DAVENPORT & Co LLC Cuts Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

DAVENPORT & Co LLC trimmed its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADPFree Report) by 2.3% during the 4th quarter, HoldingsChannel.com reports. The firm owned 62,310 shares of the business services provider’s stock after selling 1,495 shares during the period. DAVENPORT & Co LLC’s holdings in Automatic Data Processing were worth $14,516,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Ardent Capital Management Inc. bought a new position in shares of Automatic Data Processing in the 3rd quarter worth approximately $392,000. Americana Partners LLC lifted its stake in shares of Automatic Data Processing by 3.1% in the 3rd quarter. Americana Partners LLC now owns 22,228 shares of the business services provider’s stock worth $5,330,000 after purchasing an additional 660 shares during the period. Cyndeo Wealth Partners LLC lifted its stake in shares of Automatic Data Processing by 36.7% in the 4th quarter. Cyndeo Wealth Partners LLC now owns 19,800 shares of the business services provider’s stock worth $4,613,000 after purchasing an additional 5,318 shares during the period. BKM Wealth Management LLC bought a new stake in Automatic Data Processing during the 4th quarter worth approximately $1,635,000. Finally, Wayfinding Financial LLC raised its stake in Automatic Data Processing by 6.4% during the 3rd quarter. Wayfinding Financial LLC now owns 2,907 shares of the business services provider’s stock worth $695,000 after acquiring an additional 174 shares during the period. 80.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Wolfe Research raised shares of Automatic Data Processing from an “underperform” rating to a “peer perform” rating in a report on Thursday, January 4th. StockNews.com lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Tuesday, March 19th. Bank of America raised shares of Automatic Data Processing from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $217.00 to $243.00 in a report on Wednesday, January 17th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $267.00 price objective on shares of Automatic Data Processing in a report on Thursday, February 1st. Finally, Evercore ISI raised their target price on shares of Automatic Data Processing from $227.00 to $235.00 and gave the company an “underperform” rating in a report on Tuesday, March 26th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $254.58.

Read Our Latest Report on ADP

Automatic Data Processing Stock Up 1.0 %

NASDAQ:ADP opened at $247.66 on Wednesday. Automatic Data Processing, Inc. has a twelve month low of $201.46 and a twelve month high of $256.84. The company has a market cap of $101.74 billion, a price-to-earnings ratio of 28.83, a price-to-earnings-growth ratio of 2.31 and a beta of 0.78. The stock has a fifty day simple moving average of $247.24 and a 200-day simple moving average of $238.93. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.69.

Automatic Data Processing (NASDAQ:ADPGet Free Report) last released its earnings results on Wednesday, January 31st. The business services provider reported $2.13 earnings per share for the quarter, topping the consensus estimate of $2.10 by $0.03. Automatic Data Processing had a return on equity of 95.22% and a net margin of 19.14%. The business had revenue of $4.67 billion during the quarter, compared to the consensus estimate of $4.65 billion. During the same period last year, the company earned $1.96 earnings per share. The business’s revenue for the quarter was up 6.3% compared to the same quarter last year. Analysts anticipate that Automatic Data Processing, Inc. will post 9.14 EPS for the current year.

Automatic Data Processing Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 8th were issued a dividend of $1.40 per share. The ex-dividend date was Thursday, March 7th. This represents a $5.60 dividend on an annualized basis and a yield of 2.26%. Automatic Data Processing’s dividend payout ratio is currently 65.19%.

Insider Buying and Selling at Automatic Data Processing

In other news, VP John Ayala sold 1,500 shares of the stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $235.13, for a total transaction of $352,695.00. Following the completion of the sale, the vice president now owns 19,183 shares in the company, valued at approximately $4,510,498.79. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, VP Don Mcguire sold 11,333 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $245.00, for a total value of $2,776,585.00. Following the completion of the transaction, the vice president now owns 19,906 shares in the company, valued at approximately $4,876,970. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP John Ayala sold 1,500 shares of the firm’s stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $235.13, for a total value of $352,695.00. Following the completion of the transaction, the vice president now owns 19,183 shares of the company’s stock, valued at approximately $4,510,498.79. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,662 shares of company stock valued at $4,094,554. 0.26% of the stock is currently owned by corporate insiders.

About Automatic Data Processing

(Free Report)

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.

See Also

Want to see what other hedge funds are holding ADP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Automatic Data Processing, Inc. (NASDAQ:ADPFree Report).

Institutional Ownership by Quarter for Automatic Data Processing (NASDAQ:ADP)

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