Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. cut its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 3.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,570,969 shares of the business services provider's stock after selling 59,597 shares during the period. Envestnet Asset Management Inc. owned approximately 0.39% of Automatic Data Processing worth $479,978,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC lifted its position in shares of Automatic Data Processing by 46.0% during the first quarter. Hexagon Capital Partners LLC now owns 349 shares of the business services provider's stock worth $107,000 after purchasing an additional 110 shares during the last quarter. Drake & Associates LLC lifted its holdings in Automatic Data Processing by 13.7% during the 1st quarter. Drake & Associates LLC now owns 1,393 shares of the business services provider's stock valued at $426,000 after buying an additional 168 shares in the last quarter. Penserra Capital Management LLC boosted its position in Automatic Data Processing by 74.8% in the 1st quarter. Penserra Capital Management LLC now owns 5,142 shares of the business services provider's stock valued at $1,570,000 after buying an additional 2,201 shares during the period. Argentarii LLC grew its stake in Automatic Data Processing by 4.0% in the first quarter. Argentarii LLC now owns 1,904 shares of the business services provider's stock worth $582,000 after purchasing an additional 73 shares in the last quarter. Finally, REDW Wealth LLC bought a new position in shares of Automatic Data Processing during the 1st quarter worth $208,000. 80.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Automatic Data Processing

In other news, VP Christopher D'ambrosio sold 478 shares of the firm's stock in a transaction dated Thursday, April 10th. The stock was sold at an average price of $293.14, for a total value of $140,120.92. Following the completion of the transaction, the vice president directly owned 7,364 shares in the company, valued at $2,158,682.96. This trade represents a 6.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.21% of the company's stock.

Automatic Data Processing Stock Performance

NASDAQ:ADP traded down $0.80 during trading hours on Monday, hitting $308.40. 1,635,700 shares of the company were exchanged, compared to its average volume of 1,713,194. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.02 and a quick ratio of 1.02. Automatic Data Processing, Inc. has a 52-week low of $231.27 and a 52-week high of $329.93. The stock has a market capitalization of $125.19 billion, a price-to-earnings ratio of 31.57, a PEG ratio of 2.87 and a beta of 0.76. The company's 50 day moving average price is $312.20 and its 200-day moving average price is $303.61.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The business services provider reported $3.06 EPS for the quarter, topping the consensus estimate of $2.97 by $0.09. Automatic Data Processing had a net margin of 19.79% and a return on equity of 77.33%. The business had revenue of $5.55 billion during the quarter, compared to the consensus estimate of $5.49 billion. During the same period in the previous year, the firm posted $2.88 earnings per share. The business's revenue for the quarter was up 5.7% compared to the same quarter last year. As a group, research analysts forecast that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.

Automatic Data Processing Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were paid a dividend of $1.54 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $6.16 annualized dividend and a yield of 2.00%. Automatic Data Processing's payout ratio is presently 63.05%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on ADP shares. Morgan Stanley boosted their price target on shares of Automatic Data Processing from $305.00 to $310.00 and gave the company an "equal weight" rating in a report on Tuesday, June 17th. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $315.00 price target on shares of Automatic Data Processing in a report on Thursday, June 5th. Stifel Nicolaus upped their price objective on Automatic Data Processing to $305.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. TD Securities lifted their target price 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. Finally, UBS Group reduced their target price on shares of Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating for the company in a report on Friday, June 13th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $307.08.

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.