Automatic Data Processing, Inc. (NASDAQ:ADP) Stake Reduced by Wendell David Associates Inc.

Wendell David Associates Inc. trimmed its stake in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 2.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 181,458 shares of the business services provider's stock after selling 4,195 shares during the quarter. Automatic Data Processing accounts for 5.5% of Wendell David Associates Inc.'s portfolio, making the stock its 3rd biggest holding. Wendell David Associates Inc.'s holdings in Automatic Data Processing were worth $55,441,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the stock. Brighton Jones LLC lifted its holdings in Automatic Data Processing by 92.1% in the fourth quarter. Brighton Jones LLC now owns 10,026 shares of the business services provider's stock valued at $2,935,000 after acquiring an additional 4,808 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in Automatic Data Processing by 16.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 41,150 shares of the business services provider's stock valued at $11,919,000 after acquiring an additional 5,803 shares during the period. Bank Pictet & Cie Europe AG bought a new position in Automatic Data Processing in the fourth quarter valued at about $957,000. Principal Securities Inc. lifted its holdings in Automatic Data Processing by 19.6% in the fourth quarter. Principal Securities Inc. now owns 7,041 shares of the business services provider's stock valued at $2,061,000 after acquiring an additional 1,156 shares during the period. Finally, Monument Capital Management lifted its holdings in Automatic Data Processing by 9.8% in the fourth quarter. Monument Capital Management now owns 1,192 shares of the business services provider's stock valued at $349,000 after acquiring an additional 106 shares during the period. 80.03% of the stock is 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 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 completion of the sale, the vice president now directly owns 7,364 shares of the company's stock, valued at $2,158,682.96. This trade represents a 6.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Brian L. Michaud sold 1,500 shares of the firm's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $305.38, for a total value of $458,070.00. Following the completion of the sale, 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 disclosure for this sale can be found here. 0.21% of the stock is currently owned by company insiders.

Automatic Data Processing Price Performance

NASDAQ ADP traded down $0.85 during trading on Wednesday, hitting $306.77. 1,427,194 shares of the stock traded hands, compared to its average volume of 1,713,648. The company has a market capitalization of $124.52 billion, a P/E ratio of 31.40, a price-to-earnings-growth ratio of 3.19 and a beta of 0.79. The firm has a 50-day simple moving average of $308.94 and a 200-day simple moving average of $302.89. 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, Inc. has a 12-month low of $231.27 and a 12-month high of $329.93.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last released its quarterly 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 analysts' expectations of $5.49 billion. Automatic Data Processing had a return on equity of 77.33% and a net margin of 19.79%. The firm's revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter last year, the business posted $2.88 EPS. As a group, analysts predict that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Automatic Data Processing Dividend Announcement

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

Wall Street Analyst Weigh In

A number of analysts have commented on the company. UBS Group reduced their price target on Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating for the company in a research report on Friday, June 13th. Stifel Nicolaus upped their price target on Automatic Data Processing to $305.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Morgan Stanley upped 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. Royal Bank Of Canada restated a "sector perform" rating and issued a $315.00 price target on shares of Automatic Data Processing in a research report on Thursday, June 5th. Finally, Mizuho upped their price target on Automatic Data Processing from $321.00 to $332.00 and gave the stock an "outperform" rating 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 assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average 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.