Automatic Data Processing, Inc. $ADP Shares Sold by Biltmore Family Office LLC

Biltmore Family Office LLC reduced its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 9.8% during the 2nd quarter, Holdings Channel reports. The fund owned 13,773 shares of the business services provider’s stock after selling 1,495 shares during the quarter. Automatic Data Processing makes up approximately 0.7% of Biltmore Family Office LLC’s investment portfolio, making the stock its 25th biggest position. Biltmore Family Office LLC’s holdings in Automatic Data Processing were worth $4,269,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of ADP. Activest Wealth Management increased its holdings in Automatic Data Processing by 2,600.0% in the first quarter. Activest Wealth Management now owns 81 shares of the business services provider’s stock valued at $25,000 after buying an additional 78 shares during the last quarter. Harbor Asset Planning Inc. purchased a new position in Automatic Data Processing in the second quarter valued at $26,000. Mid American Wealth Advisory Group Inc. purchased a new position in Automatic Data Processing in the second quarter valued at $26,000. Solstein Capital LLC purchased a new position in Automatic Data Processing in the second quarter valued at $28,000. Finally, Clarity Asset Management Inc. purchased a new position in Automatic Data Processing in the first quarter valued at $29,000. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Stock Performance

Shares of ADP stock opened at $279.63 on Wednesday. The stock’s 50-day moving average is $292.39 and its two-hundred day moving average is $302.08. The firm has a market cap of $113.28 billion, a price-to-earnings ratio of 28.02, a PEG ratio of 2.57 and a beta of 0.82. Automatic Data Processing, Inc. has a 1 year low of $272.62 and a 1 year 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.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, July 30th. The business services provider reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.23 by $0.03. The company had revenue of $5.13 billion for 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 business’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same quarter last year, the company posted $2.09 earnings per share. 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 declared a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Friday, September 12th were issued a dividend of $1.54 per share. The ex-dividend date of this dividend was Friday, September 12th. This represents a $6.16 dividend on an annualized basis and a dividend yield of 2.2%. Automatic Data Processing’s dividend payout ratio (DPR) is currently 61.72%.

Insider Activity

In related news, VP Joseph Desilva sold 4,614 shares of the firm’s stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $296.57, for a total transaction of $1,368,373.98. Following the transaction, the vice president owned 17,536 shares of the company’s stock, valued at $5,200,651.52. This trade represents a 20.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Don Mcguire sold 13,599 shares of the firm’s stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $296.57, for a total value of $4,033,055.43. Following the transaction, the vice president directly owned 17,684 shares in the company, valued at approximately $5,244,543.88. This represents a 43.47% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 52,516 shares of company stock valued at $15,632,410. Insiders own 0.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Dbs Bank raised Automatic Data Processing to a “hold” rating in a report on Thursday, August 21st. BMO Capital Markets raised Automatic Data Processing to a “hold” rating and set a $340.00 target price on the stock in a report on Thursday, July 10th. UBS Group dropped their price objective on Automatic Data Processing from $315.00 to $290.00 and set a “neutral” rating on the stock in a report on Wednesday, September 17th. Stifel Nicolaus raised their price objective on Automatic Data Processing from $305.00 to $318.00 and gave the stock a “hold” rating in a report on Thursday, July 31st. Finally, Wells Fargo & Company started coverage on Automatic Data Processing in a report on Wednesday, October 22nd. They set an “underweight” rating and a $288.00 price objective on the stock. Three analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $313.17.

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.