Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Sold by Ascent Group LLC

Ascent Group LLC cut its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 43.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,369 shares of the business services provider’s stock after selling 6,501 shares during the period. Ascent Group LLC’s holdings in Automatic Data Processing were worth $2,316,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Kiely Wealth Advisory Group Inc. purchased a new position in shares of Automatic Data Processing during the second quarter worth about $27,000. Hexagon Capital Partners LLC grew its holdings in shares of Automatic Data Processing by 78.5% during the third quarter. Hexagon Capital Partners LLC now owns 116 shares of the business services provider’s stock worth $32,000 after purchasing an additional 51 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in shares of Automatic Data Processing during the third quarter worth about $35,000. MFA Wealth Advisors LLC purchased a new position in shares of Automatic Data Processing during the second quarter worth about $40,000. Finally, New Millennium Group LLC purchased a new position in shares of Automatic Data Processing during the second quarter worth about $40,000. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, VP Sreenivasa Kutam sold 38,975 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $300.00, for a total transaction of $11,692,500.00. Following the sale, the vice president now owns 32,604 shares in the company, valued at $9,781,200. This represents a 54.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Carlos A. Rodriguez sold 9,203 shares of the stock in a transaction dated Friday, September 6th. The stock was 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. Company insiders own 0.21% of the company’s stock.

Automatic Data Processing Stock Down 0.3 %

Shares of NASDAQ ADP opened at $306.03 on Tuesday. The firm has a fifty day moving average of $292.45 and a 200-day moving average of $268.30. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.56. Automatic Data Processing, Inc. has a 52-week low of $227.12 and a 52-week high of $309.63. The stock has a market capitalization of $124.69 billion, a PE ratio of 32.66, a P/E/G ratio of 3.57 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share for the quarter, topping analysts’ consensus estimates of $2.21 by $0.12. Automatic Data Processing had a net margin of 19.72% and a return on equity of 82.36%. The firm had revenue of $4.83 billion during the quarter, compared to analysts’ expectations of $4.77 billion. During the same period in the prior year, the company earned $2.08 EPS. The firm’s revenue was up 7.1% on a year-over-year basis. On average, analysts anticipate that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Automatic Data Processing Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be paid a $1.54 dividend. This represents a $6.16 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Automatic Data Processing’s previous quarterly dividend of $1.40. Automatic Data Processing’s dividend payout ratio is 59.77%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Jefferies Financial Group raised their price target on Automatic Data Processing from $260.00 to $290.00 and gave the stock a “hold” rating in a report on Tuesday, October 22nd. Mizuho lifted their price objective on Automatic Data Processing from $281.00 to $310.00 and gave the company an “outperform” rating in a report on Monday, November 4th. Royal Bank of Canada lifted their price objective on Automatic Data Processing from $267.00 to $315.00 and gave the company a “sector perform” rating in a report on Thursday, October 31st. JPMorgan Chase & Co. lifted 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. Finally, Barclays lifted their price target on shares of Automatic Data Processing from $310.00 to $325.00 and gave the company an “overweight” rating in a research report on Monday, November 4th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Automatic Data Processing currently has a consensus rating of “Hold” and a consensus price target of $289.91.

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.