Broderick Brian C Cuts Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Broderick Brian C cut its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.5% in the 3rd quarter, HoldingsChannel reports. The firm owned 57,118 shares of the business services provider’s stock after selling 898 shares during the quarter. Automatic Data Processing accounts for approximately 3.1% of Broderick Brian C’s investment portfolio, making the stock its 11th biggest holding. Broderick Brian C’s holdings in Automatic Data Processing were worth $15,806,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in ADP. Balboa Wealth Partners bought a new position in Automatic Data Processing during the third quarter valued at about $232,000. ING Groep NV boosted its stake in Automatic Data Processing by 49.7% in the third quarter. ING Groep NV now owns 184,509 shares of the business services provider’s stock valued at $51,059,000 after acquiring an additional 61,238 shares during the last quarter. Ferguson Wellman Capital Management Inc. grew its position in shares of Automatic Data Processing by 21.9% during the 3rd quarter. Ferguson Wellman Capital Management Inc. now owns 9,294 shares of the business services provider’s stock valued at $2,572,000 after acquiring an additional 1,668 shares during the period. Tokio Marine Asset Management Co. Ltd. increased its stake in shares of Automatic Data Processing by 9.4% during the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 11,024 shares of the business services provider’s stock worth $3,051,000 after purchasing an additional 943 shares during the last quarter. Finally, Snider Financial Group bought a new stake in shares of Automatic Data Processing in the 3rd quarter worth approximately $221,000. 80.03% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. increased their price objective on Automatic Data Processing from $250.00 to $285.00 and gave the company an “underweight” rating in a report on Tuesday, August 20th. Stifel Nicolaus increased their price target 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. Jefferies Financial Group lifted their price objective on Automatic Data Processing from $260.00 to $290.00 and gave the stock a “hold” rating in a report on Tuesday, October 22nd. Bank of America upped their price objective on shares of Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Finally, UBS Group lifted their target price on shares of Automatic Data Processing from $270.00 to $295.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 22nd. Two equities research 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 MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $289.91.

Automatic Data Processing Trading Down 1.8 %

Shares of Automatic Data Processing stock opened at $301.99 on Friday. The company’s 50-day moving average price is $286.03 and its 200-day moving average price is $263.23. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.56. Automatic Data Processing, Inc. has a 12-month low of $227.12 and a 12-month high of $309.37. The company has a market cap of $123.05 billion, a price-to-earnings ratio of 32.23, a PEG ratio of 3.58 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last posted its earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.12. The business had revenue of $4.83 billion for the quarter, compared to analysts’ expectations of $4.77 billion. Automatic Data Processing had a net margin of 19.72% and a return on equity of 82.36%. The business’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period in the prior year, the company posted $2.08 EPS. On average, equities analysts expect that Automatic Data Processing, Inc. will post 9.94 earnings per share for the current fiscal year.

Automatic Data Processing Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be given a dividend of $1.54 per share. This represents a $6.16 annualized dividend and a yield of 2.04%. This is a boost from Automatic Data Processing’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Friday, December 13th. Automatic Data Processing’s payout ratio is presently 59.77%.

Insider Buying and Selling

In other Automatic Data Processing news, VP Sreenivasa Kutam sold 38,975 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $300.00, for a total value of $11,692,500.00. Following the completion of the transaction, the vice president now owns 32,604 shares of the company’s stock, valued at $9,781,200. The trade was a 54.45 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Carlos A. Rodriguez sold 9,203 shares of the firm’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $269.45, for a total transaction of $2,479,748.35. Following the sale, the director now owns 36,741 shares in the company, valued at approximately $9,899,862.45. This trade represents a 20.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 97,792 shares of company stock worth $27,691,708 over the last ninety days. 0.21% of the stock is owned by corporate insiders.

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.