Automatic Data Processing, Inc. (NASDAQ:ADP) Stock Position Lowered by Martingale Asset Management L P

Martingale Asset Management L P lessened its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 12.1% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 97,747 shares of the business services provider’s stock after selling 13,444 shares during the quarter. Martingale Asset Management L P’s holdings in Automatic Data Processing were worth $27,050,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the company. Kiely Wealth Advisory Group Inc. acquired a new position in shares of Automatic Data Processing during the 2nd quarter worth $27,000. Hexagon Capital Partners LLC increased its stake in shares of Automatic Data Processing by 78.5% during the 3rd 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 acquired a new position in Automatic Data Processing in the 3rd quarter valued at $35,000. Pathway Financial Advisers LLC acquired a new position in Automatic Data Processing in the 1st quarter valued at $36,000. Finally, MFA Wealth Advisors LLC acquired a new position in Automatic Data Processing in the 2nd quarter valued at $40,000. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. TD Cowen raised their target price on shares of Automatic Data Processing from $276.00 to $285.00 and gave the company a “hold” rating in a research note on Friday, November 1st. UBS Group raised their target price on shares of Automatic Data Processing from $270.00 to $295.00 and gave the company a “neutral” rating in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. raised their price target on shares of Automatic Data Processing from $250.00 to $285.00 and gave the stock an “underweight” rating in a research report on Tuesday, August 20th. Bank of America raised their price target on shares of Automatic Data Processing from $250.00 to $267.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. Finally, Royal Bank of Canada raised their price target on shares of Automatic Data Processing from $267.00 to $315.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 31st. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $289.91.

Automatic Data Processing Trading Down 0.3 %

Shares of NASDAQ ADP opened at $306.92 on Friday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.56. The company has a market cap of $125.06 billion, a PE ratio of 32.76, a P/E/G ratio of 3.55 and a beta of 0.79. The company has a 50-day moving average of $291.84 and a two-hundred day moving average of $267.58. Automatic Data Processing, Inc. has a 1-year low of $227.12 and a 1-year high of $309.63.

Automatic Data Processing (NASDAQ:ADP) last posted 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. The business had revenue of $4.83 billion during the quarter, compared to the consensus estimate of $4.77 billion. Automatic Data Processing had a net margin of 19.72% and a return on equity of 82.36%. Automatic Data Processing’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.08 earnings per share. As a group, equities analysts expect that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Automatic Data Processing Increases Dividend

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

Insider Buying and Selling

In related 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 transaction of $11,692,500.00. Following the completion of the transaction, the vice president now owns 32,604 shares in the company, valued at approximately $9,781,200. The trade was a 54.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Maria Black sold 19,147 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $274.38, for a total transaction of $5,253,553.86. Following the transaction, the chief executive officer now owns 92,807 shares of the company’s stock, valued at approximately $25,464,384.66. This represents a 17.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 70,504 shares of company stock valued at $20,298,056 over the last ninety days. Insiders own 0.21% of the company’s stock.

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.