Envestnet Asset Management Inc Lowers stake in Automatic Data Processing (ADP)

Automatic Data Processing (ADP) : Envestnet Asset Management Inc reduced its stake in Automatic Data Processing by 7.91% during the most recent quarter end. The investment management company now holds a total of 341,488 shares of Automatic Data Processing which is valued at $31,379,332 after selling 29,348 shares in Automatic Data Processing , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.Automatic Data Processing makes up approximately 0.12% of Envestnet Asset Management Inc’s portfolio.

Other Hedge Funds, Including , Prudential Plc boosted its stake in ADP in the latest quarter, The investment management firm added 224 additional shares and now holds a total of 6,898 shares of Automatic Data Processing which is valued at $633,857.Nomura Asset Management Co Ltd reduced its stake in ADP by selling 851 shares or 0.64% in the most recent quarter. The Hedge Fund company now holds 133,009 shares of ADP which is valued at $12,155,693. Automatic Data Processing makes up approx 0.22% of Nomura Asset Management Co Ltd’s portfolio.Hallmark Capital Management Inc boosted its stake in ADP in the latest quarter, The investment management firm added 1,369 additional shares and now holds a total of 15,103 shares of Automatic Data Processing which is valued at $1,372,863. Automatic Data Processing makes up approx 0.21% of Hallmark Capital Management Inc’s portfolio.

Automatic Data Processing opened for trading at $94.31 and hit $94.6 on the upside on Monday, eventually ending the session at $94.39, with a gain of 0.01% or 0.01 points. The heightened volatility saw the trading volume jump to 16,36,557 shares. Company has a market cap of $42,586 M.

On the company’s financial health, Automatic Data Processing reported $0.86 EPS for the quarter, beating the analyst consensus estimate by $ 0.10 according to the earnings call on Nov 2, 2016. Analyst had a consensus of $0.76. The company had revenue of $2916.90 million for the quarter, compared to analysts expectations of $2915.70 million. The company’s revenue was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.68 EPS.

Investors should note that on Nov 8, 2016, Automatic Data Processing announced a cash dividend of $0.5700. The company’s management has announced Dec 7, 2016 as the ex-dividend date and fixed the record date on Dec 9, 2016. The payable date has been fixed on Jan 1, 2017.

Many Wall Street Analysts have commented on Automatic Data Processing. Wedbush Initiated Automatic Data Processing on Sep 9, 2016 to “Neutral”, Price Target of the shares are set at $11.

Automatic Data Processing Inc. (ADP) is a provider of human capital management (HCM) solutions and business process outsourcing. The Company operates through two segments: Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers a range of business outsourcing and technology-enabled HCM solutions. These offerings include payroll services benefits administration recruiting and talent management human resources management insurance services retirement services and payment and compliance solutions. The Company’s PEO business ADP TotalSource offers small and mid-sized businesses human resources (HR) outsourcing solution through a co-employment model. ADP TotalSource includes HR management and employee benefits functions including HR administration employee benefits and employer liability management into a single-source solution including HR administration employee benefits and employer liability management.

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