Burney Co. Cuts Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Burney Co. trimmed its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,664 shares of the business services provider’s stock after selling 101 shares during the period. Burney Co.’s holdings in Automatic Data Processing were worth $2,307,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Keener Financial Planning LLC lifted its stake in shares of Automatic Data Processing by 230.3% in the first quarter. Keener Financial Planning LLC now owns 109 shares of the business services provider’s stock worth $28,000 after acquiring an additional 76 shares in the last quarter. Crewe Advisors LLC bought a new stake in shares of Automatic Data Processing in the first quarter worth $33,000. Pathway Financial Advisers LLC acquired a new stake in Automatic Data Processing in the first quarter valued at $36,000. Pineridge Advisors LLC bought a new position in Automatic Data Processing during the 4th quarter valued at $39,000. Finally, MFA Wealth Advisors LLC acquired a new position in Automatic Data Processing during the 2nd quarter worth $40,000. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Automatic Data Processing Stock Performance

Shares of ADP traded up $1.24 on Thursday, reaching $273.92. 502,932 shares of the stock traded hands, compared to its average volume of 1,642,473. The stock’s 50-day moving average price is $251.62 and its 200-day moving average price is $248.46. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a market cap of $112.11 billion, a price-to-earnings ratio of 30.43, a P/E/G ratio of 2.72 and a beta of 0.78. Automatic Data Processing, Inc. has a 12 month low of $205.53 and a 12 month high of $276.77.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings results on Wednesday, July 31st. The business services provider reported $2.09 EPS for the quarter, topping 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 firm had revenue of $4.80 billion during the quarter, compared to analysts’ expectations of $4.74 billion. During the same quarter last year, the company earned $1.89 earnings per share. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. Equities analysts forecast that Automatic Data Processing, Inc. will post 10.01 EPS for the current fiscal year.

Automatic Data Processing Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date is Friday, September 13th. Automatic Data Processing’s dividend payout ratio is currently 62.50%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on ADP shares. Bank of America upped their target price on Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. TD Cowen cut their target price on Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating on the stock in a research note on Thursday, May 2nd. Barclays upped 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 report on Monday, August 5th. Stifel Nicolaus lifted their price objective on shares of Automatic Data Processing from $271.00 to $287.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $267.00 target price on shares of Automatic Data Processing in a research report on Thursday, August 1st. Two 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $265.36.

Insider Transactions at Automatic Data Processing

In related news, VP David Kwon sold 846 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $270.60, for a total value of $228,927.60. Following the completion of the sale, the vice president now owns 10,410 shares of the company’s stock, valued at $2,816,946. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, VP Michael A. Bonarti sold 26,442 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $270.96, for a total value of $7,164,724.32. Following the transaction, the vice president now owns 88,426 shares of the company’s stock, valued at approximately $23,959,908.96. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP David Kwon sold 846 shares of Automatic Data Processing stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $270.60, for a total value of $228,927.60. Following the sale, the vice president now directly 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.

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.