Prosperity Consulting Group LLC Sells 2,406 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Prosperity Consulting Group LLC lessened its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 13.1% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 15,891 shares of the business services provider’s stock after selling 2,406 shares during the period. Prosperity Consulting Group LLC’s holdings in Automatic Data Processing were worth $3,793,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Keener Financial Planning LLC grew its stake in shares of Automatic Data Processing by 230.3% during the 1st 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 during the period. Crewe Advisors LLC purchased a new stake in Automatic Data Processing during the first quarter valued at about $33,000. Pathway Financial Advisers LLC purchased a new stake in Automatic Data Processing during the first quarter valued at about $36,000. New Millennium Group LLC bought a new position in Automatic Data Processing during the second quarter worth about $40,000. Finally, Pineridge Advisors LLC purchased a new position in shares of Automatic Data Processing in the fourth quarter worth about $39,000. Institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Trading Down 0.3 %

Shares of ADP opened at $277.51 on Friday. Automatic Data Processing, Inc. has a 1-year low of $205.53 and a 1-year high of $279.58. The company has a market capitalization of $113.17 billion, a P/E ratio of 30.97, a P/E/G ratio of 3.02 and a beta of 0.79. 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’s 50 day simple moving average is $260.52 and its 200 day simple moving average is $250.55.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings data on Wednesday, July 31st. The business services provider reported $2.09 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $4.74 billion. During the same quarter last year, the company posted $1.89 EPS. The business’s quarterly revenue was up 7.2% on a year-over-year basis. Sell-side analysts forecast that Automatic Data Processing, Inc. will post 10.04 earnings per share for the current fiscal year.

Automatic Data Processing Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 2.02%. The ex-dividend date is Friday, September 13th. Automatic Data Processing’s dividend payout ratio (DPR) is currently 62.50%.

Insider Transactions at Automatic Data Processing

In other Automatic Data Processing news, VP Michael A. Bonarti sold 26,442 shares of Automatic Data Processing stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $270.96, for a total transaction of $7,164,724.32. Following the transaction, the vice president now directly owns 88,426 shares of the company’s stock, valued at $23,959,908.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Maria Black sold 19,147 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $274.38, for a total transaction of $5,253,553.86. Following the completion of the sale, the chief executive officer now directly owns 92,807 shares in the company, valued at approximately $25,464,384.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael A. Bonarti sold 26,442 shares of Automatic Data Processing stock in a transaction that occurred 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 completion of the transaction, the vice president now directly owns 88,426 shares in the company, valued at $23,959,908.96. The disclosure for this sale can be found here. In the last three months, insiders sold 58,817 shares of company stock worth $15,999,208. 0.26% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts recently commented on ADP shares. StockNews.com raised shares of Automatic Data Processing from a “hold” rating to a “buy” rating in a report on Monday, September 9th. Bank of America lifted their price target on Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. Barclays boosted their price objective on Automatic Data Processing from $282.00 to $310.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. Jefferies Financial Group raised their target price on 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, Royal Bank of Canada reissued a “sector perform” rating and issued a $267.00 price target on shares of Automatic Data Processing in a report on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Automatic Data Processing has a consensus rating of “Hold” and a consensus target price of $265.36.

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.