Loring Wolcott & Coolidge Fiduciary Advisors LLP MA Sells 5,983 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA cut its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 0.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 640,477 shares of the business services provider's stock after selling 5,983 shares during the period. Automatic Data Processing accounts for approximately 1.8% of Loring Wolcott & Coolidge Fiduciary Advisors LLP MA's holdings, making the stock its 19th biggest holding. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA owned about 0.16% of Automatic Data Processing worth $188,006,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of ADP. GAMMA Investing LLC lifted its stake in Automatic Data Processing by 34,655.1% in the first quarter. GAMMA Investing LLC now owns 2,901,007 shares of the business services provider's stock valued at $886,345,000 after buying an additional 2,892,660 shares during the period. Norges Bank bought a new stake in shares of Automatic Data Processing in the 4th quarter valued at about $455,993,000. Winslow Capital Management LLC acquired a new stake in shares of Automatic Data Processing in the 4th quarter valued at approximately $396,714,000. Capital Research Global Investors boosted its stake in Automatic Data Processing by 26.9% during the 4th quarter. Capital Research Global Investors now owns 6,136,763 shares of the business services provider's stock worth $1,796,415,000 after acquiring an additional 1,299,390 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Automatic Data Processing during the fourth quarter valued at approximately $342,942,000. Institutional investors own 80.03% of the company's stock.

Automatic Data Processing Stock Up 1.6%

NASDAQ:ADP opened at $302.98 on Friday. The stock has a 50-day simple moving average of $310.33 and a 200 day simple moving average of $303.05. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.02 and a current ratio of 1.02. The company has a market cap of $122.99 billion, a PE ratio of 31.01, a PEG ratio of 3.09 and a beta of 0.79. Automatic Data Processing, Inc. has a 52-week low of $231.27 and a 52-week high of $329.93.

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. 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 quarter in the previous year, the firm earned $2.88 EPS. The business's quarterly revenue was up 5.7% on a year-over-year basis. On average, sell-side analysts expect that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.03%. Automatic Data Processing's payout ratio is 63.05%.

Insider Transactions at Automatic Data Processing

In other news, VP Brian L. Michaud sold 1,500 shares of the company's stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $305.38, for a total value of $458,070.00. Following the transaction, the vice president now owns 12,073 shares of the company's stock, valued at approximately $3,686,852.74. This represents a 11.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Christopher D'ambrosio sold 478 shares of Automatic Data Processing stock in a transaction that occurred on Thursday, April 10th. The stock was sold at an average price of $293.14, for a total value of $140,120.92. Following the sale, the vice president now directly owns 7,364 shares of the company's stock, valued at approximately $2,158,682.96. The trade was a 6.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. UBS Group cut their target price on shares of Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating on the stock in a report on Friday, June 13th. Royal Bank Of Canada restated 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. Stifel Nicolaus raised 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. Mizuho boosted their target price on Automatic Data Processing from $321.00 to $332.00 and gave the company an "outperform" rating in a research note on Friday, June 13th. Finally, Morgan Stanley raised their price target on Automatic Data Processing from $305.00 to $310.00 and gave the stock an "equal weight" rating in a research report on Tuesday, June 17th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Automatic Data Processing currently has an average rating of "Hold" and an average price target of $307.08.

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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