Summit Financial LLC Buys 5,596 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Summit Financial LLC grew its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 50.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,743 shares of the business services provider’s stock after purchasing an additional 5,596 shares during the period. Summit Financial LLC’s holdings in Automatic Data Processing were worth $4,020,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of ADP. Los Angeles Capital Management LLC raised its position in shares of Automatic Data Processing by 36.1% in the fourth quarter. Los Angeles Capital Management LLC now owns 87,429 shares of the business services provider’s stock valued at $20,368,000 after purchasing an additional 23,173 shares during the period. Sapient Capital LLC purchased a new position in Automatic Data Processing during the fourth quarter valued at approximately $338,000. Provence Wealth Management Group grew its stake in Automatic Data Processing by 20,266.7% during the fourth quarter. Provence Wealth Management Group now owns 1,222 shares of the business services provider’s stock valued at $285,000 after acquiring an additional 1,216 shares in the last quarter. ARS Wealth Advisors Group LLC grew its stake in Automatic Data Processing by 24.8% during the fourth quarter. ARS Wealth Advisors Group LLC now owns 1,383 shares of the business services provider’s stock valued at $322,000 after acquiring an additional 275 shares in the last quarter. Finally, AJOVista LLC purchased a new position in Automatic Data Processing during the fourth quarter valued at approximately $156,000. Institutional investors own 80.03% of the company’s stock.

Insiders Place Their Bets

In other Automatic Data Processing news, VP Michael A. Bonarti sold 26,442 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $270.96, for a total value of $7,164,724.32. Following the completion of the transaction, the vice president now directly owns 88,426 shares in the company, valued at approximately $23,959,908.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, VP Michael A. Bonarti sold 26,442 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $270.96, for a total value of $7,164,724.32. Following the completion of the transaction, the vice president now directly owns 88,426 shares in the company, valued at approximately $23,959,908.96. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP David Kwon sold 846 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $270.60, for a total transaction of $228,927.60. Following the completion of the transaction, the vice president now owns 10,410 shares of the company’s stock, valued at $2,816,946. The disclosure for this sale can be found here. Company insiders own 0.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on ADP shares. Bank of America boosted their price objective on shares of Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Barclays boosted their price target on shares of Automatic Data Processing from $282.00 to $310.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. StockNews.com cut shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Thursday. Jefferies Financial Group boosted their price target on shares of Automatic Data Processing from $250.00 to $260.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. Finally, Stifel Nicolaus boosted their price target on shares of Automatic Data Processing from $271.00 to $287.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $265.36.

Automatic Data Processing Trading Up 0.9 %

NASDAQ:ADP traded up $2.55 during midday trading on Friday, reaching $275.91. 1,548,080 shares of the stock traded hands, compared to its average volume of 1,366,105. The company has a fifty day moving average of $253.29 and a 200 day moving average of $248.98. Automatic Data Processing, Inc. has a 12 month low of $205.53 and a 12 month high of $276.77. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a market capitalization of $112.52 billion, a P/E ratio of 30.79, a PEG ratio of 3.00 and a beta of 0.78.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings results on Wednesday, July 31st. The business services provider reported $2.09 EPS for the quarter, beating analysts’ consensus estimates of $2.06 by $0.03. Automatic Data Processing had a net margin of 19.54% and a return on equity of 89.20%. The company had revenue of $4.80 billion during the quarter, compared to analyst estimates of $4.74 billion. During the same period in the prior year, the business posted $1.89 EPS. The firm’s revenue was up 7.2% compared to the same quarter last year. On average, research analysts predict that Automatic Data Processing, Inc. will post 10.04 EPS for the current year.

Automatic Data Processing Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a $1.40 dividend. The ex-dividend date is Friday, September 13th. This represents a $5.60 annualized dividend and a yield of 2.03%. Automatic Data Processing’s dividend payout ratio (DPR) is presently 62.50%.

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.