Destination Wealth Management Cuts Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Destination Wealth Management cut its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 17.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,553 shares of the business services provider’s stock after selling 318 shares during the quarter. Destination Wealth Management’s holdings in Automatic Data Processing were worth $371,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Bedel Financial Consulting Inc. boosted its position in shares of Automatic Data Processing by 0.8% during the 4th quarter. Bedel Financial Consulting Inc. now owns 5,254 shares of the business services provider’s stock worth $1,224,000 after purchasing an additional 42 shares during the period. Prestige Wealth Management Group LLC boosted its position in shares of Automatic Data Processing by 0.8% during the first quarter. Prestige Wealth Management Group LLC now owns 5,581 shares of the business services provider’s stock worth $1,402,000 after buying an additional 43 shares during the period. Patron Partners LLC grew its stake in shares of Automatic Data Processing by 1.6% in the first quarter. Patron Partners LLC now owns 2,733 shares of the business services provider’s stock valued at $683,000 after buying an additional 44 shares in the last quarter. Morningstar Investment Management LLC lifted its stake in Automatic Data Processing by 1.7% during the 4th quarter. Morningstar Investment Management LLC now owns 2,720 shares of the business services provider’s stock worth $634,000 after acquiring an additional 46 shares in the last quarter. Finally, Strategy Asset Managers LLC boosted its holdings in Automatic Data Processing by 2.0% during the 1st quarter. Strategy Asset Managers LLC now owns 2,368 shares of the business services provider’s stock valued at $591,000 after acquiring an additional 46 shares during the period. 80.03% of the stock is currently owned by institutional investors.

Automatic Data Processing Stock Up 0.1 %

ADP stock traded up $0.22 during trading on Friday, reaching $269.60. The stock had a trading volume of 1,206,702 shares, compared to its average volume of 1,658,561. 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 1-year low of $205.53 and a 1-year high of $270.99. The firm has a fifty day moving average price of $250.49 and a 200 day moving average price of $248.16. The company has a market capitalization of $110.34 billion, a P/E ratio of 30.09, a PEG ratio of 2.72 and a beta of 0.78.

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

Automatic Data Processing Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a dividend of $1.40 per share. The ex-dividend date is Friday, September 13th. This represents a $5.60 annualized dividend and a dividend yield of 2.08%. Automatic Data Processing’s dividend payout ratio is 62.50%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ADP. Bank of America boosted their price target on shares of Automatic Data Processing from $250.00 to $267.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $267.00 price target on shares of Automatic Data Processing in a research report on Thursday, August 1st. Stifel Nicolaus upped their target price on shares of Automatic Data Processing from $271.00 to $287.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. JPMorgan Chase & Co. lifted their price target on shares of Automatic Data Processing from $250.00 to $285.00 and gave the stock an “underweight” rating in a research note on Tuesday, August 20th. Finally, Jefferies Financial Group lifted their price objective on shares of Automatic Data Processing from $250.00 to $260.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average 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.