Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Sold by AGF Management Ltd.

Key Points

• AGF Management Ltd. has reduced its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 4.2%, selling 996 shares and holding a total of 22,747 shares valued at approximately $6.95 million.
• Automatic Data Processing's recent earnings report showed an EPS of $2.26, surpassing expectations, with revenue of $5.13 billion, marking a 6.3% increase year-over-year.
• The company announced a quarterly dividend of $1.54 per share, with a yield of 2.1%, to be paid to shareholders on October 1st.

AGF Management Ltd. decreased its position in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 4.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund 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.

Several other hedge funds have also added to or reduced their stakes in ADP. Brighton Jones LLC boosted its stake in shares of Automatic Data Processing by 92.1% during the 4th quarter. Brighton Jones LLC now owns 10,026 shares of the business services provider's stock worth $2,935,000 after acquiring an additional 4,808 shares during the period. Bank Pictet & Cie Europe AG acquired a new position in shares of Automatic Data Processing during the 4th quarter worth $957,000. SageView Advisory Group LLC boosted its position in shares of Automatic Data Processing by 7.0% during the 4th quarter. SageView Advisory Group LLC now owns 1,122 shares of the business services provider's stock valued at $328,000 after purchasing an additional 73 shares in the last quarter. Mariner LLC raised its stake in shares of Automatic Data Processing by 5.8% in the fourth quarter. Mariner LLC now owns 164,486 shares of the business services provider's stock worth $48,150,000 after purchasing an additional 9,032 shares during the last quarter. Finally, CreativeOne Wealth LLC raised its stake in shares of Automatic Data Processing by 63.0% in the fourth quarter. CreativeOne Wealth LLC now owns 11,370 shares of the business services provider's stock worth $3,328,000 after purchasing an additional 4,394 shares during the last quarter. Institutional investors own 80.03% of the company's stock.

Analysts Set New Price Targets

ADP has been the subject of a number of analyst reports. UBS Group cut their price target on Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating for the company in a report on Friday, June 13th. BMO Capital Markets upgraded Automatic Data Processing to a "hold" rating and set a $340.00 price objective on the stock in a report on Thursday, July 10th. Morgan Stanley boosted their price target on Automatic Data Processing from $310.00 to $311.00 and gave the company an "equal weight" rating in a report on Thursday, July 31st. Royal Bank Of Canada reissued a "sector perform" rating and issued a $315.00 price target on shares of Automatic Data Processing in a research report on Thursday, June 5th. Finally, TD Securities lifted their price objective on Automatic Data Processing from $298.00 to $321.00 and gave the stock a "hold" rating in a report on Wednesday, May 21st. One research 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, the company currently has a consensus rating of "Hold" and a consensus target price of $314.33.

Automatic Data Processing Trading Up 0.0%

Shares of NASDAQ:ADP traded up $0.11 during mid-day trading on Friday, reaching $301.79. 1,362,355 shares of the company were exchanged, compared to its average volume of 1,535,148. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market cap of $122.24 billion, a price-to-earnings ratio of 30.24, a P/E/G ratio of 2.77 and a beta of 0.81. The firm's 50-day simple moving average is $305.74 and its 200 day simple moving average is $305.57. Automatic Data Processing, Inc. has a 1 year low of $262.21 and a 1 year high of $329.93.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The business services provider reported $2.26 EPS for the quarter, beating the consensus estimate of $2.23 by $0.03. Automatic Data Processing had a net margin of 19.84% and a return on equity of 72.84%. The company had revenue of $5.13 billion during the quarter, compared to analysts' expectations of $5.05 billion. During the same quarter last year, the company posted $2.09 EPS. The firm's revenue was up 6.3% compared to the same quarter last year. Equities research analysts forecast that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Automatic Data Processing Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be paid a dividend of $1.54 per share. This represents a $6.16 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, September 12th. Automatic Data Processing's dividend payout ratio (DPR) is currently 61.72%.

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.