Ascension Asset Management LLC Has $2.69 Million Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Ascension Asset Management LLC trimmed its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 4.3% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 11,250 shares of the business services provider’s stock after selling 500 shares during the quarter. Automatic Data Processing comprises about 1.4% of Ascension Asset Management LLC’s portfolio, making the stock its 21st biggest holding. Ascension Asset Management LLC’s holdings in Automatic Data Processing were worth $2,685,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of ADP. Silver Lake Advisory LLC raised its position in Automatic Data Processing by 0.5% during the second quarter. Silver Lake Advisory LLC now owns 17,926 shares of the business services provider’s stock valued at $4,279,000 after purchasing an additional 89 shares in the last quarter. Creative Planning lifted its position in shares of Automatic Data Processing by 2.1% during the 2nd quarter. Creative Planning now owns 124,126 shares of the business services provider’s stock worth $29,628,000 after buying an additional 2,566 shares during the last quarter. Ascent Group LLC boosted its stake in Automatic Data Processing by 11.3% in the second quarter. Ascent Group LLC now owns 14,870 shares of the business services provider’s stock valued at $3,549,000 after buying an additional 1,512 shares in the last quarter. Kathmere Capital Management LLC grew its position in Automatic Data Processing by 35.7% in the second quarter. Kathmere Capital Management LLC now owns 4,584 shares of the business services provider’s stock valued at $1,094,000 after acquiring an additional 1,205 shares during the last quarter. Finally, Texas Capital Bank Wealth Management Services Inc raised its stake in Automatic Data Processing by 4.3% during the second quarter. Texas Capital Bank Wealth Management Services Inc now owns 1,895 shares of the business services provider’s stock worth $452,000 after acquiring an additional 78 shares in the last quarter. 80.03% of the stock is owned by institutional investors and hedge funds.

Automatic Data Processing Price Performance

Automatic Data Processing stock opened at $272.88 on Friday. The stock’s 50 day moving average is $267.65 and its 200 day moving average is $252.66. Automatic Data Processing, Inc. has a one year low of $205.53 and a one year high of $281.54. The firm 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. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.01 and a quick ratio of 1.01.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings results on Wednesday, July 31st. The business services provider reported $2.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $4.80 billion for the quarter, compared to the consensus estimate of $4.74 billion. During the same quarter in the previous year, the company earned $1.89 EPS. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. As a group, research analysts expect that Automatic Data Processing, Inc. will post 10.04 EPS for the current year.

Automatic Data Processing Dividend Announcement

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

Analyst Upgrades and Downgrades

ADP has been the topic of several research reports. Jefferies Financial Group lifted their price target on shares of Automatic Data Processing from $250.00 to $260.00 and gave the company a “hold” rating in a report on Thursday, August 1st. JPMorgan Chase & Co. upped their price target on shares of Automatic Data Processing from $250.00 to $285.00 and gave the stock an “underweight” rating in a report on Tuesday, August 20th. Citigroup raised their price objective on Automatic Data Processing from $260.00 to $295.00 and gave the company a “neutral” rating in a report on Wednesday. Bank of America upped their target price on Automatic Data Processing from $250.00 to $267.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Finally, Barclays increased their target price on Automatic Data Processing from $282.00 to $310.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target 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 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 transaction, the director now directly owns 36,741 shares of the company’s stock, valued at approximately $9,899,862.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Carlos A. Rodriguez sold 9,203 shares of the firm’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 transaction 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Michael A. Bonarti sold 26,442 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $270.96, for a total transaction of $7,164,724.32. Following the transaction, the vice president now owns 88,426 shares in the company, valued at approximately $23,959,908.96. The disclosure for this sale can be found here. In the last ninety days, insiders sold 58,817 shares of company stock worth $15,999,208. Company insiders own 0.26% of the company’s stock.

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.