Quarry LP Boosts Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

Quarry LP raised its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 585.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,447 shares of the business services provider’s stock after buying an additional 1,236 shares during the quarter. Quarry LP’s holdings in Automatic Data Processing were worth $345,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of ADP. Kiely Wealth Advisory Group Inc. acquired a new stake in shares of Automatic Data Processing during the second quarter valued at $27,000. Keener Financial Planning LLC boosted its stake in shares of Automatic Data Processing by 230.3% during the 1st quarter. Keener Financial Planning LLC now owns 109 shares of the business services provider’s stock worth $28,000 after purchasing an additional 76 shares during the last quarter. Crewe Advisors LLC purchased a new stake in shares of Automatic Data Processing during the first quarter worth about $33,000. Pathway Financial Advisers LLC acquired a new position in shares of Automatic Data Processing in the first quarter valued at approximately $36,000. Finally, Pineridge Advisors LLC purchased a new position in shares of Automatic Data Processing during the fourth quarter valued at approximately $39,000. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Price Performance

ADP opened at $272.88 on Monday. The company has a 50 day moving average of $267.65 and a two-hundred day moving average of $252.72. Automatic Data Processing, Inc. has a 52-week low of $205.53 and a 52-week high of $281.54. 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 company has a market cap of $111.69 billion, a P/E ratio of 30.46, a P/E/G ratio of 3.02 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings results 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 firm 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 quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.89 EPS. On average, analysts expect that Automatic Data Processing, Inc. will post 10.04 earnings per share for the current year.

Automatic Data Processing Dividend Announcement

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

Analyst Upgrades and Downgrades

ADP has been the subject of several recent analyst reports. Citigroup lifted their target price on shares of Automatic Data Processing from $260.00 to $295.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 25th. JPMorgan Chase & Co. upped their target price 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. Barclays raised their price target on Automatic Data Processing from $282.00 to $310.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. Stifel Nicolaus upped 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 note on Thursday, August 1st. Finally, Bank of America increased their price objective on shares of Automatic Data Processing from $250.00 to $267.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $267.83.

Insiders Place Their Bets

In other news, Director Carlos A. Rodriguez sold 9,203 shares of the business’s stock in a transaction 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 transaction, the director now directly owns 36,741 shares of the company’s stock, valued at $9,899,862.45. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Automatic Data Processing news, VP Michael A. Bonarti sold 26,442 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $270.96, for a total transaction of $7,164,724.32. Following the completion of the sale, the vice president now owns 88,426 shares in the company, valued at approximately $23,959,908.96. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Carlos A. Rodriguez sold 9,203 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $269.45, for a total value of $2,479,748.35. Following the completion of the transaction, the director now directly owns 36,741 shares in the company, valued at $9,899,862.45. The disclosure for this sale can be found here. Insiders sold a total of 58,817 shares of company stock worth $15,999,208 in the last 90 days. 0.26% of the stock is owned by company insiders.

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.