Bank of Montreal Can Reduces Stock Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Bank of Montreal Can cut its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 2.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,064,631 shares of the business services provider’s stock after selling 23,650 shares during the quarter. Bank of Montreal Can owned about 0.26% of Automatic Data Processing worth $268,340,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Evergreen Capital Management LLC lifted its stake in shares of Automatic Data Processing by 2.8% during the second quarter. Evergreen Capital Management LLC now owns 6,683 shares of the business services provider’s stock worth $1,604,000 after buying an additional 183 shares during the period. Magnetar Financial LLC purchased a new stake in Automatic Data Processing during the 2nd quarter valued at about $203,000. Public Sector Pension Investment Board increased its holdings in shares of Automatic Data Processing by 71.0% in the second quarter. Public Sector Pension Investment Board now owns 15,514 shares of the business services provider’s stock valued at $3,703,000 after purchasing an additional 6,439 shares during the period. EverSource Wealth Advisors LLC raised its stake in shares of Automatic Data Processing by 12.1% in the second quarter. EverSource Wealth Advisors LLC now owns 1,966 shares of the business services provider’s stock worth $516,000 after purchasing an additional 212 shares during the last quarter. Finally, Fidelis Capital Partners LLC lifted its holdings in shares of Automatic Data Processing by 2.5% during the second quarter. Fidelis Capital Partners LLC now owns 7,510 shares of the business services provider’s stock worth $1,944,000 after purchasing an additional 185 shares during the period. Institutional investors and hedge funds own 80.03% of the company’s stock.

Insider Buying and Selling at Automatic Data Processing

In related news, VP David Kwon sold 846 shares of the company’s stock in a transaction 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 completion of the sale, the vice president now directly owns 10,410 shares of the company’s stock, valued at approximately $2,816,946. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, VP David Kwon sold 846 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $270.60, for a total value of $228,927.60. Following the completion of the transaction, the vice president now owns 10,410 shares of the company’s stock, valued at $2,816,946. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael A. Bonarti sold 26,442 shares of Automatic Data Processing 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 $23,959,908.96. The disclosure for this sale can be found here. Insiders have sold a total of 58,817 shares of company stock worth $15,999,208 in the last quarter. 0.26% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ADP shares. Stifel Nicolaus boosted their price target on Automatic Data Processing from $271.00 to $287.00 and gave the company a “hold” rating in a report on Thursday, August 1st. Royal Bank of Canada reissued a “sector perform” rating and issued a $267.00 price objective on shares of Automatic Data Processing in a report on Thursday, August 1st. JPMorgan Chase & Co. boosted their target price on shares of Automatic Data Processing from $250.00 to $285.00 and gave the stock an “underweight” rating in a research note on Tuesday, August 20th. Bank of America increased their target price on shares of Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. Finally, StockNews.com lowered Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Thursday. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Automatic Data Processing currently has an average rating of “Hold” and an average target price of $265.36.

Automatic Data Processing Stock Performance

NASDAQ:ADP opened at $276.41 on Monday. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a market cap of $113.13 billion, a price-to-earnings ratio of 30.85, a price-to-earnings-growth ratio of 3.02 and a beta of 0.79. The firm’s fifty day moving average price is $264.76 and its 200 day moving average price is $251.61. Automatic Data Processing, Inc. has a 1-year low of $205.53 and a 1-year high of $281.54.

Automatic Data Processing (NASDAQ:ADP) last posted its earnings results on Wednesday, July 31st. The business services provider reported $2.09 EPS for the quarter, topping analysts’ consensus estimates of $2.06 by $0.03. The company had revenue of $4.80 billion for 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 period in the previous year, the business earned $1.89 earnings per share. On average, sell-side analysts expect that Automatic Data Processing, Inc. will post 10.04 EPS for the current year.

Automatic Data Processing Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a $1.40 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $5.60 annualized dividend and a dividend yield of 2.03%. Automatic Data Processing’s dividend payout ratio is presently 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.