AGF Management Ltd. Sells 996 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

AGF Management Ltd. reduced its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 4.2% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 22,747 shares of the business services provider’s stock after selling 996 shares during the period. AGF Management Ltd.’s holdings in Automatic Data Processing were worth $6,950,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of ADP. von Borstel & Associates Inc. bought a new stake in shares of Automatic Data Processing in the 1st quarter valued at about $30,000. Main Street Group LTD boosted its holdings in shares of Automatic Data Processing by 50.7% in the 4th quarter. Main Street Group LTD now owns 113 shares of the business services provider’s stock valued at $33,000 after buying an additional 38 shares in the last quarter. Y.D. More Investments Ltd bought a new stake in shares of Automatic Data Processing in the 1st quarter valued at about $35,000. Abound Wealth Management raised its position in shares of Automatic Data Processing by 58.1% in the 1st quarter. Abound Wealth Management now owns 117 shares of the business services provider’s stock valued at $36,000 after purchasing an additional 43 shares during the last quarter. Finally, Banque de Luxembourg S.A. purchased a new position in shares of Automatic Data Processing in the 4th quarter valued at approximately $37,000. 80.03% of the stock is currently owned by institutional investors.

Automatic Data Processing Stock Performance

ADP opened at $299.63 on Wednesday. Automatic Data Processing, Inc. has a 12-month low of $259.08 and a 12-month high of $329.93. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $121.36 billion, a PE ratio of 30.02, a P/E/G ratio of 2.79 and a beta of 0.81. The firm has a 50 day moving average of $307.15 and a two-hundred day moving average of $305.54.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings results on Wednesday, July 30th. The business services provider reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.23 by $0.03. The company had revenue of $5.13 billion during the quarter, compared to analyst estimates of $5.05 billion. Automatic Data Processing had a net margin of 19.84% and a return on equity of 72.84%. Automatic Data Processing’s revenue for the quarter was up 6.3% compared to the same quarter last year. During the same period last year, the firm posted $2.09 EPS. On average, analysts anticipate that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Automatic Data Processing Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be issued a dividend of $1.54 per share. This represents a $6.16 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, September 12th. Automatic Data Processing’s payout ratio is 61.72%.

Analyst Upgrades and Downgrades

ADP has been the subject of several research analyst reports. Morgan Stanley increased their price objective on shares of Automatic Data Processing from $310.00 to $311.00 and gave the company an “equal weight” rating in a research report on Thursday, July 31st. Mizuho increased their price objective on shares of Automatic Data Processing from $321.00 to $332.00 and gave the company an “outperform” rating in a research report on Friday, June 13th. Stifel Nicolaus increased their price objective on shares of Automatic Data Processing from $305.00 to $318.00 and gave the company a “hold” rating in a research report on Thursday, July 31st. UBS Group decreased their price objective on shares of Automatic Data Processing from $323.00 to $315.00 and set a “neutral” rating for the company in a research report on Friday, June 13th. Finally, TD Securities increased their price objective on shares of Automatic Data Processing from $298.00 to $321.00 and gave the company a “hold” rating in a research report on Wednesday, May 21st. One analyst has rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Automatic Data Processing has an average rating of “Hold” and a consensus target price of $314.33.

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.