Cornerstone Advisors LLC Has $3.49 Million Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Cornerstone Advisors LLC trimmed its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 3.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,600 shares of the business services provider’s stock after selling 600 shares during the quarter. Cornerstone Advisors LLC’s holdings in Automatic Data Processing were worth $3,485,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. increased its position in Automatic Data Processing by 0.4% during the first quarter. Vanguard Group Inc. now owns 39,769,440 shares of the business services provider’s stock worth $9,932,020,000 after acquiring an additional 173,298 shares during the period. Wellington Management Group LLP increased its holdings in Automatic Data Processing by 4.8% in the 4th quarter. Wellington Management Group LLP now owns 5,492,425 shares of the business services provider’s stock valued at $1,279,570,000 after buying an additional 249,566 shares during the period. Capital Research Global Investors increased its holdings in Automatic Data Processing by 2.3% in the 1st quarter. Capital Research Global Investors now owns 3,625,186 shares of the business services provider’s stock valued at $905,354,000 after buying an additional 81,869 shares during the period. Nordea Investment Management AB increased its holdings in Automatic Data Processing by 27.7% in the 1st quarter. Nordea Investment Management AB now owns 2,715,382 shares of the business services provider’s stock valued at $678,601,000 after buying an additional 589,831 shares during the period. Finally, Ninety One UK Ltd increased its holdings in Automatic Data Processing by 0.4% in the 2nd quarter. Ninety One UK Ltd now owns 2,556,377 shares of the business services provider’s stock valued at $610,182,000 after buying an additional 9,464 shares during the period. Institutional investors own 80.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Jefferies Financial Group upped their target price on shares of Automatic Data Processing from $250.00 to $260.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Stifel Nicolaus upped their target price on shares of Automatic Data Processing from $271.00 to $287.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. StockNews.com raised shares of Automatic Data Processing from a “hold” rating to a “buy” rating in a report on Monday, September 9th. JPMorgan Chase & Co. upped their target price on shares of Automatic Data Processing from $250.00 to $285.00 and gave the stock an “underweight” rating in a report on Tuesday, August 20th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $267.00 price target on shares of Automatic Data Processing in a research report on Thursday, August 1st. Two analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $265.36.

Insiders Place Their Bets

In other Automatic Data Processing news, VP David Kwon sold 846 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $270.60, for a total transaction of $228,927.60. Following the sale, the vice president now directly owns 10,410 shares in the company, valued at approximately $2,816,946. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other 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 sale, the vice president now directly owns 10,410 shares in the company, valued at $2,816,946. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 sale, the director now owns 36,741 shares in the company, valued at $9,899,862.45. The disclosure for this sale can be found here. In the last three months, insiders have sold 58,817 shares of company stock worth $15,999,208. Company insiders own 0.26% of the company’s stock.

Automatic Data Processing Stock Up 0.4 %

Shares of NASDAQ ADP opened at $278.60 on Tuesday. The firm’s 50-day moving average is $261.42 and its 200-day moving average is $250.73. Automatic Data Processing, Inc. has a 1 year low of $205.53 and a 1 year high of $279.78. The firm has a market capitalization of $113.61 billion, a PE ratio of 31.09, a price-to-earnings-growth ratio of 3.02 and a beta of 0.79. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.66.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings data on Wednesday, July 31st. The business services provider reported $2.09 earnings per share for the quarter, topping the consensus estimate of $2.06 by $0.03. Automatic Data Processing had a net margin of 19.54% and a return on equity of 89.20%. The business had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.74 billion. During the same quarter last year, the firm earned $1.89 EPS. Automatic Data Processing’s quarterly revenue was up 7.2% compared to the same quarter last year. Equities analysts expect that Automatic Data Processing, Inc. will post 10.04 EPS for the current 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 dividend of $1.40 per share. The ex-dividend date is Friday, September 13th. This represents a $5.60 annualized dividend and a yield of 2.01%. Automatic Data Processing’s dividend payout ratio (DPR) is currently 62.50%.

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.