Distillate Capital Partners LLC Purchases New Shares in Automatic Data Processing, Inc. (NASDAQ:ADP)

Distillate Capital Partners LLC acquired a new position in Automatic Data Processing, Inc. (NASDAQ:ADP) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 84,959 shares of the business services provider’s stock, valued at approximately $20,279,000. Automatic Data Processing makes up approximately 1.1% of Distillate Capital Partners LLC’s investment portfolio, making the stock its 23rd biggest holding.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. BlueSpruce Investments LP bought a new stake in Automatic Data Processing during the first quarter worth about $365,757,000. Capital Research Global Investors boosted its position in shares of Automatic Data Processing by 22.5% in the 4th quarter. Capital Research Global Investors now owns 3,543,317 shares of the business services provider’s stock worth $825,487,000 after purchasing an additional 649,791 shares in the last quarter. Nordea Investment Management AB grew its stake in shares of 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 worth $678,601,000 after buying an additional 589,831 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its stake in Automatic Data Processing by 238.1% during 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 buying an additional 552,096 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Automatic Data Processing by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 39,596,142 shares of the business services provider’s stock worth $9,224,713,000 after acquiring an additional 412,434 shares in the last quarter. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Insider Buying and Selling

In other Automatic Data Processing news, Director Carlos A. Rodriguez sold 9,203 shares of Automatic Data Processing stock in a transaction on Friday, September 6th. The shares were sold at an average price of $269.45, for a total value of $2,479,748.35. Following the sale, the director now directly owns 36,741 shares in the company, valued at approximately $9,899,862.45. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, VP David Kwon sold 846 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $270.60, for a total transaction of $228,927.60. Following the completion of the transaction, the vice president now directly owns 10,410 shares in the company, valued at approximately $2,816,946. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Carlos A. Rodriguez sold 9,203 shares of the business’s stock in a transaction on Friday, September 6th. The stock was 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 approximately $9,899,862.45. The disclosure for this sale can be found here. In the last ninety days, insiders sold 58,817 shares of company stock valued at $15,999,208. 0.26% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Bank of America lifted their price target on Automatic Data Processing from $250.00 to $267.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. Barclays upped their target price on shares of Automatic Data Processing from $282.00 to $310.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. increased their price target on shares of Automatic Data Processing from $250.00 to $285.00 and gave the company an “underweight” rating in a report on Tuesday, August 20th. StockNews.com lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Thursday, September 19th. Finally, Stifel Nicolaus upped their price objective on Automatic Data Processing from $271.00 to $287.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Automatic Data Processing currently has a consensus rating of “Hold” and a consensus price target of $265.36.

Automatic Data Processing Stock Performance

Shares of ADP opened at $277.58 on Tuesday. The business has a fifty day moving average of $265.46 and a 200 day moving average of $251.85. The firm has a market capitalization of $113.61 billion, a P/E ratio of 30.98, a PEG ratio of 3.02 and a beta of 0.79. Automatic Data Processing, Inc. has a one year low of $205.53 and a one year high of $281.54. 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 (NASDAQ:ADP) last posted its quarterly earnings data on Wednesday, July 31st. The business services provider reported $2.09 EPS for the quarter, topping the consensus estimate of $2.06 by $0.03. The firm had revenue of $4.80 billion during the quarter, compared to analyst estimates 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 revenue was up 7.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.89 EPS. As a group, sell-side analysts anticipate that Automatic Data Processing, Inc. will post 10.04 EPS for the current year.

Automatic Data Processing Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a dividend of $1.40 per share. The ex-dividend date is Friday, September 13th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.02%. Automatic Data Processing’s payout ratio is currently 62.50%.

Automatic Data Processing 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.