Automatic Data Processing, Inc. (NASDAQ:ADP) Holdings Cut by Meyer Handelman Co.

Meyer Handelman Co. decreased its stake in Automatic Data Processing, Inc. (NASDAQ:ADPGet Rating) by 1.1% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 77,701 shares of the business services provider’s stock after selling 900 shares during the quarter. Meyer Handelman Co.’s holdings in Automatic Data Processing were worth $16,320,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADP. First Hawaiian Bank lifted its position in shares of Automatic Data Processing by 1.1% during the 1st quarter. First Hawaiian Bank now owns 4,176 shares of the business services provider’s stock valued at $950,000 after buying an additional 45 shares in the last quarter. Lindbrook Capital LLC lifted its position in shares of Automatic Data Processing by 1.4% during the 1st quarter. Lindbrook Capital LLC now owns 3,302 shares of the business services provider’s stock valued at $751,000 after buying an additional 46 shares in the last quarter. Atlantic Union Bankshares Corp lifted its position in shares of Automatic Data Processing by 0.4% during the 1st quarter. Atlantic Union Bankshares Corp now owns 10,589 shares of the business services provider’s stock valued at $2,409,000 after buying an additional 47 shares in the last quarter. Jacobi Capital Management LLC lifted its holdings in Automatic Data Processing by 0.8% in the 1st quarter. Jacobi Capital Management LLC now owns 5,585 shares of the business services provider’s stock worth $1,271,000 after purchasing an additional 47 shares in the last quarter. Finally, Empowered Funds LLC lifted its holdings in Automatic Data Processing by 1.4% in the 1st quarter. Empowered Funds LLC now owns 3,480 shares of the business services provider’s stock worth $792,000 after purchasing an additional 48 shares in the last quarter. Hedge funds and other institutional investors own 79.06% of the company’s stock.

Wall Street Analyst Weigh In

ADP has been the topic of a number of research reports. Cowen lifted their price objective on Automatic Data Processing from $230.00 to $236.00 in a research note on Tuesday. Barclays lifted their price objective on Automatic Data Processing to $280.00 in a research note on Tuesday, August 9th. Wolfe Research reduced their price objective on Automatic Data Processing from $235.00 to $210.00 in a research note on Wednesday, July 20th. Cowen boosted their target price on Automatic Data Processing from $230.00 to $236.00 in a research report on Tuesday. Finally, Morgan Stanley boosted their target price on Automatic Data Processing from $235.00 to $245.00 and gave the company an “equal weight” rating in a research report on Thursday, July 28th. Nine analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Automatic Data Processing presently has an average rating of “Hold” and a consensus price target of $236.85.

Insider Activity

In related news, CEO Carlos A. Rodriguez sold 58,864 shares of the firm’s stock in a transaction dated Thursday, September 8th. The stock was sold at an average price of $236.69, for a total transaction of $13,932,520.16. Following the sale, the chief executive officer now directly owns 44,426 shares of the company’s stock, valued at $10,515,189.94. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Automatic Data Processing news, CEO Carlos A. Rodriguez sold 58,864 shares of the stock in a transaction that occurred on Thursday, September 8th. The stock was sold at an average price of $236.69, for a total transaction of $13,932,520.16. Following the transaction, the chief executive officer now owns 44,426 shares in the company, valued at $10,515,189.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Carlos A. Rodriguez sold 37,594 shares of the stock in a transaction that occurred on Tuesday, September 13th. The stock was sold at an average price of $237.95, for a total value of $8,945,492.30. Following the transaction, the chief executive officer now owns 44,426 shares in the company, valued at approximately $10,571,166.70. The disclosure for this sale can be found here. Over the last three months, insiders have sold 107,349 shares of company stock valued at $25,576,129. Company insiders own 0.34% of the company’s stock.

Automatic Data Processing Stock Performance

Shares of ADP stock traded down $0.65 during mid-day trading on Friday, reaching $229.82. The stock had a trading volume of 24,713 shares, compared to its average volume of 1,759,723. The business’s fifty day moving average is $240.78 and its 200-day moving average is $225.72. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.93. The firm has a market cap of $95.49 billion, a price-to-earnings ratio of 32.88, a PEG ratio of 2.39 and a beta of 0.82. Automatic Data Processing, Inc. has a 1-year low of $192.26 and a 1-year high of $261.59.

Automatic Data Processing (NASDAQ:ADPGet Rating) last announced its quarterly earnings data on Wednesday, July 27th. The business services provider reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $1.48 by $0.02. The business had revenue of $4.13 billion for the quarter, compared to analyst estimates of $4.05 billion. Automatic Data Processing had a return on equity of 66.25% and a net margin of 17.87%. The company’s revenue was up 10.5% on a year-over-year basis. During the same period in the prior year, the company earned $1.20 earnings per share. On average, research analysts forecast that Automatic Data Processing, Inc. will post 8.05 earnings per share for the current year.

Automatic Data Processing Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, October 1st. Stockholders of record on Friday, September 9th will be issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date is Thursday, September 8th. Automatic Data Processing’s dividend payout ratio is presently 59.34%.

About Automatic Data Processing

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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.

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Institutional Ownership by Quarter for Automatic Data Processing (NASDAQ:ADP)

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