Great Lakes Advisors LLC sells 1,576 shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Great Lakes Advisors LLC reduced its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report) by 2.6% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 59,997 shares of the business services provider’s stock after selling 1,576 shares during the quarter. Great Lakes Advisors LLC’s holdings in Automatic Data Processing were worth $14,321,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have added to or reduced their stakes in the company. BlueSpruce Investments LP purchased a new position in Automatic Data Processing during the first quarter valued at approximately $365,757,000. Norges Bank acquired a new position in shares of Automatic Data Processing during the fourth quarter valued at about $308,321,000. Capital Research Global Investors boosted its position in shares of Automatic Data Processing by 22.5% in the fourth quarter. Capital Research Global Investors now owns 3,543,317 shares of the business services provider’s stock valued at $825,487,000 after purchasing an additional 649,791 shares during the last quarter. Nordea Investment Management AB grew its holdings in Automatic Data Processing by 27.7% in the first quarter. Nordea Investment Management AB now owns 2,715,382 shares of the business services provider’s stock worth $678,601,000 after purchasing an additional 589,831 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its position in Automatic Data Processing by 238.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 784,003 shares of the business services provider’s stock valued at $195,797,000 after purchasing an additional 552,096 shares during the last quarter. Institutional investors own 80.03% of the company’s shares.

Analysts on Wall Street are forecasting an increase

A number of research firms have issued reports on ADP. Jefferies Financial Group raised their price objective on shares of Automatic Data Processing from $250.00 to $260.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Royal Bank of Canada restated a “sector perform” rating and set a $267.00 target price on shares of Automatic Data Processing in a report on Thursday, August 1st. JPMorgan Chase & Co. boosted their price objective on shares of Automatic Data Processing from $250.00 to $285.00 and gave the company an “underweight” rating in a research note on Tuesday, August 20th. Barclays raised their target price on shares of Automatic Data Processing from $282.00 to $310.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. Finally, Bank of America upped their price target on Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st . Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $265.36.

Get the latest stock report on ADP

Insider buying and selling to automated data processing

In related news, VP David Kwon sold 846 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $270.60, for a total transaction of $228,927.60. Following the sale, the vice president now owns 10,410 shares of the company’s stock, valued at approximately $2,816,946. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC’s website. In other Automated Data Processing news, VP Don Mcguire sold 3,179 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $274.38, for a total value of $872,254.02. Following the completion of the transaction, the vice president now directly owns 41,696 shares of the company’s stock, valued at approximately $11,440,548.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC’s website. Also, VP David Kwon sold 846 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $270.60, for a total transaction of $228,927.60. Following the transaction, the vice president now owns 10,410 shares of the company’s stock, valued at $2,816,946. The disclosure for this sale can be found here. Insiders have sold 49,614 shares of company stock worth $13,519,460 over the last 90 days. 0.26% of shares are currently owned by company insiders.

Automated data processing stock down 0.2%

Shares of NASDAQ ADP opened at $269.56 on Friday. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.01, and a quick ratio of 1.01. The stock has a market cap of $110.33 billion, a PE ratio of 30.08, a P/E/G ratio of 3.00 and a beta of 0.78. Automatic Data Processing, Inc. it has a one year low of $205.53 and a one year high of $278.24. The company’s fifty day moving average price is $256.39 and its 200 day moving average price is $249.71.

Automatic Data Processing (NASDAQ:ADP – Get Your Free Report ) last released its quarterly earnings data on Wednesday, July 31st. The business services provider reported $2.09 EPS for the quarter, topping the consensus estimate of $2.06 by $0.03. The company had revenue of $4.80 billion for the quarter, compared to the consensus estimate of $4.74 billion. Automated Data Processing had a net margin of 19.54% and a return on equity of 89.20%. The company’s revenue was up 7.2% compared to the same quarter last year. In the same period last year, the company earned $1.89 per share. On average, equities research analysts anticipate that Automatic Data Processing, Inc. will post 10.04 EPS for the current year.

Automatic Data Processing Dividends Notice

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a $1.40 dividend. The ex-dividend date of this dividend is Friday, September 13. This represents a dividend of $5.60 on an annualized basis and a yield of 2.08%. Automatic Data Processing’s dividend payout ratio is 62.50%.

Automatic data processing profile

(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.

Further reading

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