Highland Capital Management LLC Sells 244 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Highland Capital Management LLC lessened its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADPGet Rating) by 1.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,647 shares of the business services provider’s stock after selling 244 shares during the quarter. Highland Capital Management LLC’s holdings in Automatic Data Processing were worth $3,917,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Crewe Advisors LLC purchased a new stake in Automatic Data Processing during the 1st quarter worth approximately $28,000. Delos Wealth Advisors LLC boosted its holdings in shares of Automatic Data Processing by 588.9% in the 4th quarter. Delos Wealth Advisors LLC now owns 124 shares of the business services provider’s stock valued at $31,000 after acquiring an additional 106 shares during the last quarter. Landmark Wealth Management LLC purchased a new stake in shares of Automatic Data Processing in the 1st quarter valued at $31,000. Core Alternative Capital boosted its holdings in shares of Automatic Data Processing by 761.1% in the 1st quarter. Core Alternative Capital now owns 155 shares of the business services provider’s stock valued at $35,000 after acquiring an additional 137 shares during the last quarter. Finally, Exane Derivatives boosted its holdings in shares of Automatic Data Processing by 4,750.0% in the 1st quarter. Exane Derivatives now owns 194 shares of the business services provider’s stock valued at $44,000 after acquiring an additional 190 shares during the last quarter. Institutional investors own 79.06% of the company’s stock.

Automatic Data Processing Stock Performance

NASDAQ:ADP opened at $230.47 on Friday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.99 and a current ratio of 0.99. The company has a fifty day moving average of $240.78 and a two-hundred day moving average of $225.72. The stock has a market capitalization of $95.76 billion, a PE ratio of 32.88, a P/E/G ratio of 2.42 and a beta of 0.82. Automatic Data Processing, Inc. has a fifty-two week low of $192.26 and a fifty-two week high of $261.59.

Automatic Data Processing (NASDAQ:ADPGet Rating) last posted its quarterly earnings data on Wednesday, July 27th. The business services provider reported $1.50 earnings per share for the quarter, topping analysts’ consensus estimates of $1.48 by $0.02. The company had revenue of $4.13 billion during the quarter, compared to analysts’ expectations of $4.05 billion. Automatic Data Processing had a net margin of 17.87% and a return on equity of 66.25%. The firm’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.20 earnings per share. As a group, research analysts forecast that Automatic Data Processing, Inc. will post 8.05 earnings per share for the current fiscal year.

Automatic Data Processing Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Saturday, October 1st. Stockholders of record on Friday, September 9th will be given a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date is Thursday, September 8th. Automatic Data Processing’s dividend payout ratio (DPR) is 59.34%.

Insider Activity

In other news, VP Augusto J. Blanchard sold 567 shares of the stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $210.64, for a total value of $119,432.88. Following the completion of the sale, the vice president now directly owns 4,238 shares in the company, valued at $892,692.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, VP Augusto J. Blanchard sold 567 shares of the stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $210.64, for a total value of $119,432.88. Following the completion of the sale, the vice president now directly owns 4,238 shares in the company, valued at $892,692.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Carlos A. Rodriguez sold 37,594 shares of the stock in a transaction dated Tuesday, September 13th. The shares were sold at an average price of $237.95, for a total transaction of $8,945,492.30. Following the completion of the sale, the chief executive officer now owns 44,426 shares of the company’s stock, valued at $10,571,166.70. The disclosure for this sale can be found here. Insiders sold 107,349 shares of company stock worth $25,576,129 over the last three months. Insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on ADP shares. Wolfe Research dropped their price objective on shares of Automatic Data Processing from $235.00 to $210.00 in a report on Wednesday, July 20th. Mizuho upped their price objective on shares of Automatic Data Processing from $250.00 to $257.00 and gave the company a “buy” rating in a report on Monday, August 1st. Cowen upped their price objective on shares of Automatic Data Processing from $230.00 to $236.00 in a report on Tuesday. Barclays increased their price target on shares of Automatic Data Processing to $280.00 in a report on Tuesday, August 9th. Finally, Cowen increased their price target on shares of Automatic Data Processing from $230.00 to $236.00 in a report on Tuesday. Nine equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $236.85.

About Automatic Data Processing

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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.

Further Reading

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

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