6,428 Automatic Data Processing, Inc. $ADP Shares Sold by King Luther Capital Management Corp

King Luther Capital Management Corp trimmed its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 10.5% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 54,592 shares of the business services provider’s stock after selling 6,428 shares during the period. King Luther Capital Management Corp’s holdings in Automatic Data Processing were worth $14,088,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. AMG National Trust Bank raised its stake in Automatic Data Processing by 0.3% during the 3rd quarter. AMG National Trust Bank now owns 11,660 shares of the business services provider’s stock valued at $3,009,000 after acquiring an additional 35 shares in the last quarter. Thrive Wealth Management LLC boosted its position in Automatic Data Processing by 3.5% during the 2nd quarter. Thrive Wealth Management LLC now owns 1,085 shares of the business services provider’s stock worth $243,000 after acquiring an additional 37 shares during the period. Aviance Capital Partners LLC grew its stake in shares of Automatic Data Processing by 0.4% in the third quarter. Aviance Capital Partners LLC now owns 9,298 shares of the business services provider’s stock worth $2,399,000 after purchasing an additional 37 shares in the last quarter. Tanager Wealth Management LLP grew its stake in shares of Automatic Data Processing by 4.1% in the third quarter. Tanager Wealth Management LLP now owns 971 shares of the business services provider’s stock worth $251,000 after purchasing an additional 38 shares in the last quarter. Finally, AMI Investment Management Inc. increased its holdings in shares of Automatic Data Processing by 3.6% during the third quarter. AMI Investment Management Inc. now owns 1,140 shares of the business services provider’s stock valued at $294,000 after purchasing an additional 40 shares during the period. Institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Stock Performance

ADP opened at $307.92 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.98. Automatic Data Processing, Inc. has a fifty-two week low of $188.16 and a fifty-two week high of $311.89. The firm has a market cap of $121.55 billion, a PE ratio of 27.30, a P/E/G ratio of 2.75 and a beta of 0.77. The business has a fifty day simple moving average of $280.85 and a 200-day simple moving average of $242.86.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings results on Wednesday, October 28th. The business services provider reported $2.82 earnings per share for the quarter, topping analysts’ consensus estimates of $2.77 by $0.05. Automatic Data Processing had a return on equity of 77.01% and a net margin of 20.33%. The firm had revenue of $5.49 billion for the quarter, compared to analysts’ expectations of $5.48 billion. During the same quarter last year, the business posted $2.49 EPS. Automatic Data Processing’s revenue was up 6.1% on a year-over-year basis. As a group, equities analysts predict that Automatic Data Processing, Inc. will post 12.38 EPS for the current fiscal year.

Automatic Data Processing Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 1st. Stockholders of record on Friday, December 11th will be issued a dividend of $1.90 per share. This is an increase from Automatic Data Processing’s previous quarterly dividend of $1.70. This represents a $7.60 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Friday, December 11th. Automatic Data Processing’s dividend payout ratio (DPR) is presently 60.28%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ADP. Weiss Ratings upgraded shares of Automatic Data Processing from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, September 22nd. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $290.00 target price on shares of Automatic Data Processing in a research report on Thursday, October 29th. UBS Group raised their target price on shares of Automatic Data Processing from $260.00 to $270.00 and gave the company a “neutral” rating in a research note on Wednesday, July 22nd. Cantor Fitzgerald boosted their price target on shares of Automatic Data Processing from $310.00 to $336.00 and gave the stock an “overweight” rating in a research report on Friday, October 30th. Finally, Morgan Stanley upped their target price on Automatic Data Processing from $286.00 to $288.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 29th. Three research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $285.00.

Insiders Place Their Bets

In other Automatic Data Processing news, VP Joseph Desilva sold 631 shares of Automatic Data Processing stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $282.87, for a total transaction of $178,490.97. Following the transaction, the vice president directly owned 18,824 shares in the company, valued at approximately $5,324,744.88. The trade was a 3.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Michael A. Bonarti sold 6,812 shares of the business’s stock in a transaction on Thursday, November 5th. The shares were sold at an average price of $310.00, for a total transaction of $2,111,720.00. Following the sale, the vice president directly owned 81,849 shares in the company, valued at approximately $25,373,190. This trade represents a 7.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 50,207 shares of company stock worth $14,522,300 in the last quarter. Corporate insiders own 0.15% of the company’s stock.

About Automatic Data Processing

Automatic Data Processing, Inc. (ADP) provides payroll processing and human resources technology and services to businesses of varying sizes. Its offerings include payroll administration, tax filing, benefits administration, workforce management, talent management, and human capital management software. ADP also provides services such as compliance support and professional employer organization solutions, which help businesses manage employment responsibilities. Its products combine software with payroll and HR services to support organizations’ workforce operations.