Mattern Capital Management LLC Sells 142 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Mattern Capital Management LLC lowered its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 0.4% in the 2nd quarter, Holdings Channel reports. The firm owned 35,498 shares of the business services provider’s stock after selling 142 shares during the quarter. Mattern Capital Management LLC’s holdings in Automatic Data Processing were worth $8,473,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in ADP. Schmidt P J Investment Management Inc. grew its stake in Automatic Data Processing by 0.4% during the second quarter. Schmidt P J Investment Management Inc. now owns 9,645 shares of the business services provider’s stock valued at $2,302,000 after acquiring an additional 40 shares in the last quarter. Confluence Wealth Services Inc. grew its position in shares of Automatic Data Processing by 5.0% during the 2nd quarter. Confluence Wealth Services Inc. now owns 863 shares of the business services provider’s stock valued at $206,000 after purchasing an additional 41 shares in the last quarter. Bedel Financial Consulting Inc. raised its position in shares of Automatic Data Processing by 0.8% in the fourth quarter. Bedel Financial Consulting Inc. now owns 5,254 shares of the business services provider’s stock worth $1,224,000 after buying an additional 42 shares in the last quarter. Prestige Wealth Management Group LLC boosted its stake in 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 valued at $1,402,000 after buying an additional 43 shares during the period. Finally, Patron Partners LLC grew its position in Automatic Data Processing by 1.6% during the first quarter. Patron Partners LLC now owns 2,733 shares of the business services provider’s stock worth $683,000 after buying an additional 44 shares in the last quarter. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Stock Performance

Automatic Data Processing stock opened at $275.22 on Thursday. Automatic Data Processing, Inc. has a fifty-two week low of $205.53 and a fifty-two week high of $278.24. The stock has a market cap of $112.65 billion, a price-to-earnings ratio of 30.72, a PEG ratio of 3.00 and a beta of 0.78. The stock’s 50 day simple moving average is $255.11 and its two-hundred day simple moving average is $249.47. 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 (NASDAQ:ADP) last announced its earnings results on Wednesday, July 31st. The business services provider reported $2.09 EPS for the quarter, beating analysts’ consensus estimates of $2.06 by $0.03. Automatic Data Processing had a net margin of 19.54% and a return on equity of 89.20%. The firm had revenue of $4.80 billion for the quarter, compared to analysts’ expectations of $4.74 billion. During the same quarter in the previous year, the business posted $1.89 EPS. The company’s quarterly revenue was up 7.2% on a year-over-year basis. As a group, analysts expect that Automatic Data Processing, Inc. will post 10.04 earnings per share for the current fiscal year.

Automatic Data Processing Announces Dividend

The firm also recently announced 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 of this dividend is Friday, September 13th. This represents a $5.60 annualized dividend and a dividend yield of 2.03%. Automatic Data Processing’s payout ratio is 62.50%.

Insider Buying and Selling

In other Automatic Data Processing news, VP Michael A. Bonarti sold 26,442 shares of Automatic Data Processing stock in a transaction on Monday, August 26th. The stock was sold at an average price of $270.96, for a total transaction of $7,164,724.32. Following the completion of the transaction, the vice president now owns 88,426 shares in the company, valued at $23,959,908.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Automatic Data Processing news, VP David Kwon sold 846 shares of the business’s stock in a transaction dated 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 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 legal filing with the SEC, which is available through this link. Also, VP Michael A. Bonarti sold 26,442 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $270.96, for a total transaction of $7,164,724.32. Following the completion of the sale, the vice president now owns 88,426 shares in the company, valued at approximately $23,959,908.96. The disclosure for this sale can be found here. Insiders have sold 49,614 shares of company stock worth $13,519,460 in the last 90 days. Insiders own 0.26% of the company’s stock.

Analysts Set New Price Targets

ADP has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised their target price on shares of Automatic Data Processing from $250.00 to $285.00 and gave the company an “underweight” rating in a research note on Tuesday, August 20th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $267.00 price objective on shares of Automatic Data Processing in a research note on Thursday, August 1st. 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. Stifel Nicolaus raised their price objective on Automatic Data Processing from $271.00 to $287.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Finally, StockNews.com cut Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Thursday, August 29th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $265.36.

Automatic Data Processing 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.