166 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 130 shares during the last quarter. Finally, Pacitti Group Inc. bought a new position in Automatic Data Processing during the 4th quarter valued at approximately $32,000. 79.80% of the stock is owned by institutional investors.

Shares of Automatic Data Processing stock traded down $1.91 during midday trading on Friday, hitting $145.54. The company had a trading volume of 117,019 shares, compared to its average volume of 2,175,817. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market capitalization of $62.25 billion, a P/E ratio of 25.29, a P/E/G ratio of 2.10 and a beta of 0.83. The company has a 50 day moving average of $145.29 and a 200 day moving average of $154.97. Automatic Data Processing has a 52-week low of $103.11 and a 52-week high of $182.32.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings results on Wednesday, April 29th. The business services provider reported $1.92 earnings per share for the quarter, hitting the consensus estimate of $1.92. The company had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $4.03 billion. Automatic Data Processing had a return on equity of 47.51% and a net margin of 17.20%. The firm’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.77 EPS. Equities research analysts forecast that Automatic Data Processing will post 5.75 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 12th will be paid a $0.91 dividend. The ex-dividend date of this dividend is Thursday, June 11th. This represents a $3.64 annualized dividend and a dividend yield of 2.50%. Automatic Data Processing’s payout ratio is currently 66.79%.

In related news, VP Brian L. Michaud sold 250 shares of the company’s stock in a transaction that occurred on Monday, April 13th. The stock was sold at an average price of $140.23, for a total value of $35,057.50. Following the sale, the vice president now owns 5,412 shares in the company, valued at approximately $758,924.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.31% of the company’s stock.

ADP has been the subject of a number of recent analyst reports. BidaskClub lowered Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Friday, May 15th. Stifel Nicolaus upped their price target on Automatic Data Processing from $150.00 to $155.00 and gave the company a “hold” rating in a research report on Thursday, April 30th. Cfra reduced their target price on Automatic Data Processing from $176.00 to $161.00 and set a “hold” rating on the stock in a report on Wednesday, April 29th. Wedbush reiterated a “neutral” rating on shares of Automatic Data Processing in a report on Wednesday, April 29th. Finally, UBS Group upgraded Automatic Data Processing from a “sell” rating to a “neutral” rating in a report on Wednesday, April 1st. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $165.54.

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

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