Manchester Capital Management LLC Decreases Stock Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Manchester Capital Management LLC trimmed its stake in Automatic Data Processing, Inc. (NASDAQ:ADPFree Report) by 14.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,415 shares of the business services provider’s stock after selling 396 shares during the period. Manchester Capital Management LLC’s holdings in Automatic Data Processing were worth $563,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Mizuho Markets Americas LLC grew its position in shares of Automatic Data Processing by 274.4% in the fourth quarter. Mizuho Markets Americas LLC now owns 50,658 shares of the business services provider’s stock valued at $11,802,000 after purchasing an additional 37,129 shares during the last quarter. Brown Advisory Inc. raised its stake in Automatic Data Processing by 2.5% during the fourth quarter. Brown Advisory Inc. now owns 259,674 shares of the business services provider’s stock worth $60,496,000 after purchasing an additional 6,345 shares during the period. Independent Advisor Alliance grew its position in Automatic Data Processing by 8.1% during the fourth quarter. Independent Advisor Alliance now owns 12,766 shares of the business services provider’s stock valued at $2,974,000 after acquiring an additional 952 shares during the period. Allegheny Financial Group LTD increased its position in Automatic Data Processing by 8.2% during the 4th quarter. Allegheny Financial Group LTD now owns 2,113 shares of the business services provider’s stock worth $492,000 after purchasing an additional 160 shares in the last quarter. Finally, Verity Asset Management Inc. purchased a new position in shares of Automatic Data Processing in the 4th quarter valued at $253,000. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Trading Up 0.9 %

Shares of NASDAQ ADP traded up $2.27 during midday trading on Friday, reaching $252.33. The stock had a trading volume of 1,291,521 shares, compared to its average volume of 1,377,850. The company’s 50 day moving average price is $245.37 and its 200 day moving average price is $240.14. Automatic Data Processing, Inc. has a twelve month low of $205.53 and a twelve month high of $256.84. The firm has a market cap of $103.28 billion, a price-to-earnings ratio of 28.16, a price-to-earnings-growth ratio of 2.38 and a beta of 0.78. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.01 and a current ratio of 1.01.

Automatic Data Processing (NASDAQ:ADPGet Free Report) last announced its quarterly earnings results on Wednesday, May 1st. The business services provider reported $2.88 earnings per share for the quarter, beating the consensus estimate of $2.79 by $0.09. Automatic Data Processing had a net margin of 19.56% and a return on equity of 93.09%. The business had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.22 billion. During the same quarter last year, the firm earned $2.52 EPS. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. As a group, sell-side analysts expect that Automatic Data Processing, Inc. will post 9.16 EPS for the current year.

Automatic Data Processing Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a $1.40 dividend. The ex-dividend date is Friday, June 14th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.22%. Automatic Data Processing’s payout ratio is 62.50%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ADP. Royal Bank of Canada restated a “sector perform” rating and set a $267.00 price objective on shares of Automatic Data Processing in a report on Thursday, February 1st. Mizuho raised their target price on shares of Automatic Data Processing from $265.00 to $272.00 and gave the stock a “buy” rating in a report on Monday, March 11th. StockNews.com downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Tuesday, March 19th. Evercore ISI lifted their target price on Automatic Data Processing from $227.00 to $235.00 and gave the company an “underperform” rating in a research note on Tuesday, March 26th. Finally, JPMorgan Chase & Co. dropped their target price on Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating on the stock in a research report on Thursday, May 2nd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $255.42.

Get Our Latest Research Report on ADP

Insider Activity

In other Automatic Data Processing news, VP Sreenivasa Kutam sold 694 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $249.43, for a total value of $173,104.42. Following the completion of the sale, the vice president now directly owns 20,687 shares in the company, valued at $5,159,958.41. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, VP Joseph Desilva sold 1,904 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $255.00, for a total value of $485,520.00. Following the completion of the transaction, the vice president now directly owns 17,179 shares in the company, valued at approximately $4,380,645. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Sreenivasa Kutam sold 694 shares of Automatic Data Processing stock in a transaction on Friday, March 1st. The stock was sold at an average price of $249.43, for a total value of $173,104.42. Following the completion of the sale, the vice president now directly owns 20,687 shares of the company’s stock, valued at approximately $5,159,958.41. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,966 shares of company stock valued at $749,524. 0.26% of the stock is currently owned by insiders.

Automatic Data Processing Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Automatic Data Processing (NASDAQ:ADP)

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