|Bid||148.48 x 50000|
|Ask||149.38 x 50000|
|Day's Range||153.26 - 153.26|
|52 Week Range||109.51 - 153.26|
|Beta (3Y Monthly)||0.65|
|PE Ratio (TTM)||29.25|
|Forward Dividend & Yield||2.82 (1.85%)|
|1y Target Est||N/A|
(Bloomberg) -- Bill Ackman’s Pershing Square Capital Management has liquidated its positions in United Technologies Corp. and Automatic Data Processing Inc. as the firm builds up its cash reserves for new investments.Ackman has decided to sell his stake in industrial company United Technologies rather than fight its takeover of defense contractor Raytheon Co., according to people familiar with the matter, who asked to not be identified because the matter isn’t public. He had vowed to oppose that deal in June, saying it lacked strategic sense.Ackman has exited payroll processor ADP -- the last company where he waged a proxy fight -- because much of the low-hanging fruit has been plucked, he said in a letter Monday to co-investors in a special purpose vehicle set up to invest in the company. A copy of the letter was obtained by Bloomberg News.ADP’s shares rose as much as 2% Tuesday and were trading at $162.66 at 11:32 a.m. in New York. United Technologies’ shares were up 0.6% to $126.46.The billionaire investor will use the proceeds from the sales in the companies for other opportunities. He already has a new position. The hedge fund’s publicly traded affiliate Pershing Square Holdings Ltd. has made a new, undisclosed investment that amounted to 12% of its net asset value, the firm said in a statement Monday, confirming a Bloomberg News report. As of July 31, Pershing Square Holdings’ total assets under management amounted to $5.6 billion, according to its website, meaning its stake in the new investment would amount to at least $672 million. It did not detail how much of the new investment was held by its private funds, which could increase the value of the stake.Separately, the firm raised $400 million issuing debt last month.Representatives for United Technologies and ADP didn’t respond to requests for comment.Ackman disclosed an 8.3% stake in ADP in 2017 and sought to replace three board directors in a proxy contest at the company. ADP shareholders rejected his proposal.It was still a successful investment, returning about 50% for Pershing Square’s co-investors, according to Ackman’s letter. Pershing Square acquired its ADP stake for its co-investors i at an average cost of $114.76 a share and exited on July 31 when its share closed at roughly $167 a piece, according to the letter.Ackman took credit in the letter for at least part of those gains by shining a spotlight on the company’s growth potential and spurring on management to improve its operations.“Our activism bore significant fruit,” he said. “As a direct result of our activism, ADP made commitments to accelerate revenue growth, bolster its competitive position in the enterprise market, and improve efficiency and margins.”ADP was Ackman’s last high-profile proxy fight. After several setbacks in the previous years, including his losing bets on Valeant Pharmaceuticals International Ltd. and Herbalife Ltd., Ackman was forced to rethink his approach following a flurry of investor redemptions.Since then, Ackman has stepped back from the limelight and put a renewed focus on his investment strategy. Pershing Square’s investments have returned roughly 50% this year through July 31, according to its website.At the same time, his once-troubled investment in Chipotle Mexican Grill Inc. has turned around, with its shares hitting a record high last month under the stewardship of its new chief executive officer, Brian Niccol.(Updates shares in fourth paragraph; adds Pershing Square statement in sixth paragraph.)\--With assistance from Richard Clough.To contact the reporter on this story: Scott Deveau in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Liana Baker at email@example.com, Matthew MonksFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
William Ackman's Pershing Square Capital Management has sold its positions in Automatic Data Processing Inc and United Technologies Corp and built a new position in a company whose name has not been disclosed, a source familiar with the matter said on Monday. Ackman announced the exit from ADP in a letter sent to clients and seen by Reuters on Monday and had earlier told analysts about the decision to sell out of United Technologies, the source said. A spokesman for Pershing Square declined to comment on either sale or disclose the name of the company in which the firm is building a position.
Shares of human resource and payroll services giant Automatic Data Processing Inc. (ADP) are up nearly 25% this year following a string of impressive results in the last several quarters. Warning! GuruFocus has detected 2 Warning Sign with CHK. ADP supplies companies with human resource management software globally and has recently been adapting to new technologies to serve its customers better.
On a per-share basis, the Roseland, New Jersey-based company said it had profit of $1.73. Earnings, adjusted for one-time gains and costs, were $1.77 per share. The results surpassed Wall Street expectations. ...
Bill Ackman (Trades, Portfolio), manager of Pershing Square Capital Management, disclosed last week that his fund introduced two new positions and boosted four positions during the fourth quarter of 2018. Warning! GuruFocus has detected 5 Warning Sign with HLT. The fund manager said in his Feb. 13, 2019, investor presentation that Pershing Square returned -0.7% for 2018, outperforming the Standard & Poor's 500 index return of -4.4%.
President & CEO of Automatic Data Processing Inc (NASDAQ:ADP) Carlos A Rodriguez sold 36,364 shares of ADP on 02/14/2019 at an average price of $149.05 a share.
For the "Executive Decision" segment of his "Mad Money" program last Friday, Jim Cramer sat down with Carlos Rodriguez, president and CEO of Automatic Data Processing Inc. Rodriguez said despite seeing a lot of fear and uncertainty in December, ADP continues to see steady growth in both employment and wages. The economy still has a lot of momentum, he said, even with the recent government shutdown.
The Roseland, New Jersey-based company said it had net income of $1.27 per share. Earnings, adjusted for one-time gains and costs, came to $1.34 per share. The results surpassed Wall Street expectations. ...
This could indicate that investors who seek to profit from falling equity prices are not currently targeting ADP. ADP credit default swap spreads are within the middle of their range for the last three years. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way.
President & CEO of Automatic Data Processing Inc (NASDAQ:ADP) Carlos A Rodriguez sold 62,228 shares of ADP on 11/16/2018 at an average price of $145.59 a share.
President & CEO of Automatic Data Processing Inc (NASDAQ:ADP) Carlos A Rodriguez sold 101,620 shares of ADP on 11/08/2018 at an average price of $147.46 a share.
Dividends are one of the best benefits to being a shareholder, but finding a great dividend stock is no easy task. Does Automatic Data Processing (ADP) have what it takes? Let's find out.
ADP (ADP) delivered earnings and revenue surprises of 9.09% and 1.24%, respectively, for the quarter ended September 2018. Do the numbers hold clues to what lies ahead for the stock?
On a per-share basis, the Roseland, New Jersey-based company said it had net income of $1.15. Earnings, adjusted for non-recurring costs, were $1.20 per share. The results surpassed Wall Street expectations. ...