Renaissance Investment Group LLC Trims Position in Automatic Data Processing (ADP)

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Renaissance Investment Group LLC lessened its position in shares of Automatic Data Processing (NASDAQ:ADP) by 9.9% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 13,987 shares of the business services provider’s stock after selling 1,543 shares during the quarter. Renaissance Investment Group LLC’s holdings in Automatic Data Processing were worth $2,108,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. Atlantic Trust LLC purchased a new stake in shares of Automatic Data Processing during the second quarter worth about $104,000. Integrated Investment Consultants LLC purchased a new stake in shares of Automatic Data Processing during the second quarter worth about $111,000. Jolley Asset Management LLC purchased a new stake in shares of Automatic Data Processing during the second quarter worth about $117,000. Fort L.P. purchased a new stake in shares of Automatic Data Processing during the second quarter worth about $119,000. Finally, Kaizen Advisory LLC grew its position in shares of Automatic Data Processing by 149.7% during the second quarter. Kaizen Advisory LLC now owns 1,081 shares of the business services provider’s stock worth $145,000 after purchasing an additional 648 shares in the last quarter. Institutional investors own 77.89% of the company’s stock.

Several analysts recently issued reports on ADP shares. BidaskClub cut Automatic Data Processing from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 1st. Argus increased their target price on Automatic Data Processing from $145.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, August 13th. Guggenheim started coverage on Automatic Data Processing in a research report on Monday, August 20th. They set a “buy” rating and a $175.00 target price for the company. Moffett Nathanson started coverage on Automatic Data Processing in a research report on Thursday, October 4th. They set a “buy” rating and a $180.00 target price for the company. Finally, Jefferies Financial Group started coverage on Automatic Data Processing in a research report on Monday, October 1st. They set a “hold” rating and a $160.00 target price for the company. Nine research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Automatic Data Processing presently has an average rating of “Buy” and an average price target of $144.47.

In related news, insider Michael A. Bonarti sold 2,334 shares of the stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $144.77, for a total transaction of $337,893.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael C. Eberhard sold 9,100 shares of the stock in a transaction that occurred on Friday, September 21st. The shares were sold at an average price of $150.00, for a total value of $1,365,000.00. Following the transaction, the vice president now directly owns 48,468 shares of the company’s stock, valued at $7,270,200. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,919 shares of company stock valued at $2,351,933. 0.33% of the stock is owned by corporate insiders.

Automatic Data Processing stock traded up $0.08 during midday trading on Tuesday, reaching $135.39. 1,129,334 shares of the stock traded hands, compared to its average volume of 1,843,368. Automatic Data Processing has a 12 month low of $107.61 and a 12 month high of $153.51. The firm has a market cap of $59.64 billion, a PE ratio of 31.12, a PEG ratio of 2.15 and a beta of 0.92. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.58.

The company also recently declared a quarterly dividend, which was paid on Monday, October 1st. Investors of record on Friday, September 14th were paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date of this dividend was Thursday, September 13th. Automatic Data Processing’s payout ratio is presently 63.45%.

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.

Further Reading: NASDAQ

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

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