Automatic Data Processing, Inc. (NASDAQ:ADP) Stock Position Trimmed by Allstate Corp

Allstate Corp trimmed its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 12.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,383 shares of the business services provider’s stock after selling 205 shares during the quarter. Allstate Corp’s holdings in Automatic Data Processing were worth $322,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ardent Capital Management Inc. bought a new stake in shares of Automatic Data Processing during the 3rd quarter worth about $392,000. Americana Partners LLC raised its position in shares of Automatic Data Processing by 3.1% during the 3rd quarter. Americana Partners LLC now owns 22,228 shares of the business services provider’s stock worth $5,330,000 after buying an additional 660 shares in the last quarter. Everence Capital Management Inc. raised its position in shares of Automatic Data Processing by 28.5% during the 4th quarter. Everence Capital Management Inc. now owns 17,150 shares of the business services provider’s stock worth $3,995,000 after buying an additional 3,800 shares in the last quarter. Cyndeo Wealth Partners LLC raised its position in shares of Automatic Data Processing by 36.7% during the 4th quarter. Cyndeo Wealth Partners LLC now owns 19,800 shares of the business services provider’s stock worth $4,613,000 after buying an additional 5,318 shares in the last quarter. Finally, BKM Wealth Management LLC bought a new stake in shares of Automatic Data Processing during the 4th quarter worth about $1,635,000. 80.03% of the stock is currently owned by institutional investors.

Automatic Data Processing Stock Down 0.6 %

ADP traded down $1.52 on Friday, reaching $249.97. 183,555 shares of the company traded hands, compared to its average volume of 1,678,202. The stock’s 50 day moving average price is $246.04 and its 200-day moving average price is $240.98. Automatic Data Processing, Inc. has a 52-week low of $205.53 and a 52-week high of $256.84. The company has a market cap of $102.31 billion, a price-to-earnings ratio of 28.07, a PEG ratio of 2.79 and a beta of 0.78. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.01 and a quick ratio of 1.01.

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 net margin of 19.56% and a return on equity of 93.09%. The company’s revenue was up 7.6% compared to the same quarter last year. During the same period in the previous year, the company earned $2.52 earnings per share. On average, sell-side analysts expect that Automatic Data Processing, Inc. will post 9.17 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date is Friday, June 14th. Automatic Data Processing’s dividend payout ratio (DPR) is presently 62.50%.

Insider Buying and Selling at Automatic Data Processing

In other news, VP Sreenivasa Kutam sold 368 shares of the business’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $247.01, for a total value of $90,899.68. Following the completion of the sale, the vice president now directly owns 20,319 shares in the company, valued at $5,018,996.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Mizuho lifted their price objective on shares of Automatic Data Processing from $265.00 to $272.00 and gave the stock a “buy” rating in a research note on Monday, March 11th. StockNews.com downgraded shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Tuesday, March 19th. 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. TD Cowen dropped their target price on shares of Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating on the stock in a research report on Thursday, May 2nd. Finally, JPMorgan Chase & Co. dropped their target price on shares of 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. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $255.42.

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.