Todays Report: The Nippon Life Insurance Co. Sold shares of Automatic Data Processing (ADP)

The Nippon Life Insurance Co. Sold shares of Automatic Data Processing (ADP)

Nippon Life Insurance Co. cut its position in shares of Automatic Data Processing (NYSE:ADP) by 10.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 26,323 shares of the company’s stock after selling 3,015 shares during the period. Nippon Life Insurance Co.’s holdings in Automatic Data Processing were worth $2,418,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ADP. Smith Salley & Associates increased its stake in Automatic Data Processing by 1.2% in the second quarter. Smith Salley & Associates now owns 2,436 shares of the company’s stock worth $224,000 after buying an additional 30 shares during the last quarter. South Texas Money Management Ltd. increased its stake in Automatic Data Processing by 6.1% in the second quarter. South Texas Money Management Ltd. now owns 2,764 shares of the company’s stock worth $254,000 after buying an additional 159 shares during the last quarter. Scott & Selber Inc. bought a new stake in Automatic Data Processing during the second quarter worth $294,000. Sequoia Financial Advisors LLC increased its stake in Automatic Data Processing by 0.5% in the second quarter. Sequoia Financial Advisors LLC now owns 3,747 shares of the company’s stock worth $344,000 after buying an additional 20 shares during the last quarter. Finally, Buckingham Asset Management LLC increased its stake in Automatic Data Processing by 1.7% in the second quarter. Buckingham Asset Management LLC now owns 4,070 shares of the company’s stock worth $374,000 after buying an additional 67 shares during the last quarter.

Automatic Data Processing (NYSE:ADP) traded up 0.58% during trading on Friday, reaching $87.16. 2,129,318 shares of the company traded hands. The firm has a 50-day moving average price of $87.44 and a 200-day moving average price of $89.11. Automatic Data Processing has a 52 week low of $76.65 and a 52 week high of $96.00. The company has a market capitalization of $39603.33 billion and a P/E ratio of 26.82.

Automatic Data Processing (NYSE:ADP) last released its earnings results on Thursday, July 28th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.02. The company had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.94 billion. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.55 EPS. Analysts forecast that Automatic Data Processing will post $3.62 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Saturday, October 1st. Shareholders of record on Friday, September 9th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 2.43%. The ex-dividend date was Wednesday, September 7th.

A number of analysts have weighed in on the company. Zacks Investment Research downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Thursday, July 14th. Sanford C. Bernstein upgraded Automatic Data Processing from a “market perform” rating to an “outperform” rating and raised their target price for the company from $97.00 to $110.00 in a research note on Monday, July 11th. Robert W. Baird downgraded Automatic Data Processing from an “outperform” rating to a “neutral” rating and set a $94.00 target price for the company. in a research note on Friday, July 29th. Citigroup Inc. restated a “neutral” rating and issued a $90.00 target price (up from $89.00) on shares of Automatic Data Processing in a research note on Friday, July 29th. Finally, Wedbush assumed coverage on Automatic Data Processing in a research note on Thursday, September 8th. They issued a “neutral” rating and a $100.00 target price for the company. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $95.14.

In other Automatic Data Processing news, CEO Carlos A. Rodriguez sold 10,000 shares of Automatic Data Processing stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $89.91, for a total transaction of $899,100.00. Following the completion of the sale, the chief executive officer now directly owns 119,877 shares in the company, valued at approximately $10,778,141.07. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jan Siegmund sold 6,592 shares of Automatic Data Processing stock in a transaction that occurred on Wednesday, September 7th. The shares were sold at an average price of $89.20, for a total transaction of $588,006.40. Following the sale, the insider now owns 52,193 shares of the company’s stock, valued at $4,655,615.60. The disclosure for this sale can be found here.

Automatic Data Processing Company Profile

Automatic Data Processing, Inc (ADP) is a provider of human capital management (HCM) solutions and business process outsourcing. The Company operates through two segments: Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers a range of business outsourcing and technology-enabled HCM solutions.

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