Cumberland Partners Ltd Cuts Stock Position in Automatic Data Processing (NASDAQ:ADP)

Cumberland Partners Ltd lessened its holdings in Automatic Data Processing (NASDAQ:ADP) by 6.1% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 13,875 shares of the business services provider’s stock after selling 900 shares during the period. Cumberland Partners Ltd’s holdings in Automatic Data Processing were worth $1,896,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Wealth Quarterback LLC purchased a new position in shares of Automatic Data Processing during the fourth quarter valued at about $5,301,510,000. Norges Bank purchased a new position in Automatic Data Processing in the fourth quarter worth about $676,751,000. M&G Investment Management Ltd. grew its position in Automatic Data Processing by 9,689.2% in the first quarter. M&G Investment Management Ltd. now owns 901,978 shares of the business services provider’s stock worth $123,571,000 after acquiring an additional 892,764 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Automatic Data Processing by 34.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,290,183 shares of the business services provider’s stock worth $560,975,000 after acquiring an additional 842,216 shares in the last quarter. Finally, Alliancebernstein L.P. grew its position in Automatic Data Processing by 8.7% in the fourth quarter. Alliancebernstein L.P. now owns 7,539,229 shares of the business services provider’s stock worth $1,285,439,000 after acquiring an additional 600,396 shares in the last quarter. Institutional investors and hedge funds own 79.80% of the company’s stock.

Shares of Automatic Data Processing stock traded up $3.43 on Wednesday, hitting $151.68. 2,097,639 shares of the company traded hands, compared to its average volume of 2,576,333. The stock’s 50 day moving average price is $140.28 and its 200-day moving average price is $157.13. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.25. Automatic Data Processing has a 52 week low of $103.11 and a 52 week high of $182.32. The company has a market cap of $62.55 billion, a PE ratio of 25.84, a PEG ratio of 2.11 and a beta of 0.83.

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, meeting the Thomson Reuters’ consensus estimate of $1.92. The firm had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $4.03 billion. Automatic Data Processing had a net margin of 17.20% and a return on equity of 47.51%. The company’s revenue was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.77 earnings per share. As a group, research analysts anticipate that Automatic Data Processing will post 5.75 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 12th will be issued a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a yield of 2.40%. The ex-dividend date is Thursday, June 11th. Automatic Data Processing’s payout ratio is 66.79%.

In related news, VP Brian L. Michaud sold 250 shares of Automatic Data Processing stock in a transaction that occurred on Monday, April 13th. The shares were sold at an average price of $140.23, for a total transaction of $35,057.50. Following the transaction, the vice president now directly owns 5,412 shares of the company’s stock, valued at $758,924.76. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.31% of the company’s stock.

Several research firms recently commented on ADP. Cfra dropped their price target on Automatic Data Processing from $176.00 to $161.00 and set a “hold” rating for the company in a research report on Wednesday, April 29th. Wedbush reissued a “neutral” rating on shares of Automatic Data Processing in a research note on Wednesday, April 29th. BMO Capital Markets decreased their price objective on shares of Automatic Data Processing from $179.00 to $154.00 and set a “market perform” rating for the company in a research note on Thursday, April 30th. UBS Group raised shares of Automatic Data Processing from a “sell” rating to a “neutral” rating in a research note on Wednesday, April 1st. Finally, Stifel Nicolaus raised their price objective on shares of Automatic Data Processing from $150.00 to $155.00 and gave the stock a “hold” rating in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $166.50.

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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