Tritonpoint Wealth LLC Sells 65 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Tritonpoint Wealth LLC reduced its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,421 shares of the business services provider’s stock after selling 65 shares during the quarter. Tritonpoint Wealth LLC’s holdings in Automatic Data Processing were worth $1,972,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Main Street Group LTD lifted its position in shares of Automatic Data Processing by 50.7% during the 4th quarter. Main Street Group LTD now owns 113 shares of the business services provider’s stock worth $33,000 after buying an additional 38 shares during the last quarter. Cyrus J. Lawrence LLC lifted its position in shares of Automatic Data Processing by 121.8% during the 4th quarter. Cyrus J. Lawrence LLC now owns 122 shares of the business services provider’s stock worth $35,000 after buying an additional 67 shares during the last quarter. Banque de Luxembourg S.A. acquired a new position in Automatic Data Processing in the 4th quarter worth about $37,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Automatic Data Processing in the 4th quarter worth about $37,000. Finally, Fourth Dimension Wealth LLC acquired a new position in Automatic Data Processing in the 4th quarter worth about $38,000. 80.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ADP has been the subject of a number of recent research reports. Stifel Nicolaus upped their target price on Automatic Data Processing to $305.00 and gave the stock a “buy” rating in a report on Friday, May 2nd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $315.00 target price on shares of Automatic Data Processing in a report on Thursday, June 5th. UBS Group lowered their target price on Automatic Data Processing from $323.00 to $315.00 and set a “neutral” rating for the company in a report on Friday. Mizuho upped their target price on Automatic Data Processing from $321.00 to $332.00 and gave the stock an “outperform” rating in a report on Friday. Finally, TD Securities upped their target price on Automatic Data Processing from $298.00 to $321.00 and gave the stock a “hold” rating in a report on Wednesday, May 21st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, Automatic Data Processing currently has a consensus rating of “Hold” and a consensus price target of $306.82.

Automatic Data Processing Trading Down 0.9%

Shares of ADP stock opened at $306.82 on Friday. The stock has a 50-day moving average of $308.06 and a 200-day moving average of $302.91. Automatic Data Processing, Inc. has a 1-year low of $231.27 and a 1-year high of $329.93. The stock has a market cap of $124.55 billion, a price-to-earnings ratio of 31.99, a PEG ratio of 3.62 and a beta of 0.79. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.59.

Automatic Data Processing (NASDAQ:ADP) last released its earnings results on Wednesday, April 30th. The business services provider reported $3.06 EPS for the quarter, topping the consensus estimate of $2.97 by $0.09. Automatic Data Processing had a return on equity of 80.86% and a net margin of 19.76%. The business had revenue of $5.55 billion during the quarter, compared to analysts’ expectations of $5.49 billion. During the same quarter last year, the firm posted $2.88 earnings per share. The firm’s revenue was up 5.7% on a year-over-year basis. On average, equities research analysts forecast that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.

Automatic Data Processing Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be paid a dividend of $1.54 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $6.16 annualized dividend and a yield of 2.01%. Automatic Data Processing’s dividend payout ratio is currently 63.05%.

Insider Buying and Selling

In other Automatic Data Processing news, VP Brian L. Michaud sold 1,500 shares of the stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $305.38, for a total value of $458,070.00. Following the transaction, the vice president now owns 12,073 shares in the company, valued at approximately $3,686,852.74. This represents a 11.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Christopher D’ambrosio sold 478 shares of the stock in a transaction that occurred on Thursday, April 10th. The stock was sold at an average price of $293.14, for a total value of $140,120.92. Following the completion of the transaction, the vice president now owns 7,364 shares in the company, valued at approximately $2,158,682.96. The trade was a 6.10% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by 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.