Flagship Harbor Advisors LLC Cuts Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Flagship Harbor Advisors LLC cut its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADPGet Rating) by 6.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,796 shares of the business services provider’s stock after selling 179 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Automatic Data Processing were worth $587,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ADP. Mutual Advisors LLC boosted its stake in Automatic Data Processing by 2.5% in the fourth quarter. Mutual Advisors LLC now owns 7,250 shares of the business services provider’s stock valued at $1,788,000 after acquiring an additional 174 shares during the last quarter. GSA Capital Partners LLP purchased a new position in Automatic Data Processing in the fourth quarter valued at about $392,000. Unigestion Holding SA purchased a new position in Automatic Data Processing in the fourth quarter valued at about $1,356,000. Goldman Sachs Group Inc. boosted its stake in Automatic Data Processing by 2.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,693,476 shares of the business services provider’s stock valued at $417,578,000 after acquiring an additional 46,011 shares during the last quarter. Finally, IHT Wealth Management LLC boosted its stake in Automatic Data Processing by 2.2% in the fourth quarter. IHT Wealth Management LLC now owns 2,642 shares of the business services provider’s stock valued at $651,000 after acquiring an additional 58 shares during the last quarter. 79.06% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Automatic Data Processing news, CEO Carlos A. Rodriguez sold 37,594 shares of the business’s stock in a transaction that occurred on Tuesday, September 13th. The shares were sold at an average price of $237.95, for a total value of $8,945,492.30. Following the completion of the transaction, the chief executive officer now owns 44,426 shares of the company’s stock, valued at approximately $10,571,166.70. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Automatic Data Processing news, VP Donald Weinstein sold 10,150 shares of the business’s stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $250.00, for a total value of $2,537,500.00. Following the completion of the transaction, the vice president now owns 41,035 shares of the company’s stock, valued at approximately $10,258,750. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Carlos A. Rodriguez sold 37,594 shares of the company’s stock in a transaction on Tuesday, September 13th. The shares were sold at an average price of $237.95, for a total transaction of $8,945,492.30. Following the completion of the sale, the chief executive officer now directly owns 44,426 shares of the company’s stock, valued at approximately $10,571,166.70. The disclosure for this sale can be found here. Insiders sold a total of 107,349 shares of company stock valued at $25,576,129 in the last quarter. Corporate insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Mizuho boosted their target price on shares of Automatic Data Processing from $250.00 to $257.00 and gave the company a “buy” rating in a research note on Monday, August 1st. Cowen boosted their target price on shares of Automatic Data Processing from $230.00 to $236.00 in a research note on Tuesday. Cowen boosted their price target on shares of Automatic Data Processing from $230.00 to $236.00 in a research report on Tuesday. Morgan Stanley boosted their price target on shares of Automatic Data Processing from $235.00 to $245.00 and gave the company an “equal weight” rating in a research report on Thursday, July 28th. Finally, Wolfe Research lowered their price target on shares of Automatic Data Processing from $235.00 to $210.00 in a research report on Wednesday, July 20th. Nine investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $236.85.

Automatic Data Processing Stock Performance

Automatic Data Processing stock opened at $230.47 on Friday. The firm’s 50 day simple moving average is $240.78 and its 200 day simple moving average is $225.72. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.93. The firm has a market capitalization of $95.76 billion, a PE ratio of 32.88, a price-to-earnings-growth ratio of 2.42 and a beta of 0.82. Automatic Data Processing, Inc. has a 1-year low of $192.26 and a 1-year high of $261.59.

Automatic Data Processing (NASDAQ:ADPGet Rating) last posted its earnings results on Wednesday, July 27th. The business services provider reported $1.50 earnings per share for the quarter, topping analysts’ consensus estimates of $1.48 by $0.02. The business had revenue of $4.13 billion for the quarter, compared to analyst estimates of $4.05 billion. Automatic Data Processing had a net margin of 17.87% and a return on equity of 66.25%. Automatic Data Processing’s revenue was up 10.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.20 EPS. As a group, analysts expect that Automatic Data Processing, Inc. will post 8.05 earnings per share for the current fiscal year.

Automatic Data Processing Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, October 1st. Investors of record on Friday, September 9th will be issued a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date is Thursday, September 8th. Automatic Data Processing’s dividend payout ratio (DPR) is presently 59.34%.

Automatic Data Processing Profile

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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.

Further Reading

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

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