Cypress Capital Group Sells 1,938 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Key Points

• Cypress Capital Group has decreased its stake in Automatic Data Processing, Inc. (ADP) by 24.2%, now holding 6,074 shares worth approximately $1.86 million.
• Automatic Data Processing reported a 6.3% year-over-year revenue increase, with earnings per share of $2.26 for the last quarter, exceeding analyst expectations.
• The company declared a quarterly dividend of $1.54 per share, with an annualized dividend yield of 2.0% and a payout ratio of 61.72%.

Cypress Capital Group reduced its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 24.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,074 shares of the business services provider's stock after selling 1,938 shares during the period. Cypress Capital Group's holdings in Automatic Data Processing were worth $1,856,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ADP. Sentinus LLC increased its position 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 worth $453,000 after purchasing an additional 35 shares in the last quarter. Syntegra Private Wealth Group LLC increased its position in Automatic Data Processing by 4.7% during the 1st quarter. Syntegra Private Wealth Group LLC now owns 779 shares of the business services provider's stock worth $238,000 after purchasing an additional 35 shares in the last quarter. Rehmann Capital Advisory Group increased its position in Automatic Data Processing by 1.0% during the 4th quarter. Rehmann Capital Advisory Group now owns 3,686 shares of the business services provider's stock worth $1,079,000 after purchasing an additional 36 shares in the last quarter. Detalus Advisors LLC increased its position in Automatic Data Processing by 2.4% during the 1st quarter. Detalus Advisors LLC now owns 1,566 shares of the business services provider's stock worth $478,000 after purchasing an additional 37 shares in the last quarter. Finally, Main Street Group LTD increased its position in Automatic Data Processing by 50.7% during the 4th quarter. Main Street Group LTD now owns 113 shares of the business services provider's stock worth $33,000 after purchasing an additional 38 shares in the last quarter. 80.03% of the stock is owned by hedge funds and other institutional investors.

Automatic Data Processing Trading Up 0.2%

Shares of NASDAQ:ADP traded up $0.51 during midday trading on Friday, reaching $302.19. The company had a trading volume of 546,798 shares, compared to its average volume of 1,738,890. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.05 and a current ratio of 1.05. Automatic Data Processing, Inc. has a 1-year low of $262.21 and a 1-year high of $329.93. The firm has a market cap of $122.40 billion, a price-to-earnings ratio of 30.28, a price-to-earnings-growth ratio of 2.80 and a beta of 0.81. The company has a fifty day simple moving average of $306.24 and a two-hundred day simple moving average of $305.55.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The business services provider reported $2.26 EPS for the quarter, topping analysts' consensus estimates of $2.23 by $0.03. Automatic Data Processing had a return on equity of 72.84% and a net margin of 19.84%. The firm had revenue of $5.13 billion during the quarter, compared to analyst estimates of $5.05 billion. During the same period last year, the company posted $2.09 EPS. The business's quarterly revenue was up 6.3% compared to the same quarter last year. 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 firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be paid a $1.54 dividend. The ex-dividend date is Friday, September 12th. This represents a $6.16 dividend on an annualized basis and a yield of 2.0%. Automatic Data Processing's payout ratio is 61.72%.

Wall Street Analyst Weigh In

ADP has been the subject of several recent research reports. 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. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $315.00 price objective on shares of Automatic Data Processing in a research report on Thursday, June 5th. 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. BMO Capital Markets upgraded Automatic Data Processing to a "hold" rating and set a $340.00 target price for the company in a research note on Thursday, July 10th. Finally, TD Securities raised their price objective on Automatic Data Processing from $298.00 to $321.00 and gave the stock a "hold" rating in a research note 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 stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target 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.