Kayne Anderson Rudnick Investment Management LLC Sells 2,209 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Kayne Anderson Rudnick Investment Management LLC cut its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 3.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 60,354 shares of the business services provider's stock after selling 2,209 shares during the period. Kayne Anderson Rudnick Investment Management LLC's holdings in Automatic Data Processing were worth $17,668,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Littlejohn Financial Services Inc. purchased a new position in shares of Automatic Data Processing during the fourth quarter valued at approximately $708,000. Bath Savings Trust Co lifted its holdings in shares of Automatic Data Processing by 2.0% during the 4th quarter. Bath Savings Trust Co now owns 99,299 shares of the business services provider's stock valued at $29,068,000 after buying an additional 1,951 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Automatic Data Processing by 4.5% in the 3rd quarter. Principal Financial Group Inc. now owns 529,690 shares of the business services provider's stock worth $146,581,000 after buying an additional 22,766 shares during the last quarter. Franklin Resources Inc. grew its holdings in shares of Automatic Data Processing by 8.4% in the third quarter. Franklin Resources Inc. now owns 667,068 shares of the business services provider's stock worth $194,117,000 after acquiring an additional 51,828 shares during the period. Finally, Relyea Zuckerberg Hanson LLC increased its position in Automatic Data Processing by 121.7% during the fourth quarter. Relyea Zuckerberg Hanson LLC now owns 12,898 shares of the business services provider's stock valued at $3,776,000 after acquiring an additional 7,080 shares during the last quarter. 80.03% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. StockNews.com cut Automatic Data Processing from a "buy" rating to a "hold" rating in a research report on Wednesday, February 5th. Royal Bank of Canada restated a "sector perform" rating and set a $315.00 target price on shares of Automatic Data Processing in a research report on Thursday. UBS Group lifted their price target on shares of Automatic Data Processing from $318.00 to $324.00 and gave the stock a "neutral" rating in a research note on Tuesday, March 4th. Barclays raised their target price on Automatic Data Processing from $325.00 to $350.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. Finally, Jefferies Financial Group boosted their price target on Automatic Data Processing from $290.00 to $305.00 and gave the company a "hold" rating in a report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $302.30.

Automatic Data Processing Price Performance

Shares of NASDAQ ADP traded down $2.79 during mid-day trading on Friday, reaching $291.76. The company's stock had a trading volume of 1,481,853 shares, compared to its average volume of 1,683,869. The stock has a fifty day moving average of $299.57 and a two-hundred day moving average of $298.36. The firm has a market capitalization of $118.88 billion, a PE ratio of 30.42, a P/E/G ratio of 3.62 and a beta of 0.74. Automatic Data Processing, Inc. has a 52 week low of $231.27 and a 52 week high of $322.84. 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 (NASDAQ:ADP - Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The business services provider reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.30 by $0.05. Automatic Data Processing had a return on equity of 80.86% and a net margin of 19.76%. As a group, sell-side analysts anticipate that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

The business 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 $1.54 dividend. The ex-dividend date is Friday, June 13th. This represents a $6.16 dividend on an annualized basis and a yield of 2.11%. Automatic Data Processing's dividend payout ratio is currently 64.23%.

Insider Buying and Selling at Automatic Data Processing

In related news, VP Jonathan S. Lehberger sold 2,324 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $303.30, for a total value of $704,869.20. Following the completion of the transaction, the vice president now owns 3,063 shares of the company's stock, valued at approximately $929,007.90. This trade represents a 43.14 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Christopher D'ambrosio sold 473 shares of the business's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $306.20, for a total value of $144,832.60. Following the sale, the vice president now directly owns 7,244 shares in the company, valued at $2,218,112.80. The trade was a 6.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 4,775 shares of company stock valued at $1,447,893 in the last 90 days. Insiders own 0.21% of the company's stock.

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.