Cigna Investments Inc. New Lowers Stock Holdings in Automatic Data Processing (NASDAQ:ADP)

Cigna Investments Inc. New decreased its holdings in Automatic Data Processing (NASDAQ:ADP) by 2.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,572 shares of the business services provider’s stock after selling 330 shares during the quarter. Cigna Investments Inc. New’s holdings in Automatic Data Processing were worth $2,007,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the company. Envestnet Asset Management Inc. increased its stake in Automatic Data Processing by 6.9% during the 1st quarter. Envestnet Asset Management Inc. now owns 563,079 shares of the business services provider’s stock worth $89,946,000 after buying an additional 36,474 shares in the last quarter. Pittenger & Anderson Inc. increased its stake in Automatic Data Processing by 1.9% during the 1st quarter. Pittenger & Anderson Inc. now owns 34,675 shares of the business services provider’s stock worth $5,539,000 after buying an additional 655 shares in the last quarter. Twin Tree Management LP increased its stake in Automatic Data Processing by 168.0% during the 1st quarter. Twin Tree Management LP now owns 45,106 shares of the business services provider’s stock worth $7,205,000 after buying an additional 28,274 shares in the last quarter. Cibc Bank USA increased its stake in Automatic Data Processing by 2.1% during the 1st quarter. Cibc Bank USA now owns 5,798 shares of the business services provider’s stock worth $926,000 after buying an additional 119 shares in the last quarter. Finally, Nations Financial Group Inc. IA ADV increased its stake in Automatic Data Processing by 3.0% during the 1st quarter. Nations Financial Group Inc. IA ADV now owns 2,719 shares of the business services provider’s stock worth $434,000 after buying an additional 78 shares in the last quarter. 79.71% of the stock is owned by hedge funds and other institutional investors.

A number of equities research analysts have recently issued reports on ADP shares. Sanford C. Bernstein lowered Automatic Data Processing from an “outperform” rating to a “market perform” rating in a research report on Tuesday, April 30th. Barclays upped 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 upped 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 lowered 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 stock. Automatic Data Processing has an average rating of “Buy” and an average target price of $167.00.

In related news, insider Jan Siegmund sold 27,272 shares of the stock in a transaction on 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 transaction, the insider now owns 77,595 shares of the company’s stock, valued at $12,803,175. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Donald Weinstein sold 1,706 shares of the stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $165.01, for a total value of $281,507.06. Following the completion of the transaction, the vice president now directly owns 26,220 shares in the company, valued at approximately $4,326,562.20. The disclosure for this sale can be found here. 0.33% of the stock is currently owned by corporate insiders.

ADP traded up $1.32 during trading hours on Friday, reaching $165.33. The company’s stock had a trading volume of 1,946,937 shares, compared to its average volume of 1,435,898. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.38. The business has a 50-day moving average of $163.40. Automatic Data Processing has a fifty-two week low of $121.40 and a fifty-two week high of $170.45. The stock has a market cap of $71.38 billion, a PE ratio of 38.01, a PEG ratio of 2.32 and a beta of 0.92.

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 for the quarter, topping analysts’ consensus estimates 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 business had revenue of $3.85 billion for the quarter, compared to analyst estimates of $3.91 billion. During the same quarter in the prior year, the company earned $1.57 earnings per share. The company’s revenue was up 4.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Automatic Data Processing will post 5.44 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date of this dividend is Thursday, June 13th. Automatic Data Processing’s dividend payout ratio is currently 72.64%.

Automatic Data Processing 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.

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

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