Automatic Data Processing, Inc. (NASDAQ:ADP) Stock Position Reduced by Summit Global Investments

Summit Global Investments decreased its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 16.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,539 shares of the business services provider's stock after selling 7,775 shares during the quarter. Automatic Data Processing comprises about 0.9% of Summit Global Investments' portfolio, making the stock its 16th biggest holding. Summit Global Investments' holdings in Automatic Data Processing were worth $12,080,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. AMG National Trust Bank grew its position in shares of Automatic Data Processing by 0.3% in the fourth quarter. AMG National Trust Bank now owns 11,334 shares of the business services provider's stock valued at $3,318,000 after purchasing an additional 33 shares during the period. Sentinus LLC grew its holdings in Automatic Data Processing by 2.3% in the 4th quarter. Sentinus LLC now owns 1,548 shares of the business services provider's stock valued at $453,000 after buying an additional 35 shares during the period. Rehmann Capital Advisory Group grew its holdings in Automatic Data Processing by 1.0% in the 4th quarter. Rehmann Capital Advisory Group now owns 3,686 shares of the business services provider's stock valued at $1,079,000 after buying an additional 36 shares during the period. Gilbert & Cook Inc. grew its holdings in Automatic Data Processing by 2.0% in the 4th quarter. Gilbert & Cook Inc. now owns 1,842 shares of the business services provider's stock valued at $539,000 after buying an additional 37 shares during the period. Finally, Optas LLC grew its holdings in Automatic Data Processing by 3.4% in the 4th quarter. Optas LLC now owns 1,114 shares of the business services provider's stock valued at $326,000 after buying an additional 37 shares during the period. Hedge funds and other institutional investors own 80.03% of the company's stock.

Automatic Data Processing Stock Up 0.3%

NASDAQ ADP traded up $1.10 on Friday, reaching $325.22. The company had a trading volume of 2,925,042 shares, compared to its average volume of 1,702,995. The firm has a market capitalization of $132.01 billion, a PE ratio of 33.91, a P/E/G ratio of 3.62 and a beta of 0.76. The firm has a 50-day moving average of $303.74 and a 200-day moving average of $301.74. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.00 and a quick ratio of 1.00. Automatic Data Processing, Inc. has a 1 year low of $231.27 and a 1 year high of $327.99.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last announced its earnings results on Wednesday, April 30th. The business services provider reported $3.06 earnings per share for the quarter, beating the consensus estimate of $2.97 by $0.09. The business had revenue of $5.55 billion during 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 business's quarterly 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 earnings per share. On average, equities research analysts anticipate that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a $1.54 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $6.16 dividend on an annualized basis and a yield of 1.89%. Automatic Data Processing's payout ratio is currently 63.05%.

Insider Buying and Selling at Automatic Data Processing

In other Automatic Data Processing news, VP Christopher D'ambrosio sold 478 shares of the stock in a transaction on Thursday, April 10th. The shares were 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 represents a 6.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Brian L. Michaud sold 1,500 shares of the stock in a transaction on 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 owns 12,073 shares in the company, valued at $3,686,852.74. This trade represents a 11.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,451 shares of company stock valued at $743,024 in the last ninety days. Insiders own 0.21% of the company's stock.

Analyst Ratings Changes

A number of research firms recently issued reports on ADP. Stifel Nicolaus boosted their target price on shares of Automatic Data Processing to $305.00 and gave the company a "buy" rating in a report on Friday, May 2nd. UBS Group boosted their price objective 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. Barclays boosted their price objective on shares of Automatic Data Processing from $325.00 to $350.00 and gave the company an "overweight" rating in a research note on Monday, February 3rd. TD Securities boosted their price target on Automatic Data Processing from $298.00 to $321.00 and gave the company a "hold" rating in a research report on Wednesday, May 21st. Finally, Wall Street Zen downgraded Automatic Data Processing from a "buy" rating to a "hold" rating in a research report on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Automatic Data Processing presently has an average rating of "Hold" and an average price target of $305.64.

About Automatic Data Processing

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.