Cigna Investments Inc. New Sells 2,156 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Cigna Investments Inc. New lessened its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 13.9% during the second quarter, HoldingsChannel.com reports. The fund owned 13,318 shares of the business services provider’s stock after selling 2,156 shares during the period. Cigna Investments Inc. New’s holdings in Automatic Data Processing were worth $2,646,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its stake in shares of Automatic Data Processing by 50.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,649,392 shares of the business services provider’s stock valued at $499,331,000 after purchasing an additional 891,869 shares in the last quarter. BlueSpruce Investments LP boosted its stake in shares of Automatic Data Processing by 70.7% during the first quarter. BlueSpruce Investments LP now owns 1,608,644 shares of the business services provider’s stock valued at $303,181,000 after purchasing an additional 666,403 shares in the last quarter. Morgan Stanley boosted its stake in shares of Automatic Data Processing by 4.3% during the first quarter. Morgan Stanley now owns 14,243,758 shares of the business services provider’s stock valued at $2,684,521,000 after purchasing an additional 584,565 shares in the last quarter. Prudential Financial Inc. boosted its stake in shares of Automatic Data Processing by 81.3% during the first quarter. Prudential Financial Inc. now owns 1,275,902 shares of the business services provider’s stock valued at $240,469,000 after purchasing an additional 572,005 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in shares of Automatic Data Processing by 19.4% during the first quarter. Ameriprise Financial Inc. now owns 3,074,158 shares of the business services provider’s stock valued at $579,991,000 after purchasing an additional 498,893 shares in the last quarter. Hedge funds and other institutional investors own 78.39% of the company’s stock.

In other news, VP Deborah L. Dyson sold 2,428 shares of the stock in a transaction dated Friday, July 9th. The stock was sold at an average price of $202.00, for a total transaction of $490,456.00. Following the transaction, the vice president now directly owns 26,614 shares in the company, valued at approximately $5,376,028. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Alexander Quevedo sold 950 shares of the stock in a transaction dated Thursday, July 29th. The shares were sold at an average price of $209.25, for a total value of $198,787.50. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

Shares of NASDAQ ADP opened at $198.40 on Friday. Automatic Data Processing, Inc. has a one year low of $127.31 and a one year high of $217.15. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.07 and a quick ratio of 1.07. The business’s fifty day moving average price is $207.75 and its 200-day moving average price is $197.55. The stock has a market capitalization of $83.94 billion, a PE ratio of 32.69, a P/E/G ratio of 2.52 and a beta of 0.73.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Tuesday, July 27th. The business services provider reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.06. The business had revenue of $3.74 billion for the quarter, compared to analysts’ expectations of $3.67 billion. Automatic Data Processing had a return on equity of 44.73% and a net margin of 17.32%. During the same quarter in the prior year, the firm posted $1.14 EPS. As a group, equities analysts expect that Automatic Data Processing, Inc. will post 6.64 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 1st. Shareholders of record on Friday, September 10th will be paid a $0.93 dividend. The ex-dividend date of this dividend is Thursday, September 9th. This represents a $3.72 dividend on an annualized basis and a yield of 1.88%. Automatic Data Processing’s dividend payout ratio is currently 61.79%.

A number of brokerages have recently commented on ADP. Deutsche Bank Aktiengesellschaft lifted their price target on Automatic Data Processing from $192.00 to $210.00 and gave the company a “hold” rating in a research note on Thursday, July 29th. Credit Suisse Group lowered Automatic Data Processing from an “outperform” rating to a “neutral” rating and set a $215.00 price objective on the stock. in a research note on Monday, August 16th. They noted that the move was a valuation call. Morgan Stanley lifted their price objective on Automatic Data Processing from $185.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 29th. JPMorgan Chase & Co. lowered Automatic Data Processing from a “neutral” rating to an “underweight” rating and set a $224.00 price objective on the stock. in a research note on Tuesday, August 17th. They noted that the move was a valuation call. Finally, Barclays lifted their price objective on Automatic Data Processing from $212.00 to $227.00 and gave the stock an “overweight” rating in a research note on Monday, August 2nd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Automatic Data Processing currently has an average rating of “Hold” and a consensus target price of $196.79.

Automatic Data Processing Profile

Automatic Data Processing, Inc engages in the provision of business outsourcing solutions specializes in cloud-based human capital management. It operates through the following business segments: Employer Services; and Professional Employer Organization Services; and Other. The Employer Services segment provides clients ranging from single-employee small businesses to large enterprises with tens of thousands of employees around the world, offering a range of human resources outsourcing and technology-based human capital management solutions, including strategic, cloud-based platforms.

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

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