C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Trims Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Key Points

• C2P Capital Advisory Group LLC reduced its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 23.0% during the first quarter, bringing their total shares owned to 3,459, valued at approximately $1,060,000.
• Several institutional investors, including AlphaCore Capital and Golden State Wealth Management, have also made adjustments to their positions in ADP, indicating significant ongoing interest from various funds.
• ADP recently reported a quarterly earnings per share of $2.26, surpassing analyst expectations, and declared a quarterly dividend of $1.54 per share, contributing to an annualized yield of 2.0%.

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors cut its stake in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 23.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,459 shares of the business services provider's stock after selling 1,032 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors' holdings in Automatic Data Processing were worth $1,060,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of ADP. Sentinus LLC raised its stake in Automatic Data Processing by 2.3% during the 4th quarter. Sentinus LLC now owns 1,548 shares of the business services provider's stock valued at $453,000 after buying an additional 35 shares during the last quarter. Syntegra Private Wealth Group LLC boosted its holdings in Automatic Data Processing by 4.7% in the 1st quarter. Syntegra Private Wealth Group LLC now owns 779 shares of the business services provider's stock worth $238,000 after buying an additional 35 shares during the period. Rehmann Capital Advisory Group boosted its holdings in Automatic Data Processing by 1.0% in the 4th quarter. Rehmann Capital Advisory Group now owns 3,686 shares of the business services provider's stock worth $1,079,000 after buying an additional 36 shares during the period. Detalus Advisors LLC boosted its holdings in Automatic Data Processing by 2.4% in the 1st quarter. Detalus Advisors LLC now owns 1,566 shares of the business services provider's stock worth $478,000 after buying an additional 37 shares during the period. Finally, Main Street Group LTD boosted its holdings in 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 worth $33,000 after buying an additional 38 shares during the period. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Automatic Data Processing Stock Up 0.0%

ADP traded up $0.11 during trading on Friday, hitting $301.79. The stock had a trading volume of 1,362,355 shares, compared to its average volume of 1,535,148. The company has a market capitalization of $122.24 billion, a PE ratio of 30.24, a PEG ratio of 2.77 and a beta of 0.81. Automatic Data Processing, Inc. has a twelve month low of $262.21 and a twelve month high of $329.93. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a 50 day simple moving average of $305.74 and a two-hundred day simple moving average of $305.57.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last announced its earnings results on Wednesday, July 30th. The business services provider reported $2.26 earnings per share 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 the consensus estimate of $5.05 billion. During the same period last year, the firm earned $2.09 earnings per share. Automatic Data Processing's revenue was up 6.3% compared to the same quarter last year. On average, research analysts predict that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.

Automatic Data Processing Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders 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 dividend yield of 2.0%. The ex-dividend date is Friday, September 12th. Automatic Data Processing's payout ratio is presently 61.72%.

Analysts Set New Price Targets

ADP has been the subject of several research reports. BMO Capital Markets raised shares of Automatic Data Processing to a "hold" rating and set a $340.00 price objective for the company in a report on Thursday, July 10th. Morgan Stanley increased their price objective on shares of Automatic Data Processing from $310.00 to $311.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 31st. TD Securities raised their target price on shares of Automatic Data Processing from $298.00 to $321.00 and gave the stock a "hold" rating in a research report on Wednesday, May 21st. Mizuho raised their target price on shares of Automatic Data Processing from $321.00 to $332.00 and gave the stock an "outperform" rating in a research report on Friday, June 13th. Finally, Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $315.00 target price on shares of Automatic Data Processing in a research report on Thursday, June 5th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $314.33.

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.