Mengis Capital Management Inc. Has $2.75 Million Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Mengis Capital Management Inc. reduced its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 20.1% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,918 shares of the business services provider’s stock after selling 2,502 shares during the period. Mengis Capital Management Inc.’s holdings in Automatic Data Processing were worth $2,745,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Automatic Data Processing by 0.4% in the first quarter. Vanguard Group Inc. now owns 39,769,440 shares of the business services provider’s stock worth $9,932,020,000 after acquiring an additional 173,298 shares in the last quarter. Ameriprise Financial Inc. lifted its position in Automatic Data Processing by 12.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 4,065,308 shares of the business services provider’s stock valued at $964,989,000 after acquiring an additional 435,093 shares in the last quarter. Capital Research Global Investors boosted its stake in Automatic Data Processing by 2.3% in the 1st quarter. Capital Research Global Investors now owns 3,625,186 shares of the business services provider’s stock worth $905,354,000 after purchasing an additional 81,869 shares during the period. Legal & General Group Plc increased its holdings in Automatic Data Processing by 4.1% during the 2nd quarter. Legal & General Group Plc now owns 3,548,165 shares of the business services provider’s stock worth $846,912,000 after purchasing an additional 139,561 shares in the last quarter. Finally, Ninety One UK Ltd raised its stake in shares of Automatic Data Processing by 0.4% in the 2nd quarter. Ninety One UK Ltd now owns 2,556,377 shares of the business services provider’s stock valued at $610,182,000 after purchasing an additional 9,464 shares during the period. Institutional investors own 80.03% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on ADP shares. TD Cowen increased their price objective on Automatic Data Processing from $276.00 to $285.00 and gave the stock a “hold” rating in a report on Friday, November 1st. Citigroup raised their price target on shares of Automatic Data Processing from $260.00 to $295.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 25th. JPMorgan Chase & Co. boosted their price objective on shares of Automatic Data Processing from $250.00 to $285.00 and gave the stock an “underweight” rating in a research report on Tuesday, August 20th. UBS Group increased their price target on Automatic Data Processing from $270.00 to $295.00 and gave the company a “neutral” rating in a research report on Tuesday, October 22nd. Finally, Barclays lifted their price objective on shares of Automatic Data Processing from $310.00 to $325.00 and gave the company an “overweight” rating in a research report on Monday, November 4th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, Automatic Data Processing presently has an average rating of “Hold” and an average target price of $289.91.

Automatic Data Processing Stock Up 0.4 %

ADP opened at $307.91 on Wednesday. The stock has a fifty day moving average of $285.39 and a 200-day moving average of $262.92. The company has a market capitalization of $125.46 billion, a P/E ratio of 32.86, a P/E/G ratio of 3.57 and a beta of 0.79. Automatic Data Processing, Inc. has a fifty-two week low of $226.09 and a fifty-two week high of $309.21. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.01 and a current ratio of 1.01.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, October 30th. The business services provider reported $2.33 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.12. Automatic Data Processing had a net margin of 19.72% and a return on equity of 82.36%. The business had revenue of $4.83 billion during the quarter, compared to analysts’ expectations of $4.77 billion. During the same quarter in the previous year, the company earned $2.08 EPS. The business’s revenue was up 7.1% on a year-over-year basis. On average, equities analysts expect that Automatic Data Processing, Inc. will post 9.94 EPS for the current year.

Automatic Data Processing Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be issued a $1.54 dividend. The ex-dividend date is Friday, December 13th. This is a boost from Automatic Data Processing’s previous quarterly dividend of $1.40. This represents a $6.16 annualized dividend and a yield of 2.00%. Automatic Data Processing’s payout ratio is currently 59.77%.

Insider Buying and Selling

In other Automatic Data Processing news, VP Sreenivasa Kutam sold 38,975 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $300.00, for a total value of $11,692,500.00. Following the sale, the vice president now owns 32,604 shares of the company’s stock, valued at approximately $9,781,200. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Maria Black sold 19,147 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $274.38, for a total value of $5,253,553.86. Following the completion of the transaction, the chief executive officer now owns 92,807 shares of the company’s stock, valued at $25,464,384.66. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Sreenivasa Kutam sold 38,975 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $300.00, for a total transaction of $11,692,500.00. Following the transaction, the vice president now directly owns 32,604 shares of the company’s stock, valued at $9,781,200. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 97,792 shares of company stock valued at $27,691,708 over the last quarter. 0.21% of the stock is owned by company insiders.

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.