Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Bought by Citizens Financial Group Inc. RI

Citizens Financial Group Inc. RI grew its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 13.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 23,508 shares of the business services provider’s stock after buying an additional 2,806 shares during the period. Citizens Financial Group Inc. RI’s holdings in Automatic Data Processing were worth $5,621,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of ADP. BlueSpruce Investments LP purchased a new position in shares of Automatic Data Processing during the first quarter worth about $365,757,000. Norges Bank purchased a new position in Automatic Data Processing during the 4th quarter worth approximately $308,321,000. Capital Research Global Investors lifted its stake in 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 buying an additional 649,791 shares during the last quarter. Nordea Investment Management AB boosted its holdings in shares of 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 valued at $678,601,000 after acquiring an additional 589,831 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in shares of 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 acquiring an additional 552,096 shares during the period. 80.03% of the stock is owned by hedge funds and other institutional investors.

Automatic Data Processing Stock Up 0.4 %

ADP opened at $278.60 on Tuesday. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.01 and a quick ratio of 1.01. Automatic Data Processing, Inc. has a 12 month low of $205.53 and a 12 month high of $279.78. The stock has a market capitalization of $113.61 billion, a P/E ratio of 31.09, a P/E/G ratio of 3.02 and a beta of 0.79. The business has a 50 day simple moving average of $261.42 and a 200-day simple moving average of $250.73.

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

Automatic Data Processing Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a $1.40 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $5.60 dividend on an annualized basis and a yield of 2.01%. Automatic Data Processing’s dividend payout ratio (DPR) is presently 62.50%.

Analyst Ratings Changes

Several research firms recently commented on ADP. Jefferies Financial Group upped their price target on shares of Automatic Data Processing from $250.00 to $260.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. Royal Bank of Canada reiterated a “sector perform” rating and set a $267.00 target price on shares of Automatic Data Processing in a research note on Thursday, August 1st. StockNews.com upgraded Automatic Data Processing from a “hold” rating to a “buy” rating in a research report on Monday, September 9th. Barclays increased their price objective on 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, JPMorgan Chase & Co. boosted their target price on Automatic Data Processing from $250.00 to $285.00 and gave the company an “underweight” rating in a report on Tuesday, August 20th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $265.36.

Insider Activity

In related news, VP Michael A. Bonarti sold 26,442 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $270.96, for a total value of $7,164,724.32. Following the sale, the vice president now owns 88,426 shares in the company, valued at approximately $23,959,908.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Automatic Data Processing news, CEO Maria Black sold 19,147 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 $5,253,553.86. Following the sale, the chief executive officer now owns 92,807 shares of the company’s stock, valued at $25,464,384.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael A. Bonarti sold 26,442 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $270.96, for a total transaction of $7,164,724.32. Following the transaction, the vice president now directly owns 88,426 shares of the company’s stock, valued at $23,959,908.96. The disclosure for this sale can be found here. In the last three months, insiders sold 58,817 shares of company stock worth $15,999,208. Company insiders own 0.26% of the company’s stock.

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.