King Luther Capital Management Corp Sells 687 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

King Luther Capital Management Corp decreased its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 0.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 73,673 shares of the business services provider’s stock after selling 687 shares during the period. King Luther Capital Management Corp’s holdings in Automatic Data Processing were worth $17,164,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADP. InterOcean Capital Group LLC raised its position in shares of Automatic Data Processing by 5.6% during the 4th quarter. InterOcean Capital Group LLC now owns 3,934 shares of the business services provider’s stock valued at $916,000 after purchasing an additional 207 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of Automatic Data Processing by 4.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,598 shares of the business services provider’s stock worth $372,000 after buying an additional 63 shares during the period. Cassaday & Co Wealth Management LLC lifted its stake in shares of Automatic Data Processing by 23.8% during the 4th quarter. Cassaday & Co Wealth Management LLC now owns 1,125 shares of the business services provider’s stock worth $262,000 after acquiring an additional 216 shares during the last quarter. Assetmark Inc. boosted its stake in shares of Automatic Data Processing by 9.5% during the fourth quarter. Assetmark Inc. now owns 2,892 shares of the business services provider’s stock valued at $674,000 after purchasing an additional 251 shares during the period. Finally, Quest Partners LLC bought a new stake in shares of Automatic Data Processing during the fourth quarter valued at approximately $793,000. Institutional investors own 80.03% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on ADP shares. Barclays boosted their price objective on shares of Automatic Data Processing from $280.00 to $282.00 and gave the stock an “overweight” rating in a research note on Thursday, May 2nd. Royal Bank of Canada reissued a “sector perform” rating and issued a $267.00 target price on shares of Automatic Data Processing in a research report on Thursday, February 1st. Evercore ISI upped their target price on Automatic Data Processing from $227.00 to $235.00 and gave the company an “underperform” rating in a research report on Tuesday, March 26th. JPMorgan Chase & Co. cut their target price on Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating on the stock in a research report on Thursday, May 2nd. Finally, Mizuho upped their price target on shares of Automatic Data Processing from $265.00 to $272.00 and gave the company a “buy” rating in a report on Monday, March 11th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Automatic Data Processing has an average rating of “Hold” and an average price target of $255.42.

Automatic Data Processing Stock Up 0.6 %

NASDAQ:ADP traded up $1.47 during midday trading on Wednesday, hitting $253.61. 342,432 shares of the company were exchanged, compared to its average volume of 1,689,840. The company has a fifty day simple moving average of $245.68 and a 200 day simple moving average of $240.81. Automatic Data Processing, Inc. has a fifty-two week low of $205.53 and a fifty-two week high of $256.84. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $103.80 billion, a PE ratio of 28.14, a price-to-earnings-growth ratio of 2.39 and a beta of 0.78.

Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, May 1st. The business services provider reported $2.88 earnings per share for the quarter, beating the consensus estimate of $2.79 by $0.09. Automatic Data Processing had a net margin of 19.56% and a return on equity of 93.09%. The business had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.22 billion. During the same quarter in the previous year, the firm earned $2.52 earnings per share. The business’s quarterly revenue was up 7.6% compared to the same quarter last year. As a group, equities analysts anticipate that Automatic Data Processing, Inc. will post 9.16 earnings per share for the current fiscal year.

Automatic Data Processing Announces Dividend

The firm 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 $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend is Friday, June 14th. Automatic Data Processing’s payout ratio is currently 62.50%.

Insider Transactions at Automatic Data Processing

In other news, VP Joseph Desilva sold 1,904 shares of the stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $255.00, for a total value of $485,520.00. Following the completion of the sale, the vice president now owns 17,179 shares of the company’s stock, valued at $4,380,645. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Sreenivasa Kutam sold 368 shares of the firm’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $247.01, for a total transaction of $90,899.68. Following the completion of the transaction, the vice president now owns 20,319 shares in the company, valued at approximately $5,018,996.19. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Joseph Desilva sold 1,904 shares of the firm’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 completion of the transaction, the vice president now owns 17,179 shares of the company’s stock, valued at $4,380,645. The disclosure for this sale can be found here. Insiders sold 2,966 shares of company stock valued at $749,524 over the last 90 days. Corporate insiders own 0.26% of the company’s stock.

Automatic Data Processing 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.