Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Sold by Covenant Asset Management LLC

Covenant Asset Management LLC trimmed its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 3.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 17,915 shares of the business services provider’s stock after selling 562 shares during the period. Automatic Data Processing accounts for about 0.8% of Covenant Asset Management LLC’s investment portfolio, making the stock its 18th largest position. Covenant Asset Management LLC’s holdings in Automatic Data Processing were worth $5,244,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Itau Unibanco Holding S.A. acquired a new stake in shares of Automatic Data Processing in the third quarter valued at approximately $26,000. Dunhill Financial LLC raised its holdings in shares of Automatic Data Processing by 346.5% in the third quarter. Dunhill Financial LLC now owns 106 shares of the business services provider’s stock worth $29,000 after acquiring an additional 149 shares during the last quarter. Sugar Maple Asset Management LLC purchased a new stake in shares of Automatic Data Processing in the fourth quarter valued at $37,000. Capital Performance Advisors LLP acquired a new stake in shares of Automatic Data Processing during the third quarter valued at $35,000. Finally, Wingate Wealth Advisors Inc. acquired a new position in Automatic Data Processing in the 4th quarter valued at about $37,000. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Automatic Data Processing

In other news, VP David Foskett sold 1,067 shares of Automatic Data Processing stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $286.15, for a total transaction of $305,322.05. Following the sale, the vice president now directly owns 6,140 shares of the company’s stock, valued at approximately $1,756,961. The trade was a 14.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Jonathan S. Lehberger sold 2,324 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $303.30, for a total value of $704,869.20. Following the sale, the vice president now owns 3,063 shares of the company’s stock, valued at approximately $929,007.90. This trade represents a 43.14 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,478 shares of company stock valued at $1,617,241. Corporate insiders own 0.21% of the company’s stock.

Automatic Data Processing Stock Performance

NASDAQ:ADP opened at $308.15 on Friday. The firm’s fifty day simple moving average is $297.49 and its 200 day simple moving average is $288.00. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.59. Automatic Data Processing, Inc. has a twelve month low of $231.27 and a twelve month high of $311.67. The firm has a market capitalization of $125.56 billion, a price-to-earnings ratio of 32.13, a PEG ratio of 3.60 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, January 29th. The business services provider reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.30 by $0.05. Automatic Data Processing had a return on equity of 80.86% and a net margin of 19.76%. As a group, equities research analysts expect that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Automatic Data Processing Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a dividend of $1.54 per share. The ex-dividend date is Friday, March 14th. This represents a $6.16 dividend on an annualized basis and a dividend yield of 2.00%. Automatic Data Processing’s dividend payout ratio is currently 64.23%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ADP. Mizuho lifted their price target on shares of Automatic Data Processing from $281.00 to $310.00 and gave the stock an “outperform” rating in a report on Monday, November 4th. UBS Group lifted their target price on shares of Automatic Data Processing from $270.00 to $295.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 22nd. TD Cowen increased their price target on Automatic Data Processing from $276.00 to $285.00 and gave the stock a “hold” rating in a research note on Friday, November 1st. StockNews.com downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Wednesday, February 5th. Finally, Barclays raised their price target on Automatic Data Processing from $325.00 to $350.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $293.55.

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.