Summit Global Investments Decreases Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Summit Global Investments cut its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 4.7% in the second quarter, HoldingsChannel reports. The institutional investor owned 63,373 shares of the business services provider’s stock after selling 3,143 shares during the quarter. Automatic Data Processing makes up about 1.0% of Summit Global Investments’ holdings, making the stock its 19th largest holding. Summit Global Investments’ holdings in Automatic Data Processing were worth $15,126,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. TD Asset Management Inc raised its stake in Automatic Data Processing by 14.2% in the first quarter. TD Asset Management Inc now owns 801,857 shares of the business services provider’s stock valued at $200,256,000 after buying an additional 99,515 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in Automatic Data Processing by 70.7% in the second quarter. Assenagon Asset Management S.A. now owns 638,507 shares of the business services provider’s stock valued at $152,405,000 after buying an additional 264,466 shares during the last quarter. SG Americas Securities LLC raised its stake in Automatic Data Processing by 195.1% in the first quarter. SG Americas Securities LLC now owns 51,607 shares of the business services provider’s stock valued at $12,888,000 after buying an additional 34,118 shares during the last quarter. Cornerstone Wealth Group LLC purchased a new stake in Automatic Data Processing in the first quarter valued at about $2,924,000. Finally, LVW Advisors LLC raised its stake in Automatic Data Processing by 23.8% in the first quarter. LVW Advisors LLC now owns 3,854 shares of the business services provider’s stock valued at $962,000 after buying an additional 740 shares during the last quarter. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Automatic Data Processing Price Performance

ADP traded down $0.11 during trading on Tuesday, hitting $264.54. The company’s stock had a trading volume of 913,340 shares, compared to its average volume of 1,667,052. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.66. Automatic Data Processing, Inc. has a twelve month low of $205.53 and a twelve month high of $269.49. The business’s fifty day simple moving average is $249.01 and its 200 day simple moving average is $247.74. The firm has a market capitalization of $108.27 billion, a price-to-earnings ratio of 29.52, a P/E/G ratio of 2.72 and a beta of 0.78.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, July 31st. The business services provider reported $2.09 EPS for the quarter, beating the consensus estimate of $2.06 by $0.03. Automatic Data Processing had a return on equity of 89.20% and a net margin of 19.54%. The company had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.74 billion. During the same period last year, the company earned $1.89 earnings per share. Automatic Data Processing’s quarterly revenue was up 7.2% compared to the same quarter last year. On average, equities research analysts forecast that Automatic Data Processing, Inc. will post 10.01 EPS for the current fiscal year.

Automatic Data Processing Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 2.12%. The ex-dividend date of this dividend is Friday, September 13th. Automatic Data Processing’s payout ratio is currently 62.50%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. raised their price objective on Automatic Data Processing from $250.00 to $285.00 and gave the stock an “underweight” rating in a research note on Tuesday. StockNews.com cut Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Tuesday, July 2nd. Stifel Nicolaus raised their price objective on Automatic Data Processing from $271.00 to $287.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. Bank of America raised their price objective on Automatic Data Processing from $250.00 to $267.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. Finally, Jefferies Financial Group raised their price objective on Automatic Data Processing from $250.00 to $260.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $265.36.

Automatic Data Processing Company Profile

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.