Reynders McVeigh Capital Management LLC cut its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP – Get Rating) by 2.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 146,489 shares of the business services provider's stock after selling 2,931 shares during the quarter. Automatic Data Processing comprises 2.6% of Reynders McVeigh Capital Management LLC's portfolio, making the stock its 11th biggest position. Reynders McVeigh Capital Management LLC's holdings in Automatic Data Processing were worth $33,134,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wellington Shields & Co. LLC purchased a new stake in shares of Automatic Data Processing in the second quarter worth about $29,000. Cowa LLC purchased a new stake in shares of Automatic Data Processing in the third quarter worth about $34,000. Castle Wealth Management LLC purchased a new position in Automatic Data Processing in the second quarter valued at about $42,000. Arlington Partners LLC boosted its holdings in Automatic Data Processing by 505.9% in the second quarter. Arlington Partners LLC now owns 206 shares of the business services provider's stock valued at $43,000 after purchasing an additional 172 shares during the last quarter. Finally, Timber Creek Capital Management LLC purchased a new position in Automatic Data Processing in the third quarter valued at about $45,000. 79.24% of the stock is currently owned by institutional investors and hedge funds.
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Insider Buying and Selling
In other news, insider Carlos A. Rodriguez sold 52,254 shares of the company's stock in a transaction dated Thursday, January 5th. The shares were sold at an average price of $234.15, for a total value of $12,235,274.10. Following the sale, the insider now directly owns 44,481 shares of the company's stock, valued at approximately $10,415,226.15. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Automatic Data Processing news, VP Donald Weinstein sold 11,427 shares of the stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $240.83, for a total value of $2,751,964.41. Following the transaction, the vice president now directly owns 32,950 shares of the company's stock, valued at approximately $7,935,348.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Carlos A. Rodriguez sold 52,254 shares of the firm's stock in a transaction that occurred on Thursday, January 5th. The stock was sold at an average price of $234.15, for a total transaction of $12,235,274.10. Following the transaction, the insider now directly owns 44,481 shares in the company, valued at $10,415,226.15. The disclosure for this sale can be found here. In the last ninety days, insiders sold 106,350 shares of company stock valued at $25,301,670. Company insiders own 0.33% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research analysts have commented on ADP shares. Morgan Stanley increased their target price on Automatic Data Processing from $245.00 to $250.00 and gave the stock an "equal weight" rating in a report on Thursday, October 27th. Cowen increased their price target on Automatic Data Processing to $237.00 in a research report on Thursday, October 27th. JPMorgan Chase & Co. lowered their target price on Automatic Data Processing from $253.00 to $245.00 and set an "underweight" rating on the stock in a research report on Thursday, January 26th. Mizuho lowered their price target on Automatic Data Processing from $285.00 to $275.00 and set a "buy" rating on the stock in a research report on Thursday, January 26th. Finally, Barclays lowered their price target on Automatic Data Processing from $280.00 to $278.00 and set an "overweight" rating on the stock in a research report on Sunday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $243.50.
Automatic Data Processing Trading Up 0.2 %
Shares of ADP stock traded up $0.37 on Thursday, hitting $227.10. The stock had a trading volume of 387,230 shares, compared to its average volume of 2,071,224. Automatic Data Processing, Inc. has a twelve month low of $192.26 and a twelve month high of $274.92. The firm has a market cap of $94.21 billion, a P/E ratio of 30.11, a PEG ratio of 2.32 and a beta of 0.82. The company has a current ratio of 0.99, a quick ratio of 0.97 and a debt-to-equity ratio of 1.00. The company has a fifty day moving average price of $245.95 and a two-hundred day moving average price of $241.99.
Automatic Data Processing (NASDAQ:ADP – Get Rating) last announced its quarterly earnings results on Wednesday, January 25th. The business services provider reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $0.01. The company had revenue of $4.39 billion during the quarter, compared to analyst estimates of $4.39 billion. Automatic Data Processing had a net margin of 18.24% and a return on equity of 96.94%. The firm's revenue was up 9.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.65 EPS. As a group, analysts forecast that Automatic Data Processing, Inc. will post 8.12 earnings per share for the current fiscal year.
Automatic Data Processing Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Saturday, April 1st. Investors of record on Friday, March 10th will be paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend is Thursday, March 9th. Automatic Data Processing's payout ratio is presently 66.40%.
Automatic Data Processing Company Profile
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Automatic Data Processing, Inc engages in the provision of business outsourcing solutions specializing in cloud-based human capital management. It operates through the following business segments: Employer Services, Professional Employer Organization Services, and Other. The Employer Services segment provides clients ranging from single-employee small businesses to large enterprises with tens of thousands of employees around the world, offering a range of human resources outsourcing and technology-based human capital management solutions, including strategic, cloud-based platforms.
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