Proshare Advisors buys $56,559,820 stake in Automatic Data Processing (ADP)

Automatic Data Processing (ADP) : Proshare Advisors scooped up 118,665 additional shares in Automatic Data Processing during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 12, 2016. The investment management firm now holds a total of 627,536 shares of Automatic Data Processing which is valued at $56,559,820.Automatic Data Processing makes up approximately 0.69% of Proshare Advisors’s portfolio.

Other Hedge Funds, Including , State Of Tennessee Treasury Department boosted its stake in ADP in the latest quarter, The investment management firm added 131,355 additional shares and now holds a total of 201,647 shares of Automatic Data Processing which is valued at $18,174,444. Automatic Data Processing makes up approx 0.09% of State Of Tennessee Treasury Department’s portfolio.Assetmark Inc boosted its stake in ADP in the latest quarter, The investment management firm added 18,838 additional shares and now holds a total of 264,513 shares of Automatic Data Processing which is valued at $23,911,975. Automatic Data Processing makes up approx 0.39% of Assetmark Inc’s portfolio.Ancora Inverness reduced its stake in ADP by selling 200 shares or 2.24% in the most recent quarter. The Hedge Fund company now holds 8,747 shares of ADP which is valued at $771,398. Automatic Data Processing makes up approx 0.28% of Ancora Inverness’s portfolio.Carroll Financial Associates reduced its stake in ADP by selling 400 shares or 1.71% in the most recent quarter. The Hedge Fund company now holds 23,041 shares of ADP which is valued at $2,197,881. Automatic Data Processing makes up approx 0.36% of Carroll Financial Associates’s portfolio.

Automatic Data Processing closed down -0.2 points or -0.22% at $89.59 with 11,08,761 shares getting traded on Monday. Post opening the session at $89.84, the shares hit an intraday low of $89.49 and an intraday high of $90.3 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, Automatic Data Processing reported $0.69 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $0.67. The company had revenue of $2898.20 million for the quarter, compared to analysts expectations of $2934.72 million. The company’s revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.55 EPS.

Investors should note that on Aug 2, 2016, Automatic Data Processing announced a cash dividend of $0.5300. The company’s management has announced Sep 7, 2016 as the ex-dividend date and fixed the record date on Sep 9, 2016. The payable date has been fixed on Oct 1, 2016.

Many Wall Street Analysts have commented on Automatic Data Processing. Robert W. Baird Downgraded Automatic Data Processing on Jul 29, 2016 to ” Neutral”, Price Target of the shares are set at $94.Company shares were Upgraded by Bernstein on Jul 11, 2016 to ” Outperform”, Firm has raised the Price Target to $ 110 from a previous price target of $97 .

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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