Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Sold by AlTi Global Inc.

AlTi Global Inc. lowered its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 9.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,653 shares of the business services provider’s stock after selling 1,169 shares during the period. AlTi Global Inc.’s holdings in Automatic Data Processing were worth $2,797,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Moors & Cabot Inc. lifted its position in shares of Automatic Data Processing by 0.7% during the 2nd quarter. Moors & Cabot Inc. now owns 5,698 shares of the business services provider’s stock valued at $1,360,000 after acquiring an additional 39 shares during the last quarter. Schmidt P J Investment Management Inc. lifted its holdings in shares of Automatic Data Processing by 0.4% during the second quarter. Schmidt P J Investment Management Inc. now owns 9,645 shares of the business services provider’s stock valued at $2,302,000 after purchasing an additional 40 shares during the last quarter. Confluence Wealth Services Inc. boosted its position in shares of Automatic Data Processing by 5.0% in the 2nd quarter. Confluence Wealth Services Inc. now owns 863 shares of the business services provider’s stock valued at $206,000 after purchasing an additional 41 shares during the period. Prestige Wealth Management Group LLC boosted its position in shares of Automatic Data Processing by 0.8% in the 1st quarter. Prestige Wealth Management Group LLC now owns 5,581 shares of the business services provider’s stock valued at $1,402,000 after purchasing an additional 43 shares during the period. Finally, Legacy Financial Advisors Inc. increased its stake in Automatic Data Processing by 1.3% in the 2nd quarter. Legacy Financial Advisors Inc. now owns 3,471 shares of the business services provider’s stock worth $828,000 after purchasing an additional 43 shares in the last quarter. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Price Performance

Shares of Automatic Data Processing stock opened at $275.25 on Thursday. Automatic Data Processing, Inc. has a 1-year low of $205.53 and a 1-year high of $281.54. The firm has a fifty day simple moving average of $266.07 and a 200-day simple moving average of $252.09. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $112.26 billion, a price-to-earnings ratio of 30.72, a PEG ratio of 3.02 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings results on Wednesday, July 31st. The business services provider reported $2.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.06 by $0.03. The company had revenue of $4.80 billion during the quarter, compared to analysts’ expectations of $4.74 billion. Automatic Data Processing had a net margin of 19.54% and a return on equity of 89.20%. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.89 earnings per share. On average, sell-side analysts expect that Automatic Data Processing, Inc. will post 10.04 earnings per share for the current year.

Automatic Data Processing Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a $1.40 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $5.60 annualized dividend and a yield of 2.03%. Automatic Data Processing’s dividend payout ratio (DPR) is currently 62.50%.

Insider Buying and Selling

In other news, Director Carlos A. Rodriguez sold 9,203 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the director now directly owns 36,741 shares of the company’s stock, valued at approximately $9,899,862.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Carlos A. Rodriguez sold 9,203 shares of the company’s stock in a transaction that occurred 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 sale, the director now directly owns 36,741 shares in the company, valued at approximately $9,899,862.45. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP David Kwon sold 846 shares of the 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 completion of the transaction, the vice president now directly owns 10,410 shares of the company’s stock, valued at $2,816,946. 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 over the last ninety days. 0.26% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

ADP has been the subject of a number of analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Automatic Data Processing from $250.00 to $285.00 and gave the company an “underweight” rating in a research note on Tuesday, August 20th. Citigroup upped their price target on shares of Automatic Data Processing from $260.00 to $295.00 and gave the company a “neutral” rating in a research report on Wednesday. Stifel Nicolaus lifted their price objective 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. Bank of America increased their target price on Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Finally, Barclays lifted their price target on Automatic Data Processing from $282.00 to $310.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $267.83.

About Automatic Data Processing

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.