Cardinal Capital Management Sells 313 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Cardinal Capital Management reduced its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 0.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,456 shares of the business services provider’s stock after selling 313 shares during the period. Automatic Data Processing makes up approximately 2.0% of Cardinal Capital Management’s holdings, making the stock its 10th largest holding. Cardinal Capital Management’s holdings in Automatic Data Processing were worth $13,036,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Automatic Data Processing by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 40,731,270 shares of the business services provider’s stock worth $11,923,265,000 after acquiring an additional 277,324 shares during the period. Geode Capital Management LLC boosted its holdings in Automatic Data Processing by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 10,583,607 shares of the business services provider’s stock worth $3,098,305,000 after acquiring an additional 65,965 shares during the period. Northern Trust Corp boosted its holdings in Automatic Data Processing by 17.1% in the 4th quarter. Northern Trust Corp now owns 6,174,419 shares of the business services provider’s stock worth $1,807,438,000 after acquiring an additional 902,354 shares during the period. Capital Research Global Investors boosted its holdings in Automatic Data Processing by 26.9% in the 4th quarter. Capital Research Global Investors now owns 6,136,763 shares of the business services provider’s stock worth $1,796,415,000 after acquiring an additional 1,299,390 shares during the period. Finally, Invesco Ltd. boosted its holdings in Automatic Data Processing by 6.0% in the 4th quarter. Invesco Ltd. now owns 3,886,552 shares of the business services provider’s stock worth $1,137,710,000 after acquiring an additional 219,032 shares during the period. 80.03% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Automatic Data Processing

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

Analyst Upgrades and Downgrades

ADP has been the topic of a number of recent analyst reports. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $315.00 target price on shares of Automatic Data Processing in a research report on Thursday, June 5th. Stifel Nicolaus upped their target price on Automatic Data Processing to $305.00 and gave the company a “buy” rating in a research report on Friday, May 2nd. TD Securities upped their target price on Automatic Data Processing from $298.00 to $321.00 and gave the company a “hold” rating in a research report on Wednesday, May 21st. Mizuho upped their target price on Automatic Data Processing from $321.00 to $332.00 and gave the company an “outperform” rating in a research report on Friday. Finally, UBS Group cut their target price on Automatic Data Processing from $323.00 to $315.00 and set a “neutral” rating on the stock in a research report on Friday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Automatic Data Processing has a consensus rating of “Hold” and an average target price of $306.82.

Automatic Data Processing Price Performance

Shares of ADP opened at $307.91 on Tuesday. The company has a market cap of $124.99 billion, a P/E ratio of 32.11, a PEG ratio of 3.62 and a beta of 0.79. The stock has a fifty day moving average price of $308.69 and a 200 day moving average price of $302.86. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.00 and a quick ratio of 1.00. Automatic Data Processing, Inc. has a 12 month low of $231.27 and a 12 month high of $329.93.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, April 30th. The business services provider reported $3.06 EPS 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 firm’s revenue was up 5.7% on a year-over-year basis. During the same period in the prior year, the business earned $2.88 EPS. On average, research analysts forecast that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.

Automatic Data Processing Dividend Announcement

The firm also recently declared 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 is Friday, June 13th. This represents a $6.16 annualized dividend and a dividend yield of 2.00%. Automatic Data Processing’s payout ratio is 63.05%.

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.