Davis R M Inc. trimmed its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report) by 5.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,240 shares of the business services provider’s stock after selling 2,438 shares during the quarter. Davis R M Inc.’s holdings in Automatic Data Processing were worth $8,844,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in ADP. Sei Investments Co. raised its position in shares of Automatic Data Processing by 19.3% in the first quarter. Sei Investments Co. now owns 134,223 shares of the business services provider’s stock valued at $30,532,000 after buying an additional 21,671 shares during the last quarter. Dakota Wealth Management acquired a new stake in Automatic Data Processing in the 1st quarter valued at about $571,000. Zions Bancorporation N.A. lifted its stake in Automatic Data Processing by 12.4% in the 1st quarter. Zions Bancorporation N.A. now owns 453 shares of the business services provider’s stock worth $103,000 after purchasing an additional 50 shares in the last quarter. Covestor Ltd boosted its holdings in shares of Automatic Data Processing by 82.8% during the 1st quarter. Covestor Ltd now owns 636 shares of the business services provider’s stock worth $145,000 after purchasing an additional 288 shares during the last quarter. Finally, Merit Financial Group LLC grew its position in shares of Automatic Data Processing by 4.4% in the first quarter. Merit Financial Group LLC now owns 2,902 shares of the business services provider’s stock valued at $660,000 after purchasing an additional 121 shares in the last quarter. Hedge funds and other institutional investors own 79.37% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms have weighed in on ADP. Jefferies Financial Group boosted their target price on shares of Automatic Data Processing from $240.00 to $260.00 in a report on Wednesday, July 26th. Barclays lowered their price objective on shares of Automatic Data Processing from $285.00 to $280.00 and set an “overweight” rating for the company in a research report on Thursday, October 26th. JPMorgan Chase & Co. raised their price target on Automatic Data Processing from $260.00 to $280.00 and gave the stock an “underweight” rating in a research report on Tuesday, August 22nd. UBS Group began coverage on Automatic Data Processing in a report on Tuesday, November 7th. They issued a “neutral” rating and a $235.00 price objective on the stock. Finally, StockNews.com downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Wednesday, October 25th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Automatic Data Processing has a consensus rating of “Hold” and a consensus target price of $248.42.
Insiders Place Their Bets
In other news, insider Carlos A. Rodriguez sold 58,864 shares of the company’s stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $250.42, for a total transaction of $14,740,722.88. Following the completion of the sale, the insider now owns 44,859 shares in the company, valued at $11,233,590.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Don Mcguire sold 3,880 shares of the company’s stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $253.90, for a total transaction of $985,132.00. Following the transaction, the vice president now owns 20,665 shares of the company’s stock, valued at $5,246,843.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Carlos A. Rodriguez sold 58,864 shares of the business’s stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $250.42, for a total transaction of $14,740,722.88. Following the sale, the insider now owns 44,859 shares in the company, valued at $11,233,590.78. The disclosure for this sale can be found here. In the last ninety days, insiders sold 165,420 shares of company stock valued at $41,491,937. 0.26% of the stock is owned by company insiders.
Automatic Data Processing Stock Performance
Shares of ADP stock opened at $231.71 on Tuesday. Automatic Data Processing, Inc. has a 1 year low of $201.46 and a 1 year high of $274.92. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.98 and a current ratio of 0.98. The firm has a market cap of $95.30 billion, a price-to-earnings ratio of 27.55, a PEG ratio of 2.15 and a beta of 0.83. The stock’s 50-day moving average is $236.36 and its two-hundred day moving average is $232.98.
Automatic Data Processing (NASDAQ:ADP – Get Free Report) last announced its earnings results on Wednesday, October 25th. The business services provider reported $2.08 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.05. The business had revenue of $4.51 billion for the quarter, compared to analysts’ expectations of $4.52 billion. Automatic Data Processing had a net margin of 19.07% and a return on equity of 102.59%. Analysts predict that Automatic Data Processing, Inc. will post 9.14 earnings per share for the current year.
Automatic Data Processing Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, January 1st. Investors of record on Friday, December 8th will be given a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 2.42%. The ex-dividend date is Thursday, December 7th. This is a boost from Automatic Data Processing’s previous quarterly dividend of $1.25. Automatic Data Processing’s payout ratio is 66.59%.
About Automatic Data Processing
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.
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