Cassaday & Co Wealth Management LLC Sells 33 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Cassaday & Co Wealth Management LLC cut its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 2.1% in the fourth quarter, HoldingsChannel.com reports. The fund owned 1,528 shares of the business services provider’s stock after selling 33 shares during the period. Cassaday & Co Wealth Management LLC’s holdings in Automatic Data Processing were worth $447,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in ADP. Cordatus Wealth Management LLC bought a new stake in shares of Automatic Data Processing in the fourth quarter worth $2,885,000. Centricity Wealth Management LLC bought a new stake in shares of Automatic Data Processing during the 4th quarter valued at about $316,000. Financial Harvest LLC purchased a new stake in shares of Automatic Data Processing during the 4th quarter valued at about $597,000. Nicholson Wealth Management Group LLC increased its position in shares of Automatic Data Processing by 45.4% during the 4th quarter. Nicholson Wealth Management Group LLC now owns 5,449 shares of the business services provider’s stock valued at $1,595,000 after purchasing an additional 1,701 shares during the last quarter. Finally, Boston Financial Mangement LLC lifted its stake in shares of Automatic Data Processing by 0.4% in the 4th quarter. Boston Financial Mangement LLC now owns 31,048 shares of the business services provider’s stock worth $9,089,000 after purchasing an additional 114 shares during the period. 80.03% of the stock is owned by hedge funds and other institutional investors.

Automatic Data Processing Stock Down 0.4 %

NASDAQ ADP opened at $310.76 on Friday. Automatic Data Processing, Inc. has a 12 month low of $231.27 and a 12 month high of $313.72. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.59. The stock has a market cap of $126.62 billion, a PE ratio of 32.40, a P/E/G ratio of 3.65 and a beta of 0.79. The stock’s 50 day moving average is $298.72 and its 200 day moving average is $290.11.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings data on Wednesday, January 29th. The business services provider reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.30 by $0.05. Automatic Data Processing had a net margin of 19.76% and a return on equity of 80.86%. Research analysts predict that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a dividend of $1.54 per share. This represents a $6.16 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend is Friday, March 14th. Automatic Data Processing’s dividend payout ratio (DPR) is presently 64.23%.

Insider Activity

In other Automatic Data Processing news, VP Jonathan S. Lehberger sold 2,324 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $303.30, for a total transaction of $704,869.20. Following the completion of the transaction, the vice president now owns 3,063 shares in the company, valued at $929,007.90. This trade represents a 43.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Maria Black sold 721 shares of Automatic Data Processing stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $291.59, for a total transaction of $210,236.39. Following the completion of the transaction, the chief executive officer now directly owns 68,856 shares of the company’s stock, valued at $20,077,721.04. The trade was a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,478 shares of company stock worth $1,617,241 over the last 90 days. Corporate insiders own 0.21% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Jefferies Financial Group upped their target price on shares of Automatic Data Processing from $290.00 to $305.00 and gave the company a “hold” rating in a report on Thursday, January 30th. TD Cowen upped their price objective on Automatic Data Processing from $276.00 to $285.00 and gave the stock a “hold” rating in a research note on Friday, November 1st. StockNews.com downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Wednesday, February 5th. Barclays upped their price target on Automatic Data Processing from $325.00 to $350.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $315.00 price objective on shares of Automatic Data Processing in a research report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $293.55.

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.