Hartford Financial Management Inc. Sells 314 Shares of Automatic Data Processing (NASDAQ:ADP)

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Hartford Financial Management Inc. trimmed its holdings in shares of Automatic Data Processing (NASDAQ:ADP) by 1.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,168 shares of the business services provider’s stock after selling 314 shares during the period. Hartford Financial Management Inc.’s holdings in Automatic Data Processing were worth $2,838,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Horan Capital Advisors LLC. acquired a new stake in shares of Automatic Data Processing in the 1st quarter valued at $31,000. Paragon Capital Management LLC bought a new position in shares of Automatic Data Processing in the 1st quarter worth $32,000. C J Advisory Inc bought a new position in shares of Automatic Data Processing in the 1st quarter worth $32,000. Cypress Capital Management LLC WY boosted its position in shares of Automatic Data Processing by 257.1% in the 1st quarter. Cypress Capital Management LLC WY now owns 200 shares of the business services provider’s stock worth $32,000 after purchasing an additional 144 shares during the last quarter. Finally, Permanens Capital L.P. bought a new position in shares of Automatic Data Processing in the 1st quarter worth $32,000. 80.23% of the stock is owned by hedge funds and other institutional investors.

ADP stock opened at $168.71 on Wednesday. The business’s 50-day simple moving average is $165.74. The company has a current ratio of 1.05, a quick ratio of 1.04 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $73.43 billion, a price-to-earnings ratio of 30.96, a PEG ratio of 2.10 and a beta of 0.91. Automatic Data Processing has a 1-year low of $121.40 and a 1-year high of $172.00.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings results on Wednesday, July 31st. The business services provider reported $1.14 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.13 by $0.01. Automatic Data Processing had a return on equity of 47.48% and a net margin of 16.17%. The firm had revenue of $3.50 billion for the quarter, compared to the consensus estimate of $3.50 billion. During the same quarter last year, the business posted $0.99 EPS. The company’s revenue for the quarter was up 5.5% on a year-over-year basis. On average, sell-side analysts expect that Automatic Data Processing will post 6.16 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 1.87%. The ex-dividend date of this dividend is Thursday, September 12th. Automatic Data Processing’s dividend payout ratio is 57.98%.

ADP has been the topic of several recent analyst reports. ValuEngine lowered Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Barclays lifted their target price on Automatic Data Processing from $180.00 to $190.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. BidaskClub upgraded Automatic Data Processing from a “hold” rating to a “buy” rating in a report on Tuesday. Zacks Investment Research upgraded Automatic Data Processing from a “hold” rating to a “buy” rating and set a $179.00 target price on the stock in a report on Friday, June 21st. Finally, Jefferies Financial Group lifted their target price on Automatic Data Processing to $176.00 and gave the stock a “hold” rating in a report on Wednesday, July 31st. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $174.11.

In other news, VP Dermot J. O’brien sold 1,771 shares of the business’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $162.04, for a total transaction of $286,972.84. Following the completion of the sale, the vice president now owns 14,896 shares in the company, valued at $2,413,747.84. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.33% of the stock is currently owned by insiders.

Automatic Data Processing Company Profile

Automatic Data Processing, Inc provides business process outsourcing services worldwide. It operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) outsourcing and technology-based human capital management solutions.

Further Reading: What is the CBOE Russell 2000® Volatility Index?

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Institutional Ownership by Quarter for Automatic Data Processing (NASDAQ:ADP)

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