Mackenzie Financial Corp Sells 20,627 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Mackenzie Financial Corp trimmed its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 2.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 695,264 shares of the business services provider's stock after selling 20,627 shares during the quarter. Mackenzie Financial Corp owned 0.17% of Automatic Data Processing worth $203,525,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Forum Financial Management LP lifted its holdings in shares of Automatic Data Processing by 11.4% in the 4th quarter. Forum Financial Management LP now owns 4,755 shares of the business services provider's stock worth $1,392,000 after acquiring an additional 485 shares during the last quarter. GF Fund Management CO. LTD. bought a new stake in Automatic Data Processing during the 4th quarter valued at $22,605,000. Pinney & Scofield Inc. bought a new stake in Automatic Data Processing during the 4th quarter valued at $132,000. Parr Mcknight Wealth Management Group LLC bought a new stake in Automatic Data Processing during the 4th quarter valued at $4,986,000. Finally, Public Employees Retirement System of Ohio bought a new stake in Automatic Data Processing during the 4th quarter valued at $52,493,000. 80.03% of the stock is currently owned by institutional investors.

Automatic Data Processing Stock Down 0.2%

Shares of NASDAQ:ADP traded down $0.73 during midday trading on Thursday, reaching $323.41. The company's stock had a trading volume of 326,477 shares, compared to its average volume of 1,698,763. The firm has a 50 day moving average of $302.72 and a 200-day moving average of $301.50. The firm has a market capitalization of $131.28 billion, a P/E ratio of 33.75, a PEG ratio of 3.62 and a beta of 0.76. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.59. Automatic Data Processing, Inc. has a 12-month low of $231.27 and a 12-month high of $327.99.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last released its earnings results on Wednesday, April 30th. The business services provider reported $3.06 earnings per share for the quarter, topping analysts' consensus estimates 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 19.76% and a return on equity of 80.86%. The company's revenue was up 5.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.88 EPS. On average, research analysts anticipate 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 dividend of $1.54 per share. This represents a $6.16 annualized dividend and a yield of 1.90%. The ex-dividend date is Friday, June 13th. Automatic Data Processing's dividend payout ratio (DPR) is 63.05%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. TD Securities upped their price target on shares of Automatic Data Processing from $298.00 to $321.00 and gave the company a "hold" rating in a report on Wednesday, May 21st. Wall Street Zen lowered shares of Automatic Data Processing from a "buy" rating to a "hold" rating in a report on Wednesday, February 5th. Barclays upped their price objective on shares of Automatic Data Processing from $325.00 to $350.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. UBS Group lifted their target price on shares of Automatic Data Processing from $318.00 to $324.00 and gave the company a "neutral" rating in a research note on Tuesday, March 4th. Finally, Stifel Nicolaus increased their price target on shares of Automatic Data Processing to $305.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $305.64.

Insider Activity at Automatic Data Processing

In other news, VP Brian L. Michaud sold 1,500 shares of the firm's 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 sale, the vice president now owns 12,073 shares of the company's stock, valued at $3,686,852.74. This trade represents a 11.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Christopher D'ambrosio sold 473 shares of the firm's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $306.20, for a total transaction of $144,832.60. Following the sale, the vice president now directly owns 7,244 shares in the company, valued at approximately $2,218,112.80. The trade was a 6.13% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,451 shares of company stock valued at $743,024. 0.21% of the stock is owned by insiders.

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.