Parsons Capital Management Inc. RI decreased its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report) by 3.4% during the 4th quarter, HoldingsChannel.com reports. The firm owned 20,837 shares of the business services provider’s stock after selling 725 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Automatic Data Processing were worth $6,100,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Moloney Securities Asset Management LLC acquired a new position in Automatic Data Processing in the third quarter worth about $209,000. Nomura Asset Management Co. Ltd. grew its holdings in shares of Automatic Data Processing by 5.8% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 280,961 shares of the business services provider’s stock worth $77,750,000 after purchasing an additional 15,340 shares during the last quarter. RIA Advisory Group LLC acquired a new stake in shares of Automatic Data Processing during the 3rd quarter worth about $470,000. Dash Acquisitions Inc. lifted its holdings in Automatic Data Processing by 5.6% during the 3rd quarter. Dash Acquisitions Inc. now owns 52,329 shares of the business services provider’s stock valued at $15,069,000 after purchasing an additional 2,781 shares during the last quarter. Finally, DRW Securities LLC bought a new position in Automatic Data Processing during the 3rd quarter valued at about $951,000. 80.03% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several analysts have recently weighed in on ADP shares. TD Cowen raised their price objective on shares of Automatic Data Processing from $276.00 to $285.00 and gave the stock a “hold” rating in a report on Friday, November 1st. Mizuho lifted their price objective on Automatic Data Processing from $281.00 to $310.00 and gave the company an “outperform” rating in a research report on Monday, November 4th. Royal Bank of Canada increased their target price on Automatic Data Processing from $267.00 to $315.00 and gave the stock a “sector perform” rating in a report on Thursday, October 31st. Jefferies Financial Group raised their target price on Automatic Data Processing from $260.00 to $290.00 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. Finally, Barclays upped their price target on shares of Automatic Data Processing from $310.00 to $325.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $289.91.
Insider Activity at Automatic Data Processing
In other news, VP Sreenivasa Kutam sold 38,975 shares of Automatic Data Processing stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $300.00, for a total transaction of $11,692,500.00. Following the transaction, the vice president now owns 32,604 shares in the company, valued at $9,781,200. The trade was a 54.45 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Brian L. Michaud sold 362 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $293.83, for a total value of $106,366.46. Following the sale, the vice president now directly owns 13,706 shares of the company’s stock, valued at approximately $4,027,233.98. The trade was a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 42,129 shares of company stock worth $12,604,872 in the last ninety days. Company insiders own 0.21% of the company’s stock.
Automatic Data Processing Trading Up 0.4 %
Shares of NASDAQ ADP opened at $297.10 on Monday. The company’s 50 day simple moving average is $297.13 and its 200 day simple moving average is $282.77. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.01 and a quick ratio of 1.01. Automatic Data Processing, Inc. has a fifty-two week low of $231.27 and a fifty-two week high of $309.63. The firm has a market capitalization of $121.06 billion, a P/E ratio of 31.71, a P/E/G ratio of 3.45 and a beta of 0.79.
Automatic Data Processing (NASDAQ:ADP – Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.12. The business had revenue of $4.83 billion for the quarter, compared to analyst estimates of $4.77 billion. Automatic Data Processing had a return on equity of 82.36% and a net margin of 19.72%. The firm’s revenue was up 7.1% on a year-over-year basis. During the same period last year, the company earned $2.08 EPS. On average, analysts predict that Automatic Data Processing, Inc. will post 9.94 EPS for the current year.
Automatic Data Processing Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a $1.54 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $6.16 dividend on an annualized basis and a dividend yield of 2.07%. Automatic Data Processing’s dividend payout ratio (DPR) is presently 65.74%.
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.
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