Automatic Data Processing, Inc. (NASDAQ:ADP) Stake Lessened by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System trimmed its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 32,042 shares of the business services provider’s stock after selling 431 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Automatic Data Processing were worth $7,648,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in ADP. Values Added Financial LLC grew its stake in Automatic Data Processing by 10.5% in the second quarter. Values Added Financial LLC now owns 1,554 shares of the business services provider’s stock worth $371,000 after purchasing an additional 148 shares in the last quarter. Hantz Financial Services Inc. bought a new position in Automatic Data Processing during the 2nd quarter worth approximately $3,712,000. WBI Investments LLC grew its position in shares of Automatic Data Processing by 296.9% in the 2nd quarter. WBI Investments LLC now owns 27,850 shares of the business services provider’s stock worth $6,648,000 after acquiring an additional 20,833 shares in the last quarter. Forum Financial Management LP increased its holdings in shares of Automatic Data Processing by 15.9% in the 2nd quarter. Forum Financial Management LP now owns 5,077 shares of the business services provider’s stock valued at $1,212,000 after acquiring an additional 696 shares during the last quarter. Finally, International Assets Investment Management LLC raised its position in shares of Automatic Data Processing by 6.4% during the 2nd quarter. International Assets Investment Management LLC now owns 4,180 shares of the business services provider’s stock valued at $998,000 after acquiring an additional 250 shares in the last quarter. 80.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Automatic Data Processing from $250.00 to $285.00 and gave the stock an “underweight” rating in a report on Tuesday, August 20th. Barclays boosted their price objective on shares of Automatic Data Processing from $282.00 to $310.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. StockNews.com cut shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Thursday. Bank of America upped their target price on Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $267.00 price target on shares of Automatic Data Processing in a report on Thursday, August 1st. Two analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $265.36.

Automatic Data Processing Stock Performance

Shares of ADP traded up $2.55 during trading hours on Friday, reaching $275.91. 1,548,080 shares of the company’s stock traded hands, compared to its average volume of 1,644,018. Automatic Data Processing, Inc. has a twelve month low of $205.53 and a twelve month high of $276.77. The business’s fifty day simple moving average is $252.73 and its two-hundred day simple moving average is $248.80. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a market capitalization of $112.93 billion, a price-to-earnings ratio of 30.79, a P/E/G ratio of 2.72 and a beta of 0.78.

Automatic Data Processing (NASDAQ:ADP) last released its earnings results 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. The firm 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%. Automatic Data Processing’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the company earned $1.89 EPS. Analysts predict 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 announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a $1.40 dividend. The ex-dividend date is Friday, September 13th. This represents a $5.60 dividend on an annualized basis and a yield of 2.03%. Automatic Data Processing’s dividend payout ratio (DPR) is 62.50%.

Insider Buying and Selling at Automatic Data Processing

In other news, VP David Kwon sold 846 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $270.60, for a total value of $228,927.60. Following the completion of the sale, the vice president now owns 10,410 shares in the company, valued at $2,816,946. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, VP David Kwon sold 846 shares of Automatic Data Processing stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $270.60, for a total value of $228,927.60. Following the transaction, the vice president now owns 10,410 shares of the company’s stock, valued at approximately $2,816,946. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael A. Bonarti sold 26,442 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $270.96, for a total transaction of $7,164,724.32. Following the sale, the vice president now directly owns 88,426 shares of the company’s stock, valued at $23,959,908.96. The disclosure for this sale can be found here. 0.26% of the stock is currently owned by corporate insiders.

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.