Resources Management Corp CT ADV Sells 45 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Resources Management Corp CT ADV decreased its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 0.2% in the 2nd quarter, HoldingsChannel reports. The firm owned 22,943 shares of the business services provider’s stock after selling 45 shares during the period. Resources Management Corp CT ADV’s holdings in Automatic Data Processing were worth $5,476,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Xponance Inc. increased its position in Automatic Data Processing by 2.1% during the second quarter. Xponance Inc. now owns 95,896 shares of the business services provider’s stock worth $22,889,000 after acquiring an additional 1,942 shares during the period. Evergreen Capital Management LLC increased its stake in Automatic Data Processing by 2.8% during the 2nd quarter. Evergreen Capital Management LLC now owns 6,683 shares of the business services provider’s stock worth $1,604,000 after acquiring an additional 183 shares during the period. Magnetar Financial LLC acquired a new position in Automatic Data Processing in the 2nd quarter valued at $203,000. Public Sector Pension Investment Board lifted its position in shares of Automatic Data Processing by 71.0% during the 2nd quarter. Public Sector Pension Investment Board now owns 15,514 shares of the business services provider’s stock valued at $3,703,000 after acquiring an additional 6,439 shares during the period. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Automatic Data Processing by 12.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,966 shares of the business services provider’s stock worth $516,000 after purchasing an additional 212 shares in the last quarter. 80.03% of the stock is owned by institutional investors.

Insider Transactions at Automatic Data Processing

In related news, VP David Kwon sold 846 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $270.60, for a total value of $228,927.60. Following the completion of the sale, the vice president now directly owns 10,410 shares in the company, valued at $2,816,946. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP David Kwon sold 846 shares of Automatic Data Processing stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $270.60, for a total value of $228,927.60. Following the transaction, the vice president now directly owns 10,410 shares of the company’s stock, valued at $2,816,946. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Carlos A. Rodriguez sold 9,203 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $269.45, for a total transaction of $2,479,748.35. Following the sale, the director now directly owns 36,741 shares of the company’s stock, valued at approximately $9,899,862.45. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 58,817 shares of company stock worth $15,999,208. Company insiders own 0.26% of the company’s stock.

Automatic Data Processing Price Performance

Shares of ADP opened at $277.58 on Tuesday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.66. The stock has a market cap of $113.61 billion, a PE ratio of 30.98, a PEG ratio of 3.02 and a beta of 0.79. Automatic Data Processing, Inc. has a 12-month low of $205.53 and a 12-month high of $281.54. The business has a 50-day simple moving average of $265.46 and a two-hundred day simple moving average of $251.85.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings data on Wednesday, July 31st. The business services provider reported $2.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.06 by $0.03. The company had revenue of $4.80 billion during the quarter, compared to the consensus estimate of $4.74 billion. Automatic Data Processing had a return on equity of 89.20% and a net margin of 19.54%. The firm’s revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.89 earnings per share. Analysts anticipate that Automatic Data Processing, Inc. will post 10.04 earnings per share for the current fiscal year.

Automatic Data Processing Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 2.02%. The ex-dividend date is Friday, September 13th. Automatic Data Processing’s payout ratio is currently 62.50%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on ADP shares. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $267.00 price objective on shares of Automatic Data Processing in a research report on Thursday, August 1st. Stifel Nicolaus increased their price target on shares of Automatic Data Processing from $271.00 to $287.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. Barclays lifted their price objective on shares of Automatic Data Processing from $282.00 to $310.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. StockNews.com cut Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Thursday, September 19th. Finally, JPMorgan Chase & Co. lifted their price target on Automatic Data Processing from $250.00 to $285.00 and gave the company an “underweight” rating in a research note on Tuesday, August 20th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $265.36.

Automatic Data Processing Company Profile

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.