Summitry LLC Sells 141 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Summitry LLC trimmed its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 15.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 801 shares of the business services provider’s stock after selling 141 shares during the period. Summitry LLC’s holdings in Automatic Data Processing were worth $234,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of ADP. Murphy & Mullick Capital Management Corp bought a new stake in Automatic Data Processing in the fourth quarter worth $160,000. Prestige Wealth Management Group LLC lifted its holdings in shares of Automatic Data Processing by 5.2% in the 4th quarter. Prestige Wealth Management Group LLC now owns 5,603 shares of the business services provider’s stock worth $1,649,000 after acquiring an additional 278 shares during the last quarter. Signature Estate & Investment Advisors LLC boosted its stake in shares of Automatic Data Processing by 5.3% during the 4th quarter. Signature Estate & Investment Advisors LLC now owns 1,492 shares of the business services provider’s stock worth $437,000 after purchasing an additional 75 shares during the period. Zions Bancorporation N.A. grew its holdings in Automatic Data Processing by 62.0% during the 4th quarter. Zions Bancorporation N.A. now owns 3,234 shares of the business services provider’s stock valued at $947,000 after purchasing an additional 1,238 shares during the last quarter. Finally, TIAA Trust National Association raised its position in Automatic Data Processing by 0.8% in the 4th quarter. TIAA Trust National Association now owns 38,923 shares of the business services provider’s stock worth $11,394,000 after purchasing an additional 320 shares during the period. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Insider Buying and Selling at Automatic Data Processing

In related news, VP Christopher D’ambrosio sold 473 shares of the company’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $306.20, for a total value of $144,832.60. Following the transaction, the vice president now directly owns 7,244 shares of the company’s stock, valued at $2,218,112.80. This represents a 6.13 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Maria Black sold 721 shares of Automatic Data Processing stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $291.59, for a total value of $210,236.39. Following the sale, the chief executive officer now directly owns 68,856 shares of the company’s stock, valued at approximately $20,077,721.04. This represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,951 shares of company stock worth $1,762,074. 0.21% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on ADP shares. Barclays upped their target price on Automatic Data Processing from $325.00 to $350.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. StockNews.com lowered Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Wednesday, February 5th. Jefferies Financial Group lifted their target price on Automatic Data Processing from $290.00 to $305.00 and gave the stock a “hold” rating in a research report on Thursday, January 30th. UBS Group upped their price target on shares of Automatic Data Processing from $318.00 to $324.00 and gave the stock a “neutral” rating in a report on Tuesday, March 4th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $315.00 price objective on shares of Automatic Data Processing in a report on Thursday, January 30th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $296.18.

Automatic Data Processing Price Performance

Shares of ADP stock opened at $299.38 on Wednesday. The stock’s 50-day moving average is $303.41 and its 200 day moving average is $295.91. Automatic Data Processing, Inc. has a 1-year low of $231.27 and a 1-year high of $322.84. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.00 and a quick ratio of 1.00. The company has a market cap of $121.98 billion, a P/E ratio of 31.22, a PEG ratio of 3.62 and a beta of 0.76.

Automatic Data Processing (NASDAQ:ADP) last announced its earnings results on Wednesday, January 29th. The business services provider reported $2.35 earnings per share 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 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, April 1st. Investors of record on Friday, March 14th will be given a dividend of $1.54 per share. This represents a $6.16 annualized dividend and a yield of 2.06%. The ex-dividend date of this dividend is Friday, March 14th. Automatic Data Processing’s dividend payout ratio is currently 64.23%.

Automatic Data Processing Company 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.