Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Purchased by Eastern Bank

Eastern Bank increased its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 2,645.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 71,207 shares of the business services provider’s stock after purchasing an additional 68,613 shares during the period. Eastern Bank’s holdings in Automatic Data Processing were worth $19,705,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Sequoia Financial Advisors LLC grew its stake in shares of Automatic Data Processing by 11.5% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 8,932 shares of the business services provider’s stock valued at $2,473,000 after buying an additional 922 shares during the period. Rodgers & Associates LTD acquired a new stake in shares of Automatic Data Processing in the 3rd quarter valued at about $223,000. Home Federal Bank of Tennessee raised its stake in shares of Automatic Data Processing by 1.4% in the 3rd quarter. Home Federal Bank of Tennessee now owns 10,839 shares of the business services provider’s stock valued at $2,999,000 after purchasing an additional 150 shares in the last quarter. Foundations Investment Advisors LLC grew its position in shares of Automatic Data Processing by 2.9% during the 3rd quarter. Foundations Investment Advisors LLC now owns 4,529 shares of the business services provider’s stock valued at $1,253,000 after buying an additional 126 shares during the last quarter. Finally, Telos Capital Management Inc. grew its position in Automatic Data Processing by 3.2% in the 3rd quarter. Telos Capital Management Inc. now owns 1,452 shares of the business services provider’s stock worth $402,000 after purchasing an additional 45 shares during the last quarter. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Automatic Data Processing Price Performance

Shares of NASDAQ:ADP traded up $0.18 during midday trading on Tuesday, reaching $291.09. 331,439 shares of the company’s stock were exchanged, compared to its average volume of 1,626,942. The company’s 50 day simple moving average is $277.27 and its two-hundred day simple moving average is $257.33. The firm has a market capitalization of $119.14 billion, a PE ratio of 32.26, a price-to-earnings-growth ratio of 3.13 and a beta of 0.79. Automatic Data Processing, Inc. has a 12 month low of $205.53 and a 12 month high of $294.18. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.01 and a current ratio of 1.01.

Automatic Data Processing (NASDAQ:ADP) last announced its earnings results on Wednesday, July 31st. The business services provider reported $2.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.06 by $0.03. The business had revenue of $4.80 billion during the quarter, compared to analysts’ expectations of $4.74 billion. Automatic Data Processing had a net margin of 19.54% and a return on equity of 89.20%. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter last year, the company posted $1.89 EPS. Equities research analysts expect that Automatic Data Processing, Inc. will post 10.04 earnings per share for the current fiscal year.

Automatic Data Processing Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 1.92%. The ex-dividend date of this dividend was Friday, September 13th. Automatic Data Processing’s dividend payout ratio is 62.50%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Bank of America increased their target price on shares of Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. JPMorgan Chase & Co. increased their price target on shares of Automatic Data Processing from $250.00 to $285.00 and gave the stock an “underweight” rating in a research note on Tuesday, August 20th. Stifel Nicolaus raised their target price on shares of Automatic Data Processing from $271.00 to $287.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. UBS Group raised their target price on shares of Automatic Data Processing from $270.00 to $295.00 and gave the company a “neutral” rating in a research note on Tuesday. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $267.00 price target on shares of Automatic Data Processing in a report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $275.33.

Insider Transactions at Automatic Data Processing

In related news, Director Carlos A. Rodriguez sold 9,203 shares of Automatic Data Processing stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $269.45, for a total transaction of $2,479,748.35. Following the transaction, the director now owns 36,741 shares of the company’s stock, valued at $9,899,862.45. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Automatic Data Processing news, VP David Kwon sold 846 shares of Automatic Data Processing stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $270.60, for a total value of $228,927.60. Following the transaction, the vice president now owns 10,410 shares of the company’s stock, valued at approximately $2,816,946. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Carlos A. Rodriguez sold 9,203 shares of Automatic Data Processing stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $269.45, for a total transaction of $2,479,748.35. Following the completion of the transaction, the director now directly owns 36,741 shares in the company, valued at approximately $9,899,862.45. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 58,817 shares of company stock worth $15,999,208 in the last quarter. 0.26% of the stock is owned by company insiders.

Automatic Data Processing Company Profile

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.