Ironwood Investment Management LLC Sells 39 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Ironwood Investment Management LLC reduced its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 0.7% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,385 shares of the business services provider’s stock after selling 39 shares during the quarter. Ironwood Investment Management LLC’s holdings in Automatic Data Processing were worth $1,285,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of ADP. Kiely Wealth Advisory Group Inc. acquired a new position in shares of Automatic Data Processing during the second quarter worth approximately $27,000. Keener Financial Planning LLC lifted its position in Automatic Data Processing by 230.3% in the 1st quarter. Keener Financial Planning LLC now owns 109 shares of the business services provider’s stock valued at $28,000 after acquiring an additional 76 shares in the last quarter. Crewe Advisors LLC purchased a new position in shares of Automatic Data Processing during the first quarter valued at approximately $33,000. Pathway Financial Advisers LLC purchased a new position in Automatic Data Processing during the 1st quarter worth $36,000. Finally, New Millennium Group LLC bought a new stake in Automatic Data Processing in the 2nd quarter worth about $40,000. Institutional investors and hedge funds own 80.03% of the company’s stock.

Automatic Data Processing Stock Performance

Shares of ADP stock opened at $272.88 on Monday. The stock has a fifty day moving average of $267.65 and a 200 day moving average of $252.72. The firm has a market capitalization of $111.69 billion, a price-to-earnings ratio of 30.46, a PEG ratio of 3.02 and a beta of 0.79. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.66. Automatic Data Processing, Inc. has a 52 week low of $205.53 and a 52 week high of $281.54.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, July 31st. The business services provider reported $2.09 EPS for the quarter, topping the consensus estimate of $2.06 by $0.03. Automatic Data Processing had a net margin of 19.54% and a return on equity of 89.20%. The business had revenue of $4.80 billion during the quarter, compared to analyst estimates of $4.74 billion. During the same period last year, the business posted $1.89 earnings per share. Automatic Data Processing’s quarterly revenue was up 7.2% compared to the same quarter last year. As a group, research analysts expect that Automatic Data Processing, Inc. will post 10.04 earnings per share for the current year.

Automatic Data Processing Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date is Friday, September 13th. Automatic Data Processing’s payout ratio is 62.50%.

Insider Transactions at Automatic Data Processing

In other Automatic Data Processing news, Director Carlos A. Rodriguez sold 9,203 shares of Automatic Data Processing stock in a transaction on Friday, September 6th. The stock was sold at an average price of $269.45, for a total value of $2,479,748.35. Following the completion of the sale, the director now owns 36,741 shares of the company’s stock, valued at approximately $9,899,862.45. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, VP David Kwon sold 846 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $270.60, for a total transaction of $228,927.60. Following the completion of the sale, the vice president now owns 10,410 shares of the company’s stock, valued at approximately $2,816,946. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Carlos A. Rodriguez sold 9,203 shares of the company’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $269.45, for a total value of $2,479,748.35. Following the completion of the sale, the director now 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. Insiders sold a total of 58,817 shares of company stock valued at $15,999,208 in the last quarter. 0.26% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have weighed in on ADP. StockNews.com cut Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Thursday, September 19th. Bank of America increased their target price on shares of Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. Royal Bank of Canada reissued a “sector perform” rating and issued a $267.00 target price on shares of Automatic Data Processing in a research report on Thursday, August 1st. Jefferies Financial Group raised their price objective on shares of Automatic Data Processing from $250.00 to $260.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Finally, Stifel Nicolaus raised their price objective on shares of Automatic Data Processing from $271.00 to $287.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $267.83.

Automatic Data Processing 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.