Martingale Asset Management L P reduced its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report) by 31.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 51,719 shares of the business services provider’s stock after selling 23,902 shares during the quarter. Martingale Asset Management L P’s holdings in Automatic Data Processing were worth $13,304,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Imprint Wealth LLC bought a new position in Automatic Data Processing during the 3rd quarter worth approximately $25,000. Y.D. More Investments Ltd bought a new position in Automatic Data Processing during the 3rd quarter worth approximately $32,000. Board of the Pension Protection Fund bought a new position in Automatic Data Processing during the 4th quarter worth approximately $31,000. AlphaQuest LLC bought a new position in Automatic Data Processing during the 3rd quarter worth approximately $38,000. Finally, High Point Wealth Management LLC bought a new position in Automatic Data Processing during the 4th quarter worth approximately $34,000. 80.03% of the stock is currently owned by hedge funds and other institutional investors.
Automatic Data Processing Stock Up 0.2%
Shares of Automatic Data Processing stock opened at $226.21 on Friday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.63. The business’s 50 day simple moving average is $212.58 and its 200-day simple moving average is $229.36. The stock has a market capitalization of $90.42 billion, a price-to-earnings ratio of 21.10 and a beta of 0.84. Automatic Data Processing, Inc. has a twelve month low of $188.16 and a twelve month high of $315.98.
Automatic Data Processing Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th will be given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Friday, June 12th. Automatic Data Processing’s dividend payout ratio is presently 63.43%.
Wall Street Analysts Forecast Growth
ADP has been the topic of a number of research analyst reports. Robert W. Baird reduced their target price on Automatic Data Processing from $300.00 to $270.00 in a report on Thursday, April 30th. Argus reduced their target price on Automatic Data Processing from $300.00 to $240.00 and set a “buy” rating on the stock in a report on Tuesday, May 5th. TD Cowen raised Automatic Data Processing to a “hold” rating in a report on Monday, May 18th. BMO Capital Markets reduced their target price on Automatic Data Processing from $281.00 to $234.00 and set a “market perform” rating on the stock in a report on Tuesday, April 7th. Finally, Wells Fargo & Company raised Automatic Data Processing from an “underweight” rating to an “equal weight” rating and set a $214.00 target price on the stock in a report on Monday, May 18th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Automatic Data Processing presently has an average rating of “Hold” and a consensus price target of $244.29.
Insider Buying and Selling at Automatic Data Processing
In other news, VP Christopher D’ambrosio sold 543 shares of the stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $208.45, for a total transaction of $113,188.35. Following the sale, the vice president directly owned 8,912 shares in the company, valued at approximately $1,857,706.40. This represents a 5.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.20% of the company’s stock.
Automatic Data Processing Company Profile
Automatic Data Processing, Inc (ADP) is a global provider of cloud-based human capital management (HCM) and payroll solutions. Founded in 1949 and headquartered in Roseland, New Jersey, ADP began as a payroll processing company and has evolved into a diversified provider of workforce management, HR, benefits administration, tax and compliance services, and analytics for employers of all sizes.
ADP’s product portfolio includes payroll processing and tax filing, time and attendance systems, benefits administration, talent management, and HR outsourcing.
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