Kentucky Retirement Systems Insurance Trust Fund Trims Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Kentucky Retirement Systems Insurance Trust Fund lessened its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 29.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,958 shares of the business services provider's stock after selling 5,091 shares during the period. Kentucky Retirement Systems Insurance Trust Fund's holdings in Automatic Data Processing were worth $3,654,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in ADP. Main Street Group LTD raised its holdings 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 purchasing an additional 38 shares during the last quarter. Cyrus J. Lawrence LLC raised its holdings in shares of Automatic Data Processing by 121.8% during the fourth quarter. Cyrus J. Lawrence LLC now owns 122 shares of the business services provider's stock worth $35,000 after purchasing an additional 67 shares during the last quarter. Abound Wealth Management grew its position in Automatic Data Processing by 58.1% during the first quarter. Abound Wealth Management now owns 117 shares of the business services provider's stock valued at $36,000 after buying an additional 43 shares during the period. Banque de Luxembourg S.A. acquired a new stake in Automatic Data Processing during the fourth quarter valued at $37,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Automatic Data Processing during the fourth quarter valued at $37,000. Hedge funds and other institutional investors own 80.03% of the company's stock.

Wall Street Analysts Forecast Growth

ADP has been the topic of several analyst reports. TD Securities raised their price target on shares of Automatic Data Processing from $298.00 to $321.00 and gave the company a "hold" rating in a research report on Wednesday, May 21st. Mizuho raised their price target 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. Morgan Stanley raised 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 research report on Tuesday, June 17th. Royal Bank Of Canada restated a "sector perform" rating and set a $315.00 price target on shares of Automatic Data Processing in a research report on Thursday, June 5th. Finally, UBS Group dropped 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. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Automatic Data Processing has an average rating of "Hold" and a consensus price target of $307.08.

Insider Transactions at Automatic Data Processing

In other Automatic Data Processing news, VP Brian L. Michaud sold 1,500 shares of Automatic Data Processing 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 transaction, the vice president now directly owns 12,073 shares of the company's stock, valued at $3,686,852.74. The trade was a 11.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Christopher D'ambrosio sold 478 shares of Automatic Data Processing stock in a transaction dated Thursday, April 10th. The stock was sold at an average price of $293.14, for a total transaction of $140,120.92. Following the transaction, the vice president now directly owns 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 disclosure for this sale can be found here. Insiders own 0.21% of the company's stock.

Automatic Data Processing Stock Down 0.2%

Shares of NASDAQ ADP opened at $306.26 on Friday. The company's 50-day simple moving average is $309.61 and its 200-day simple moving average is $302.94. Automatic Data Processing, Inc. has a 52-week low of $231.27 and a 52-week high of $329.93. The firm has a market cap of $124.32 billion, a price-to-earnings ratio of 31.35, a price-to-earnings-growth ratio of 3.18 and a beta of 0.79. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.51.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last posted its quarterly 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. The firm had revenue of $5.55 billion for the quarter, compared to the consensus estimate of $5.49 billion. Automatic Data Processing had a net margin of 19.79% and a return on equity of 77.33%. The company's revenue for the quarter was up 5.7% on a year-over-year basis. During the same period last year, the firm posted $2.88 earnings per share. Equities analysts predict that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be paid a $1.54 dividend. This represents a $6.16 annualized dividend and a dividend yield of 2.01%. The ex-dividend date is Friday, June 13th. Automatic Data Processing's dividend payout ratio is currently 63.05%.

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.

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