Berkshire Bank Sells 850 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Berkshire Bank decreased its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADPFree Report) by 21.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,205 shares of the business services provider’s stock after selling 850 shares during the quarter. Berkshire Bank’s holdings in Automatic Data Processing were worth $800,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Fortitude Family Office LLC purchased a new position in Automatic Data Processing during the 4th quarter worth $35,000. Pineridge Advisors LLC bought a new position in shares of Automatic Data Processing during the 4th quarter worth $39,000. Raleigh Capital Management Inc. increased its stake in shares of Automatic Data Processing by 106.0% during the third quarter. Raleigh Capital Management Inc. now owns 173 shares of the business services provider’s stock valued at $42,000 after buying an additional 89 shares during the period. Evolution Advisers Inc. bought a new stake in shares of Automatic Data Processing in the fourth quarter valued at about $41,000. Finally, Bfsg LLC purchased a new stake in Automatic Data Processing in the fourth quarter worth about $42,000. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ADP has been the subject of several recent research reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $267.00 price target on shares of Automatic Data Processing in a research report on Thursday, February 1st. Mizuho lifted their price target 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. TD Cowen reduced their price target on Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating on the stock in a research report on Thursday, May 2nd. StockNews.com cut Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Tuesday, March 19th. Finally, Evercore ISI upped their target price on Automatic Data Processing from $227.00 to $235.00 and gave the company an “underperform” rating in a research report on Tuesday, March 26th. 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. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $255.42.

Get Our Latest Report on ADP

Automatic Data Processing Price Performance

Shares of Automatic Data Processing stock traded up $0.36 on Tuesday, hitting $252.14. 917,410 shares of the company were exchanged, compared to its average volume of 1,703,819. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.65. The company has a 50-day moving average price of $245.68 and a 200 day moving average price of $240.81. The stock has a market capitalization of $103.20 billion, a price-to-earnings ratio of 28.14, a price-to-earnings-growth ratio of 2.40 and a beta of 0.78. Automatic Data Processing, Inc. has a 1-year low of $205.53 and a 1-year high of $256.84.

Automatic Data Processing (NASDAQ:ADPGet Free Report) last announced its quarterly earnings data on Wednesday, May 1st. The business services provider reported $2.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $5.30 billion during the quarter, compared to analyst estimates of $5.22 billion. During the same quarter in the prior year, the firm posted $2.52 earnings per share. Automatic Data Processing’s quarterly revenue was up 7.6% on a year-over-year basis. As a group, sell-side analysts predict that Automatic Data Processing, Inc. will post 9.16 earnings per share for the current fiscal year.

Automatic Data Processing Announces Dividend

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

Insider Activity at Automatic Data Processing

In related news, VP Sreenivasa Kutam sold 368 shares of Automatic Data Processing stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $247.01, for a total value of $90,899.68. Following the completion of the sale, the vice president now owns 20,319 shares in the company, valued at approximately $5,018,996.19. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Automatic Data Processing news, VP Sreenivasa Kutam sold 368 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $247.01, for a total transaction of $90,899.68. Following the sale, the vice president now owns 20,319 shares of the company’s stock, valued at $5,018,996.19. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Joseph Desilva sold 1,904 shares of the company’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $255.00, for a total transaction of $485,520.00. Following the completion of the transaction, the vice president now owns 17,179 shares of the company’s stock, valued at approximately $4,380,645. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,966 shares of company stock worth $749,524. Company insiders own 0.26% of the company’s stock.

About Automatic Data Processing

(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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