M&T Bank Corp Sells 21,954 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

M&T Bank Corp lessened its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 5.1% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 412,052 shares of the business services provider’s stock after selling 21,954 shares during the quarter. M&T Bank Corp owned approximately 0.10% of Automatic Data Processing worth $95,996,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. OFI Invest Asset Management purchased a new position in Automatic Data Processing in the 3rd quarter worth about $25,000. Fortitude Family Office LLC purchased a new position in shares of Automatic Data Processing during the fourth quarter worth approximately $35,000. Raleigh Capital Management Inc. increased its position in shares of Automatic Data Processing by 106.0% during the third quarter. Raleigh Capital Management Inc. now owns 173 shares of the business services provider’s stock worth $42,000 after acquiring an additional 89 shares during the period. Evolution Advisers Inc. bought a new stake in shares of Automatic Data Processing during the fourth quarter valued at approximately $41,000. Finally, Bfsg LLC purchased a new stake in shares of Automatic Data Processing in the fourth quarter valued at approximately $42,000. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Stock Performance

NASDAQ ADP traded down $0.14 on Friday, reaching $241.89. 1,491,532 shares of the company’s stock traded hands, compared to its average volume of 1,451,137. The stock has a 50 day moving average price of $245.63 and a 200-day moving average price of $239.08. The firm has a market cap of $99.37 billion, a price-to-earnings ratio of 27.00, a P/E/G ratio of 2.27 and a beta of 0.78. Automatic Data Processing, Inc. has a fifty-two week low of $205.53 and a fifty-two week high of $256.84. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.01 and a current ratio of 1.01.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, May 1st. The business services provider reported $2.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.79 by $0.09. The business had revenue of $5.30 billion during the quarter, compared to analysts’ expectations of $5.22 billion. Automatic Data Processing had a return on equity of 93.09% and a net margin of 19.56%. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.52 EPS. Equities research analysts predict that Automatic Data Processing, Inc. will post 9.15 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be given a dividend of $1.40 per share. The ex-dividend date is Friday, June 14th. This represents a $5.60 annualized dividend and a yield of 2.32%. Automatic Data Processing’s dividend payout ratio is presently 62.50%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ADP. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $267.00 target price on shares of Automatic Data Processing in a research report on Thursday, February 1st. TD Cowen lowered their price objective on shares of Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating for the company in a research note on Thursday. Bank of America upgraded shares of Automatic Data Processing from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $217.00 to $243.00 in a report on Wednesday, January 17th. Mizuho boosted their price target on shares of Automatic Data Processing from $265.00 to $272.00 and gave the company a “buy” rating in a report on Monday, March 11th. Finally, StockNews.com downgraded shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Tuesday, March 19th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Automatic Data Processing presently has a consensus rating of “Hold” and a consensus target price of $255.42.

Insider Buying and Selling at Automatic Data Processing

In other news, VP Joseph Desilva sold 1,904 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $255.00, for a total transaction of $485,520.00. Following the sale, the vice president now directly owns 17,179 shares in the company, valued at approximately $4,380,645. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Automatic Data Processing news, VP Sreenivasa Kutam sold 694 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $249.43, for a total transaction of $173,104.42. Following the completion of the transaction, the vice president now directly owns 20,687 shares in the company, valued at $5,159,958.41. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Joseph Desilva sold 1,904 shares of Automatic Data Processing stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $255.00, for a total transaction of $485,520.00. Following the completion of the sale, the vice president now owns 17,179 shares in the company, valued at approximately $4,380,645. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,829 shares of company stock valued at $965,274. Corporate insiders own 0.26% of the company’s stock.

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.