Summit Global Investments Trims Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Summit Global Investments reduced its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 14.3% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 47,314 shares of the business services provider’s stock after selling 7,868 shares during the period. Automatic Data Processing comprises approximately 0.9% of Summit Global Investments’ holdings, making the stock its 20th biggest holding. Summit Global Investments’ holdings in Automatic Data Processing were worth $13,850,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Millstone Evans Group LLC purchased a new stake in Automatic Data Processing in the 4th quarter valued at about $1,032,000. Wayfinding Financial LLC acquired a new stake in shares of Automatic Data Processing in the fourth quarter worth approximately $839,000. Adams Diversified Equity Fund Inc. purchased a new stake in Automatic Data Processing in the fourth quarter valued at approximately $26,287,000. Lee Danner & Bass Inc. acquired a new position in Automatic Data Processing during the fourth quarter worth approximately $636,000. Finally, Pecaut & CO. purchased a new position in Automatic Data Processing during the fourth quarter worth approximately $205,000. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ADP has been the subject of a number of research analyst reports. StockNews.com downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Wednesday, February 5th. UBS Group upped their price target on Automatic Data Processing from $318.00 to $324.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 4th. Jefferies Financial Group lifted their price objective on Automatic Data Processing from $290.00 to $305.00 and gave the company a “hold” rating in a research note on Thursday, January 30th. Barclays increased their target price on shares of 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 target on shares of Automatic Data Processing in a research report on Thursday, January 30th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $296.18.

Automatic Data Processing Trading Down 0.7 %

ADP opened at $295.32 on Friday. The firm has a market capitalization of $120.33 billion, a P/E ratio of 30.79, a P/E/G ratio of 3.62 and a beta of 0.76. The firm’s 50 day moving average is $303.08 and its 200-day moving average is $295.22. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.59. Automatic Data Processing, Inc. has a 52-week low of $231.27 and a 52-week high of $322.84.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings results on Wednesday, January 29th. The business services provider reported $2.35 earnings per share (EPS) for the quarter, topping 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%. Analysts expect that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a $1.54 dividend. This represents a $6.16 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date is Friday, March 14th. Automatic Data Processing’s dividend payout ratio is currently 64.23%.

Insider Buying and Selling at Automatic Data Processing

In other news, VP David Foskett sold 1,004 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $289.29, for a total transaction of $290,447.16. Following the transaction, the vice president now owns 5,958 shares of the company’s stock, valued at approximately $1,723,589.82. This trade represents a 14.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Brian L. Michaud sold 362 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $293.83, for a total value of $106,366.46. Following the completion of the sale, the vice president now directly owns 13,706 shares of the company’s stock, valued at approximately $4,027,233.98. This represents a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,951 shares of company stock worth $1,762,074 in the last 90 days. 0.21% of the stock is owned by corporate insiders.

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.