Spectrum Management Group Inc. boosted its stake in Automatic Data Processing (NYSE:ADP) by 283.9% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 8,560 shares of the company’s stock after buying an additional 6,330 shares during the period. Spectrum Management Group Inc.’s holdings in Automatic Data Processing were worth $786,000 at the end of the most recent quarter.
Automatic Data Processing (NYSE:ADP) traded up 0.89% on Friday, reaching $87.66. 494,651 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $88.21 and a 200-day moving average of $89.31. The company has a market cap of $39.99 billion and a P/E ratio of 26.99. Automatic Data Processing has a 12-month low of $76.65 and a 12-month high of $96.00.
Automatic Data Processing (NYSE:ADP) last announced its earnings results on Thursday, July 28th. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.02. The business earned $2.90 billion during the quarter, compared to analysts’ expectations of $2.94 billion. During the same period in the previous year, the company posted $0.55 earnings per share. Automatic Data Processing’s quarterly revenue was up 7.6% on a year-over-year basis. Equities analysts expect that Automatic Data Processing will post $3.61 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Saturday, October 1st. Stockholders of record on Friday, September 9th were issued a $0.53 dividend. The ex-dividend date of this dividend was Wednesday, September 7th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.44%.
Several equities research analysts recently issued reports on the company. Zacks Investment Research cut Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Thursday, July 14th. Robert W. Baird cut Automatic Data Processing from an “outperform” rating to a “neutral” rating and set a $94.00 price objective on the stock. in a report on Friday, July 29th. Citigroup Inc. reiterated a “neutral” rating and issued a $90.00 price objective (up from $89.00) on shares of Automatic Data Processing in a report on Friday, July 29th. Jefferies Group lifted their price objective on Automatic Data Processing from $75.00 to $81.00 and gave the stock an “underperform” rating in a report on Monday, August 1st. Finally, Sanford C. Bernstein upgraded Automatic Data Processing from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $97.00 to $110.00 in a report on Monday, July 11th. One 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 presently has a consensus rating of “Hold” and a consensus price target of $95.14.
In other news, insider Jan Siegmund sold 6,592 shares of the company’s stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $89.20, for a total value of $588,006.40. Following the completion of the sale, the insider now directly owns 52,193 shares of the company’s stock, valued at $4,655,615.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Deborah L. Dyson sold 898 shares of the stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $88.06, for a total transaction of $79,077.88. Following the transaction, the vice president now directly owns 11,891 shares of the company’s stock, valued at $1,047,121.46. 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.