Coerente Capital Management Sells 737 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Coerente Capital Management lessened its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 0.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 100,996 shares of the business services provider’s stock after selling 737 shares during the quarter. Automatic Data Processing accounts for approximately 6.0% of Coerente Capital Management’s investment portfolio, making the stock its 4th biggest position. Coerente Capital Management’s holdings in Automatic Data Processing were worth $30,857,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of ADP. Main Street Group LTD boosted its holdings in shares of Automatic Data Processing by 50.7% in the 4th quarter. Main Street Group LTD now owns 113 shares of the business services provider’s stock valued at $33,000 after purchasing an additional 38 shares in the last quarter. Cyrus J. Lawrence LLC lifted its stake in shares of Automatic Data Processing by 121.8% in the 4th quarter. Cyrus J. Lawrence LLC now owns 122 shares of the business services provider’s stock valued at $35,000 after acquiring an additional 67 shares during the last quarter. Wingate Wealth Advisors Inc. bought a new position in shares of Automatic Data Processing in the 4th quarter valued at $37,000. Banque de Luxembourg S.A. bought a new position in shares of Automatic Data Processing in the 4th quarter valued at $37,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Automatic Data Processing in the 4th quarter valued at $37,000. Institutional investors and hedge funds own 80.03% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on ADP shares. TD Securities increased their price target on Automatic Data Processing from $298.00 to $321.00 and gave the company a “hold” rating in a research note on Wednesday, May 21st. Royal Bank of Canada reiterated a “sector perform” rating and issued a $315.00 price target on shares of Automatic Data Processing in a research note on Thursday, June 5th. Stifel Nicolaus increased their price target on Automatic Data Processing to $305.00 and gave the company a “buy” rating in a research note on Friday, May 2nd. Finally, UBS Group raised their target price on Automatic Data Processing from $318.00 to $324.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $305.64.

Automatic Data Processing Stock Performance

Shares of Automatic Data Processing stock opened at $312.36 on Thursday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.59. The business has a 50-day moving average price of $306.89 and a two-hundred day moving average price of $302.88. Automatic Data Processing, Inc. has a 1-year low of $231.27 and a 1-year high of $329.93. The company has a market cap of $126.79 billion, a P/E ratio of 32.57, a PEG ratio of 3.62 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings results on Wednesday, April 30th. The business services provider reported $3.06 earnings per share for the quarter, topping analysts’ consensus estimates of $2.97 by $0.09. The firm had revenue of $5.55 billion during the quarter, compared to the consensus estimate of $5.49 billion. Automatic Data Processing had a return on equity of 80.86% and a net margin of 19.76%. The business’s revenue was up 5.7% compared to the same quarter last year. During the same period last year, the business posted $2.88 EPS. As a group, analysts anticipate that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Automatic Data Processing Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be paid a $1.54 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $6.16 annualized dividend and a dividend yield of 1.97%. Automatic Data Processing’s dividend payout ratio is presently 63.05%.

Insider Activity

In other Automatic Data Processing news, VP Christopher D’ambrosio sold 478 shares of Automatic Data Processing stock in a transaction dated Thursday, April 10th. The stock was sold at an average price of $293.14, for a total transaction of $140,120.92. Following the completion of the transaction, the vice president now owns 7,364 shares in the company, valued at approximately $2,158,682.96. The trade was a 6.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Brian L. Michaud sold 1,500 shares of Automatic Data Processing stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $305.38, for a total value of $458,070.00. Following the transaction, the vice president now owns 12,073 shares of the company’s stock, valued at $3,686,852.74. This trade represents a 11.05% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by company insiders.

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.