Linscomb Wealth Inc. Lowers Stock Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Linscomb Wealth Inc. cut its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 10.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,125 shares of the business services provider’s stock after selling 491 shares during the quarter. Linscomb Wealth Inc.’s holdings in Automatic Data Processing were worth $1,142,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Kiely Wealth Advisory Group Inc. acquired a new stake in shares of Automatic Data Processing during the 2nd quarter worth $27,000. Hexagon Capital Partners LLC grew its position in Automatic Data Processing by 78.5% during the third quarter. Hexagon Capital Partners LLC now owns 116 shares of the business services provider’s stock valued at $32,000 after acquiring an additional 51 shares during the period. Capital Performance Advisors LLP acquired a new stake in Automatic Data Processing during the third quarter worth about $35,000. Crewe Advisors LLC purchased a new position in shares of Automatic Data Processing in the 1st quarter worth about $33,000. Finally, Pathway Financial Advisers LLC acquired a new position in shares of Automatic Data Processing in the 1st quarter valued at about $36,000. 80.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently commented on ADP. StockNews.com lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Thursday, September 19th. Stifel Nicolaus lifted their target price on shares of Automatic Data Processing from $271.00 to $287.00 and gave the company a “hold” rating in a report on Thursday, August 1st. UBS Group increased their price target on Automatic Data Processing from $270.00 to $295.00 and gave the company a “neutral” rating in a report on Tuesday, October 22nd. TD Cowen boosted their price objective 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. Finally, Barclays upped their target price on 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 research analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $289.91.

Insider Transactions at Automatic Data Processing

In other news, VP David Kwon sold 846 shares of the company’s stock in a transaction that occurred on 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 directly owns 10,410 shares of the company’s stock, valued at approximately $2,816,946. This represents a 7.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Carlos A. Rodriguez sold 9,203 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $269.45, for a total value of $2,479,748.35. Following the completion of the sale, the director now directly owns 36,741 shares in the company, valued at approximately $9,899,862.45. This trade represents a 20.03 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 97,792 shares of company stock worth $27,691,708. 0.21% of the stock is currently owned by corporate insiders.

Automatic Data Processing Price Performance

ADP stock opened at $297.64 on Friday. The stock’s 50 day moving average is $287.23 and its two-hundred day moving average is $263.87. Automatic Data Processing, Inc. has a 52-week low of $227.12 and a 52-week high of $309.37. The company has a market capitalization of $121.28 billion, a PE ratio of 31.77, a P/E/G ratio of 3.58 and a beta of 0.79. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.56.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.21 by $0.12. Automatic Data Processing had a net margin of 19.72% and a return on equity of 82.36%. The business had revenue of $4.83 billion during the quarter, compared to analyst estimates of $4.77 billion. During the same quarter in the previous year, the firm earned $2.08 earnings per share. The business’s revenue was up 7.1% compared to the same quarter last year. Analysts predict that Automatic Data Processing, Inc. will post 9.94 earnings per share for the current fiscal year.

Automatic Data Processing Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be issued a dividend of $1.54 per share. This represents a $6.16 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date is Friday, December 13th. This is an increase from Automatic Data Processing’s previous quarterly dividend of $1.40. Automatic Data Processing’s dividend payout ratio (DPR) is currently 59.77%.

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.