Automatic Data Processing, Inc. (NASDAQ:ADP) Position Trimmed by M&T Bank Corp

M&T Bank Corp lowered its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 12.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 375,610 shares of the business services provider’s stock after selling 55,523 shares during the quarter. M&T Bank Corp owned approximately 0.09% of Automatic Data Processing worth $103,943,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also made changes to their positions in ADP. McAdam LLC raised its position in Automatic Data Processing by 18.5% during the second quarter. McAdam LLC now owns 1,682 shares of the business services provider’s stock valued at $401,000 after acquiring an additional 262 shares in the last quarter. Institute for Wealth Management LLC. grew its position in Automatic Data Processing by 7.9% during the second quarter. Institute for Wealth Management LLC. now owns 2,225 shares of the business services provider’s stock worth $531,000 after buying an additional 163 shares in the last quarter. Optas LLC increased its position in shares of Automatic Data Processing by 6.4% during the second quarter. Optas LLC now owns 984 shares of the business services provider’s stock valued at $235,000 after purchasing an additional 59 shares during the period. Independence Bank of Kentucky raised its stake in shares of Automatic Data Processing by 12.7% in the 2nd quarter. Independence Bank of Kentucky now owns 1,112 shares of the business services provider’s stock valued at $265,000 after buying an additional 125 shares in the last quarter. Finally, Compass Capital Management Inc. bought a new position in Automatic Data Processing during the second quarter worth about $53,521,000. Institutional investors and hedge funds own 80.03% of the company’s stock.

Automatic Data Processing Trading Up 0.9 %

NASDAQ ADP opened at $294.02 on Friday. The stock’s 50 day moving average price is $297.74 and its two-hundred day moving average price is $273.32. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a market capitalization of $119.80 billion, a price-to-earnings ratio of 31.38, a PEG ratio of 3.50 and a beta of 0.79. Automatic Data Processing, Inc. has a 52 week low of $227.12 and a 52 week high of $309.63.

Automatic Data Processing (NASDAQ:ADP) last released its earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.12. The business had revenue of $4.83 billion for the quarter, compared to analyst estimates of $4.77 billion. Automatic Data Processing had a return on equity of 82.36% and a net margin of 19.72%. Automatic Data Processing’s revenue was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.08 earnings per share. As a group, analysts anticipate that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Automatic Data Processing Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be issued a $1.54 dividend. This represents a $6.16 dividend on an annualized basis and a dividend yield of 2.10%. This is a boost from Automatic Data Processing’s previous quarterly dividend of $1.40. The ex-dividend date is Friday, December 13th. Automatic Data Processing’s dividend payout ratio is presently 65.74%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ADP. Mizuho lifted their price objective on Automatic Data Processing from $281.00 to $310.00 and gave the company an “outperform” rating in a report on Monday, November 4th. Barclays increased their price objective on Automatic Data Processing from $310.00 to $325.00 and gave the company an “overweight” rating in a research report on Monday, November 4th. Jefferies Financial Group lifted their price target on shares of Automatic Data Processing from $260.00 to $290.00 and gave the stock a “hold” rating in a research report on Tuesday, October 22nd. TD Cowen upped their price objective on Automatic Data Processing from $276.00 to $285.00 and gave the company a “hold” rating in a report on Friday, November 1st. Finally, Citigroup upped their target price on shares of Automatic Data Processing from $260.00 to $295.00 and gave the company a “neutral” rating in a research note on Wednesday, September 25th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $289.91.

Insider Activity

In other news, VP Sreenivasa Kutam sold 38,975 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $300.00, for a total value of $11,692,500.00. Following the transaction, the vice president now owns 32,604 shares of the company’s stock, valued at approximately $9,781,200. This represents a 54.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.21% 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.