M&T Bank Corp Lowers Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

M&T Bank Corp cut its stake in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 5.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 412,052 shares of the business services provider's stock after selling 21,954 shares during the quarter. M&T Bank Corp owned about 0.10% of Automatic Data Processing worth $95,996,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. International Assets Investment Management LLC increased its position in shares of Automatic Data Processing by 22,539.4% during the fourth quarter. International Assets Investment Management LLC now owns 934,326 shares of the business services provider's stock worth $217,670,000 after acquiring an additional 930,199 shares during the last quarter. Invesco Ltd. increased its position in shares of Automatic Data Processing by 40.7% during the third quarter. Invesco Ltd. now owns 3,128,701 shares of the business services provider's stock worth $752,703,000 after acquiring an additional 905,043 shares during the last quarter. Envestnet Asset Management Inc. increased its position in shares of Automatic Data Processing by 65.5% during the third quarter. Envestnet Asset Management Inc. now owns 1,402,511 shares of the business services provider's stock worth $337,416,000 after acquiring an additional 555,184 shares during the last quarter. Ameriprise Financial Inc. increased its position in shares of Automatic Data Processing by 18.3% during the third quarter. Ameriprise Financial Inc. now owns 3,576,575 shares of the business services provider's stock worth $855,287,000 after acquiring an additional 553,946 shares during the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC purchased a new stake in shares of Automatic Data Processing during the third quarter worth about $107,401,000. 80.03% of the stock is owned by hedge funds and other institutional investors.

Automatic Data Processing Stock Performance

Shares of NASDAQ ADP traded down $0.14 during midday trading on Friday, hitting $241.89. 1,491,532 shares of the company's stock were exchanged, compared to its average volume of 1,451,137. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.01 and a quick ratio of 1.01. The stock's 50 day moving average price is $245.63 and its 200-day moving average price is $238.95. The firm has a market cap of $99.37 billion, a P/E ratio of 27.00, a PEG ratio of 2.27 and a beta of 0.78. Automatic Data Processing, Inc. has a twelve month low of $205.53 and a twelve month high of $256.84.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last announced its earnings results on Wednesday, May 1st. The business services provider reported $2.88 EPS for the quarter, topping the consensus estimate of $2.79 by $0.09. Automatic Data Processing had a return on equity of 93.09% and a net margin of 19.56%. The firm had revenue of $5.30 billion for the quarter, compared to analysts' expectations of $5.22 billion. During the same quarter in the previous year, the company earned $2.52 earnings per share. The firm's quarterly revenue was up 7.6% compared to the same quarter last year. Equities research analysts anticipate that Automatic Data Processing, Inc. will post 9.15 EPS for the current year.

Automatic Data Processing Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be issued a dividend of $1.40 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $5.60 annualized dividend and a yield of 2.32%. Automatic Data Processing's payout ratio is 62.50%.

Insider Buying and Selling

In related news, VP David Kwon sold 863 shares of the business's stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $250.00, for a total transaction of $215,750.00. Following the sale, the vice president now owns 8,285 shares of the company's stock, valued at $2,071,250. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Automatic Data Processing news, VP David Kwon sold 863 shares of the company's stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $250.00, for a total value of $215,750.00. Following the transaction, the vice president now owns 8,285 shares of the company's stock, valued at $2,071,250. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Sreenivasa Kutam sold 368 shares of the company's stock in a transaction on Monday, March 4th. The shares were sold at an average price of $247.01, for a total value of $90,899.68. Following the completion of the transaction, the vice president now directly owns 20,319 shares in the company, valued at approximately $5,018,996.19. The disclosure for this sale can be found here. Insiders have sold a total of 3,829 shares of company stock valued at $965,274 over the last quarter. Corporate insiders own 0.26% of the company's stock.

Analysts Set New Price Targets

ADP has been the subject of several research analyst reports. JPMorgan Chase & Co. lowered their price objective on Automatic Data Processing from $254.00 to $250.00 and set an "underweight" rating for the company in a report on Thursday. Barclays boosted their price objective on Automatic Data Processing from $280.00 to $282.00 and gave the company an "overweight" rating in a report on Thursday. Bank of America raised Automatic Data Processing from an "underperform" rating to a "neutral" rating and boosted their price objective for the company from $217.00 to $243.00 in a report on Wednesday, January 17th. Mizuho boosted their price objective on Automatic Data Processing from $265.00 to $272.00 and gave the company a "buy" rating in a report on Monday, March 11th. Finally, TD Cowen lowered their price objective on Automatic Data Processing from $253.00 to $251.00 and set a "hold" rating for the company in a report on Thursday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, Automatic Data Processing currently has a consensus rating of "Hold" and an average price target of $255.42.

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.