Automatic Data Processing, Inc. $ADP Shares Sold by Allen Wealth Management LLC

Allen Wealth Management LLC reduced its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 9.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,009 shares of the business services provider’s stock after selling 100 shares during the period. Allen Wealth Management LLC’s holdings in Automatic Data Processing were worth $308,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of ADP. Brooklyn Investment Group increased its stake in Automatic Data Processing by 32.0% in the 1st quarter. Brooklyn Investment Group now owns 3,390 shares of the business services provider’s stock worth $1,036,000 after purchasing an additional 822 shares in the last quarter. Freestone Capital Holdings LLC increased its stake in Automatic Data Processing by 0.7% in the 1st quarter. Freestone Capital Holdings LLC now owns 17,445 shares of the business services provider’s stock worth $5,330,000 after purchasing an additional 118 shares in the last quarter. Corient IA LLC purchased a new position in Automatic Data Processing in the 1st quarter worth about $306,000. Northwest & Ethical Investments L.P. increased its stake in Automatic Data Processing by 9.1% in the 1st quarter. Northwest & Ethical Investments L.P. now owns 110,513 shares of the business services provider’s stock worth $33,765,000 after purchasing an additional 9,218 shares in the last quarter. Finally, Roberts Capital Advisors LLC purchased a new position in Automatic Data Processing in the 1st quarter worth about $601,000. 80.03% of the stock is owned by institutional investors and hedge funds.

Automatic Data Processing Stock Up 0.0%

ADP opened at $301.79 on Monday. The business has a 50 day moving average price of $305.74 and a 200 day moving average price of $305.62. Automatic Data Processing, Inc. has a twelve month low of $262.21 and a twelve month high of $329.93. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market cap of $122.24 billion, a P/E ratio of 30.24, a price-to-earnings-growth ratio of 2.77 and a beta of 0.81.

Automatic Data Processing (NASDAQ:ADP) last posted its earnings results on Wednesday, July 30th. The business services provider reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.23 by $0.03. The firm had revenue of $5.13 billion during the quarter, compared to analyst estimates of $5.05 billion. Automatic Data Processing had a return on equity of 72.84% and a net margin of 19.84%. The company’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same period in the previous year, the company earned $2.09 EPS. Research analysts forecast that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Automatic Data Processing Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be given a $1.54 dividend. This represents a $6.16 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, September 12th. Automatic Data Processing’s payout ratio is currently 61.72%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on ADP shares. Stifel Nicolaus lifted their price target on Automatic Data Processing from $305.00 to $318.00 and gave the stock a “hold” rating in a research note on Thursday, July 31st. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $315.00 target price on shares of Automatic Data Processing in a research note on Thursday, June 5th. UBS Group lowered their target price on Automatic Data Processing from $323.00 to $315.00 and set a “neutral” rating on the stock in a research note on Friday, June 13th. Mizuho lifted their target price 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, BMO Capital Markets raised Automatic Data Processing to a “hold” rating and set a $340.00 target price on the stock in a research note on Thursday, July 10th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $314.33.

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.