Corundum Group Inc. reduced its position in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 54.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,959 shares of the business services provider's stock after selling 2,300 shares during the period. Corundum Group Inc.'s holdings in Automatic Data Processing were worth $599,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ADP. Main Street Group LTD grew its position in shares of Automatic Data Processing by 50.7% during the fourth 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 in the last quarter. Abound Wealth Management boosted its stake in Automatic Data Processing by 58.1% during the 1st quarter. Abound Wealth Management now owns 117 shares of the business services provider's stock valued at $36,000 after acquiring an additional 43 shares during the last quarter. Cyrus J. Lawrence LLC boosted its stake in Automatic Data Processing by 121.8% during the 4th quarter. Cyrus J. Lawrence LLC now owns 122 shares of the business services provider's stock valued at $35,000 after acquiring an additional 67 shares during the last quarter. Banque de Luxembourg S.A. acquired a new position in Automatic Data Processing during the 4th quarter worth $37,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Automatic Data Processing in the 4th quarter worth about $37,000. 80.03% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
ADP has been the topic of several research analyst reports. UBS Group reduced their price target on shares of Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating on the stock in a research report on Friday, June 13th. TD Securities upped their price objective on Automatic Data Processing from $298.00 to $321.00 and gave the company a "hold" rating in a research note on Wednesday, May 21st. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $315.00 target price on shares of Automatic Data Processing in a research report on Thursday, June 5th. Stifel Nicolaus boosted their price target on Automatic Data Processing to $305.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Finally, Mizuho raised their price objective on Automatic Data Processing from $321.00 to $332.00 and gave the stock an "outperform" rating in a research note on Friday, June 13th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $307.08.
Read Our Latest Stock Analysis on ADP
Insider Buying and Selling at Automatic Data Processing
In related news, VP Christopher D'ambrosio sold 478 shares of Automatic Data Processing stock in a transaction dated Thursday, April 10th. The shares were sold at an average price of $293.14, for a total transaction of $140,120.92. Following the sale, the vice president now directly owns 7,364 shares in the company, valued at $2,158,682.96. The trade was a 6.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Brian L. Michaud sold 1,500 shares of the stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $305.38, for a total transaction of $458,070.00. Following the completion of the transaction, the vice president now owns 12,073 shares of the company's stock, valued at $3,686,852.74. This represents a 11.05% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by company insiders.
Automatic Data Processing Stock Performance
Shares of NASDAQ ADP traded up $0.47 during mid-day trading on Friday, hitting $303.45. The company had a trading volume of 1,931,112 shares, compared to its average volume of 1,714,766. Automatic Data Processing, Inc. has a 12 month low of $231.27 and a 12 month high of $329.93. The stock has a market cap of $123.18 billion, a price-to-earnings ratio of 31.06, a PEG ratio of 3.14 and a beta of 0.79. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.02 and a quick ratio of 1.02. The firm's 50 day simple moving average is $310.53 and its two-hundred day simple moving average is $303.06.
Automatic Data Processing (NASDAQ:ADP - Get Free Report) last issued its earnings results on Wednesday, April 30th. The business services provider reported $3.06 earnings per share for the quarter, topping the consensus estimate of $2.97 by $0.09. Automatic Data Processing had a return on equity of 77.33% and a net margin of 19.79%. The firm had revenue of $5.55 billion for the quarter, compared to analyst estimates of $5.49 billion. During the same period last year, the company earned $2.88 earnings per share. The firm's revenue for the quarter was up 5.7% on a year-over-year basis. As a group, equities research analysts forecast that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.
Automatic Data Processing Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be given a $1.54 dividend. The ex-dividend date is Friday, June 13th. This represents a $6.16 annualized dividend and a yield of 2.03%. Automatic Data Processing's dividend payout ratio is presently 63.05%.
Automatic Data Processing Company Profile
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Free Report)
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.
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