DAVENPORT & Co LLC Lowers Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

DAVENPORT & Co LLC trimmed its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 65,762 shares of the business services provider’s stock after selling 657 shares during the quarter. DAVENPORT & Co LLC’s holdings in Automatic Data Processing were worth $19,251,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Accredited Investors Inc. lifted its holdings in shares of Automatic Data Processing by 4,431.5% during the third quarter. Accredited Investors Inc. now owns 2,315,295 shares of the business services provider’s stock valued at $640,712,000 after purchasing an additional 2,264,202 shares in the last quarter. International Assets Investment Management LLC raised its position in Automatic Data Processing by 28,478.6% in the 3rd quarter. International Assets Investment Management LLC now owns 1,194,587 shares of the business services provider’s stock worth $3,305,780,000 after buying an additional 1,190,407 shares during the last quarter. Holocene Advisors LP bought a new position in Automatic Data Processing during the 3rd quarter valued at about $160,920,000. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Automatic Data Processing by 332.3% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 623,341 shares of the business services provider’s stock valued at $172,497,000 after acquiring an additional 479,145 shares during the last quarter. Finally, State Street Corp grew its stake in shares of Automatic Data Processing by 2.4% in the third quarter. State Street Corp now owns 18,334,580 shares of the business services provider’s stock worth $5,098,541,000 after acquiring an additional 424,328 shares during the period. Institutional investors own 80.03% of the company’s stock.

Insider Buying and Selling at Automatic Data Processing

In other news, VP David Foskett sold 1,067 shares of the stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $286.15, for a total value of $305,322.05. Following the completion of the sale, the vice president now directly owns 6,140 shares in the company, valued at $1,756,961. This represents a 14.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Maria Black sold 721 shares of the business’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $291.59, for a total transaction of $210,236.39. Following the transaction, the chief executive officer now owns 68,856 shares in the company, valued at $20,077,721.04. The trade was a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,129 shares of company stock valued at $12,604,872 over the last quarter. 0.21% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ADP. Mizuho raised their target price 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. TD Cowen raised 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 cut Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Monday, January 27th. Barclays raised 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. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $315.00 price target on shares of Automatic Data Processing in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Automatic Data Processing presently has an average rating of “Hold” and an average price target of $291.27.

Automatic Data Processing Trading Down 0.1 %

Shares of NASDAQ:ADP opened at $303.01 on Monday. The business’s 50 day moving average price is $297.16 and its 200-day moving average price is $284.59. Automatic Data Processing, Inc. has a 1 year low of $231.27 and a 1 year high of $311.67. The firm has a market capitalization of $123.46 billion, a price-to-earnings ratio of 31.60, a price-to-earnings-growth ratio of 3.50 and a beta of 0.79. 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 (NASDAQ:ADP) last posted its quarterly earnings data on Wednesday, January 29th. The business services provider reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.30 by $0.05. Automatic Data Processing had a net margin of 19.76% and a return on equity of 81.85%. On average, equities research analysts forecast 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. Shareholders of record on Friday, March 14th will be paid a dividend of $1.54 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $6.16 annualized dividend and a yield of 2.03%. Automatic Data Processing’s dividend payout ratio (DPR) is currently 64.23%.

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.