Charles Schwab Investment Management Inc. Has $2.01 Billion Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Charles Schwab Investment Management Inc. decreased its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 0.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 8,626,458 shares of the business services provider’s stock after selling 43,625 shares during the quarter. Charles Schwab Investment Management Inc. owned 2.10% of Automatic Data Processing worth $2,009,706,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. OFI Invest Asset Management purchased a new stake in shares of Automatic Data Processing during the 3rd quarter worth about $25,000. Fortitude Family Office LLC purchased a new stake in shares of Automatic Data Processing during the 4th quarter worth about $35,000. Evolution Advisers Inc. bought a new position in shares of Automatic Data Processing in the 4th quarter valued at approximately $41,000. Raleigh Capital Management Inc. raised its stake in shares of Automatic Data Processing by 106.0% in the 3rd quarter. Raleigh Capital Management Inc. now owns 173 shares of the business services provider’s stock valued at $42,000 after acquiring an additional 89 shares in the last quarter. Finally, Bfsg LLC bought a new position in shares of Automatic Data Processing in the 4th quarter valued at approximately $42,000. Institutional investors and hedge funds own 80.03% of the company’s stock.

Automatic Data Processing Trading Down 1.0 %

NASDAQ:ADP traded down $2.47 on Wednesday, reaching $242.65. The company’s stock had a trading volume of 458,697 shares, compared to its average volume of 1,766,055. Automatic Data Processing, Inc. has a 1-year low of $205.53 and a 1-year high of $256.84. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a market cap of $99.31 billion, a PE ratio of 27.36, a PEG ratio of 2.30 and a beta of 0.78. The business’s 50-day moving average price is $245.29 and its two-hundred day moving average price is $238.95.

Automatic Data Processing (NASDAQ:ADP) last posted its earnings results on Wednesday, May 1st. The business services provider reported $2.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.79 by $0.09. The firm had revenue of $5.30 billion during the quarter, compared to analysts’ expectations of $5.22 billion. Automatic Data Processing had a return on equity of 93.09% and a net margin of 19.56%. The company’s revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the firm earned $2.52 earnings per share. Equities research analysts anticipate that Automatic Data Processing, Inc. will post 9.15 earnings per share for the current fiscal year.

Automatic Data Processing Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a dividend of $1.40 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $5.60 annualized dividend and a dividend yield of 2.31%. Automatic Data Processing’s dividend payout ratio is currently 62.50%.

Analyst Ratings Changes

A number of research analysts recently weighed in on ADP shares. TD Cowen cut their price objective on Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating on the stock in a research note on Thursday, May 2nd. Barclays raised their target price on Automatic Data Processing from $280.00 to $282.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. Bank of America raised Automatic Data Processing from an “underperform” rating to a “neutral” rating and raised their target price for the company from $217.00 to $243.00 in a report on Wednesday, January 17th. Mizuho lifted their price objective on Automatic Data Processing from $265.00 to $272.00 and gave the stock a “buy” rating in a report on Monday, March 11th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $267.00 price objective on shares of Automatic Data Processing in a report on Thursday, February 1st. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $255.42.

Insider Transactions at Automatic Data Processing

In related news, VP Sreenivasa Kutam sold 694 shares of the company’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $249.43, for a total transaction of $173,104.42. Following the sale, the vice president now owns 20,687 shares in the company, valued at $5,159,958.41. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Joseph Desilva sold 1,904 shares of the company’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $255.00, for a total transaction of $485,520.00. Following the sale, the vice president now owns 17,179 shares in the company, valued at $4,380,645. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Sreenivasa Kutam sold 694 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $249.43, for a total value of $173,104.42. Following the completion of the sale, the vice president now owns 20,687 shares in the company, valued at approximately $5,159,958.41. The disclosure for this sale can be found here. Insiders sold 2,966 shares of company stock valued at $749,524 over the last three months. Company insiders own 0.26% of the company’s stock.

About Automatic Data Processing

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.