Tuttle Tactical Management Makes New Investment in Automatic Data Processing (NASDAQ:ADP)

Tuttle Tactical Management bought a new position in Automatic Data Processing (NASDAQ:ADP) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 22,243 shares of the business services provider’s stock, valued at approximately $3,553,000.

A number of other large investors have also recently added to or reduced their stakes in ADP. Oregon Public Employees Retirement Fund increased its position in Automatic Data Processing by 18,918.6% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 23,462,482 shares of the business services provider’s stock worth $179,000 after buying an additional 23,339,116 shares during the last quarter. Lunia Capital LP grew its position in shares of Automatic Data Processing by 14,251.9% in the fourth quarter. Lunia Capital LP now owns 18,367,683 shares of the business services provider’s stock valued at $18,368,000 after purchasing an additional 18,239,702 shares in the last quarter. Norges Bank purchased a new position in shares of Automatic Data Processing in the fourth quarter valued at $522,489,000. Ronna Sue Cohen grew its position in shares of Automatic Data Processing by 15,564.1% in the first quarter. Ronna Sue Cohen now owns 3,468,349 shares of the business services provider’s stock valued at $3,468,000 after purchasing an additional 3,446,207 shares in the last quarter. Finally, BlackRock Inc. grew its position in shares of Automatic Data Processing by 5.4% in the fourth quarter. BlackRock Inc. now owns 30,996,337 shares of the business services provider’s stock valued at $4,064,239,000 after purchasing an additional 1,587,214 shares in the last quarter. 79.71% of the stock is owned by institutional investors and hedge funds.

NASDAQ:ADP traded up $1.32 during trading hours on Friday, hitting $165.33. 1,124,238 shares of the company’s stock traded hands, compared to its average volume of 1,850,116. The company has a market cap of $71.96 billion, a price-to-earnings ratio of 38.01, a P/E/G ratio of 2.30 and a beta of 0.92. Automatic Data Processing has a 52 week low of $121.40 and a 52 week high of $170.45. The company has a fifty day moving average of $163.40. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.38.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings data on Wednesday, May 1st. The business services provider reported $1.77 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.69 by $0.08. Automatic Data Processing had a return on equity of 50.53% and a net margin of 13.76%. The company had revenue of $3.85 billion during the quarter, compared to analyst estimates of $3.91 billion. During the same quarter last year, the company earned $1.57 earnings per share. The firm’s quarterly revenue was up 4.2% on a year-over-year basis. As a group, equities research analysts anticipate that Automatic Data Processing will post 5.44 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 1.91%. The ex-dividend date is Thursday, June 13th. Automatic Data Processing’s dividend payout ratio (DPR) is currently 72.64%.

In other Automatic Data Processing news, VP Donald Weinstein sold 1,706 shares of Automatic Data Processing stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $165.01, for a total transaction of $281,507.06. Following the completion of the sale, the vice president now owns 26,220 shares of the company’s stock, valued at $4,326,562.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jan Siegmund sold 27,272 shares of Automatic Data Processing stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $165.00, for a total value of $4,499,880.00. Following the sale, the insider now directly owns 77,595 shares of the company’s stock, valued at approximately $12,803,175. The disclosure for this sale can be found here. Insiders own 0.33% of the company’s stock.

Several equities analysts have recently weighed in on ADP shares. Sanford C. Bernstein cut Automatic Data Processing from an “outperform” rating to a “market perform” rating in a research report on Tuesday, April 30th. Barclays lifted their price target on Automatic Data Processing from $168.00 to $180.00 and gave the company an “overweight” rating in a research report on Monday, May 6th. Citigroup lifted their price target on Automatic Data Processing from $147.00 to $162.00 and gave the company a “neutral” rating in a research report on Thursday, May 2nd. Zacks Investment Research upgraded Automatic Data Processing from a “hold” rating to a “buy” rating and set a $178.00 price target for the company in a research report on Thursday, May 9th. Finally, BidaskClub cut Automatic Data Processing from a “strong-buy” rating to a “buy” rating in a research report on Friday, April 5th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Automatic Data Processing presently has an average rating of “Buy” and a consensus price target of $167.00.

Automatic Data Processing Company Profile

Automatic Data Processing, Inc provides business process outsourcing services worldwide. It operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) outsourcing and technology-based human capital management solutions.

Read More: What does an outperform rating mean?

Institutional Ownership by Quarter for Automatic Data Processing (NASDAQ:ADP)

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