Townsend Asset Management Corp NC ADV Has $1.88 Million Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Townsend Asset Management Corp NC ADV decreased its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 3.8% during the first quarter, HoldingsChannel.com reports. The fund owned 6,145 shares of the business services provider’s stock after selling 245 shares during the period. Townsend Asset Management Corp NC ADV’s holdings in Automatic Data Processing were worth $1,877,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. AMG National Trust Bank boosted its position in Automatic Data Processing by 0.3% in the fourth quarter. AMG National Trust Bank now owns 11,334 shares of the business services provider’s stock valued at $3,318,000 after buying an additional 33 shares in the last quarter. Sentinus LLC lifted its stake in shares of Automatic Data Processing by 2.3% in the 4th quarter. Sentinus LLC now owns 1,548 shares of the business services provider’s stock valued at $453,000 after acquiring an additional 35 shares during the last quarter. Rehmann Capital Advisory Group boosted its holdings in shares of Automatic Data Processing by 1.0% during the 4th quarter. Rehmann Capital Advisory Group now owns 3,686 shares of the business services provider’s stock valued at $1,079,000 after acquiring an additional 36 shares in the last quarter. Canton Hathaway LLC grew its position in Automatic Data Processing by 6.7% during the 4th quarter. Canton Hathaway LLC now owns 593 shares of the business services provider’s stock worth $174,000 after acquiring an additional 37 shares during the last quarter. Finally, Delta Financial Advisors LLC increased its holdings in Automatic Data Processing by 0.3% in the 4th quarter. Delta Financial Advisors LLC now owns 14,572 shares of the business services provider’s stock worth $4,266,000 after purchasing an additional 37 shares in the last quarter. Institutional investors and hedge funds own 80.03% of the company’s stock.

Insiders Place Their Bets

In other news, VP Brian L. Michaud sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $305.38, for a total transaction of $458,070.00. Following the completion of the sale, the vice president now owns 12,073 shares in the company, valued at $3,686,852.74. The trade was a 11.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Christopher D’ambrosio sold 478 shares of the company’s stock in a transaction that occurred 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 transaction, the vice president now directly owns 7,364 shares in the company, valued at $2,158,682.96. The trade was a 6.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.21% of the company’s stock.

Automatic Data Processing Stock Down 0.3%

Shares of NASDAQ:ADP opened at $306.77 on Thursday. Automatic Data Processing, Inc. has a 1 year low of $231.27 and a 1 year high of $329.93. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.02 and a quick ratio of 1.02. The business’s 50-day moving average is $309.19 and its 200-day moving average is $302.92. The company has a market capitalization of $124.52 billion, a price-to-earnings ratio of 31.40, a P/E/G ratio of 3.19 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 (EPS) for the quarter, beating the consensus estimate of $2.97 by $0.09. The firm had revenue of $5.55 billion for the quarter, compared to analyst estimates of $5.49 billion. Automatic Data Processing had a return on equity of 77.33% and a net margin of 19.79%. The company’s revenue was up 5.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.88 earnings per share. Equities research analysts predict that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.

Automatic Data Processing Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be paid a dividend of $1.54 per share. This represents a $6.16 annualized dividend and a yield of 2.01%. The ex-dividend date is Friday, June 13th. Automatic Data Processing’s dividend payout ratio is presently 63.05%.

Wall Street Analyst Weigh In

ADP has been the topic of several research reports. Royal Bank Of Canada restated a “sector perform” rating and set a $315.00 price target on shares of Automatic Data Processing in a report on Thursday, June 5th. Morgan Stanley boosted their price objective on shares of Automatic Data Processing from $305.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Tuesday. 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 report on Friday, June 13th. Mizuho increased their price target on Automatic Data Processing from $321.00 to $332.00 and gave the company an “outperform” rating in a research note on Friday, June 13th. Finally, Stifel Nicolaus raised their price objective on Automatic Data Processing to $305.00 and gave the stock a “buy” rating in a research report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Automatic Data Processing currently has an average rating of “Hold” and an average target price of $307.08.

About Automatic Data Processing

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.