Latitude Advisors LLC Grows Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

Latitude Advisors LLC raised its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 15.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 895 shares of the business services provider’s stock after purchasing an additional 118 shares during the period. Latitude Advisors LLC’s holdings in Automatic Data Processing were worth $273,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ADP. AMG National Trust Bank increased its holdings in shares of Automatic Data Processing by 0.3% in the 4th quarter. AMG National Trust Bank now owns 11,334 shares of the business services provider’s stock valued at $3,318,000 after acquiring an additional 33 shares during the period. Sentinus LLC boosted its stake in Automatic Data Processing by 2.3% during the 4th quarter. Sentinus LLC now owns 1,548 shares of the business services provider’s stock worth $453,000 after purchasing an additional 35 shares during the period. Rehmann Capital Advisory Group grew its position in 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 worth $1,079,000 after purchasing an additional 36 shares during the last quarter. Detalus Advisors LLC increased its stake in Automatic Data Processing by 2.4% in the first quarter. Detalus Advisors LLC now owns 1,566 shares of the business services provider’s stock valued at $478,000 after purchasing an additional 37 shares during the period. Finally, Main Street Group LTD boosted its stake in shares of Automatic Data Processing by 50.7% during the fourth quarter. Main Street Group LTD now owns 113 shares of the business services provider’s stock worth $33,000 after buying an additional 38 shares during the period. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Insider Buying and Selling

In other Automatic Data Processing news, VP Christopher D’ambrosio sold 478 shares of the business’s stock in a transaction on Thursday, April 10th. The shares were sold at an average price of $293.14, for a total transaction of $140,120.92. Following the completion of the sale, the vice president owned 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.21% of the stock is currently owned by corporate insiders.

Automatic Data Processing Trading Down 1.6%

ADP opened at $305.05 on Thursday. The firm’s 50 day moving average is $311.57 and its 200-day moving average is $303.25. Automatic Data Processing, Inc. has a 52-week low of $231.27 and a 52-week high of $329.93. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $123.83 billion, a P/E ratio of 31.22, a P/E/G ratio of 2.88 and a beta of 0.76.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings results on Wednesday, April 30th. The business services provider reported $3.06 earnings per share for the quarter, beating analysts’ consensus estimates of $2.97 by $0.09. Automatic Data Processing had a net margin of 19.79% and a return on equity of 77.33%. The business had revenue of $5.55 billion during the quarter, compared to analyst estimates of $5.49 billion. During the same period last year, the business earned $2.88 EPS. The business’s revenue was up 5.7% on a year-over-year basis. Analysts expect that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th were paid a $1.54 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $6.16 dividend on an annualized basis and a dividend yield of 2.02%. Automatic Data Processing’s dividend payout ratio (DPR) is presently 63.05%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ADP. Morgan Stanley upped their price target on Automatic Data Processing from $305.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 17th. UBS Group reduced their price target on shares of Automatic Data Processing from $323.00 to $315.00 and set a “neutral” rating on the stock in a report on Friday, June 13th. TD Securities raised their price objective on shares of Automatic Data Processing from $298.00 to $321.00 and gave the stock a “hold” rating in a research note on Wednesday, May 21st. Royal Bank Of Canada restated a “sector perform” rating and issued a $315.00 price objective on shares of Automatic Data Processing in a research report on Thursday, June 5th. Finally, Mizuho raised their price target on shares of Automatic Data Processing from $321.00 to $332.00 and gave the stock an “outperform” rating in a research note on Friday, June 13th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $307.08.

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.