SNS Financial Group LLC Sells 247 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

SNS Financial Group LLC lessened its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 15.4% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 1,359 shares of the business services provider’s stock after selling 247 shares during the quarter. SNS Financial Group LLC’s holdings in Automatic Data Processing were worth $327,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Keener Financial Planning LLC raised its position in shares of Automatic Data Processing by 230.3% during the first quarter. Keener Financial Planning LLC now owns 109 shares of the business services provider’s stock worth $28,000 after purchasing an additional 76 shares during the period. Crewe Advisors LLC acquired a new stake in Automatic Data Processing during the 1st quarter worth approximately $33,000. Pathway Financial Advisers LLC acquired a new stake in Automatic Data Processing during the 1st quarter worth approximately $36,000. Pineridge Advisors LLC bought a new position in Automatic Data Processing in the fourth quarter valued at approximately $39,000. Finally, MFA Wealth Advisors LLC acquired a new position in shares of Automatic Data Processing in the second quarter valued at approximately $40,000. 80.03% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. TD Cowen cut their price objective on shares of Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating on the stock in a research report on Thursday, May 2nd. JPMorgan Chase & Co. upped their price objective on Automatic Data Processing from $250.00 to $285.00 and gave the stock an “underweight” rating in a research report on Tuesday, August 20th. Stifel Nicolaus lifted their target price on Automatic Data Processing from $271.00 to $287.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. Jefferies Financial Group upped their price target on Automatic Data Processing from $250.00 to $260.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. Finally, StockNews.com upgraded shares of Automatic Data Processing from a “hold” rating to a “buy” rating in a report on Wednesday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, Automatic Data Processing has a consensus rating of “Hold” and an average price target of $265.36.

Automatic Data Processing Stock Performance

Automatic Data Processing stock traded up $0.22 during midday trading on Friday, reaching $269.60. 1,206,702 shares of the company’s stock were exchanged, compared to its average volume of 1,658,561. The stock’s 50-day simple moving average is $250.49 and its 200 day simple moving average is $248.16. The firm has a market cap of $110.34 billion, a price-to-earnings ratio of 30.09, a P/E/G ratio of 2.72 and a beta of 0.78. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.01 and a current ratio of 1.01. Automatic Data Processing, Inc. has a 52 week low of $205.53 and a 52 week high of $270.99.

Automatic Data Processing (NASDAQ:ADP) last issued its 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. 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 during the quarter, compared to the consensus estimate of $4.74 billion. During the same period in the previous year, the company posted $1.89 EPS. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, analysts expect that Automatic Data Processing, Inc. will post 10.01 earnings per share for the current fiscal year.

Automatic Data Processing Dividend Announcement

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

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.