MML Investors Services LLC reduced its stake in shares of Automatic Data Processing (NASDAQ:ADP) by 3.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 35,203 shares of the business services provider’s stock after selling 1,352 shares during the quarter. MML Investors Services LLC’s holdings in Automatic Data Processing were worth $5,820,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Krane Funds Advisors LLC purchased a new stake in Automatic Data Processing in the second quarter valued at $25,000. Cypress Capital Management LLC WY raised its stake in shares of Automatic Data Processing by 257.1% during the 1st quarter. Cypress Capital Management LLC WY now owns 200 shares of the business services provider’s stock worth $32,000 after buying an additional 144 shares in the last quarter. Permanens Capital L.P. purchased a new position in shares of Automatic Data Processing during the 1st quarter worth approximately $32,000. Mackey Komara & Dankovich LLC purchased a new position in shares of Automatic Data Processing during the 1st quarter worth approximately $33,000. Finally, Lenox Wealth Management Inc. purchased a new position in shares of Automatic Data Processing during the 1st quarter worth approximately $40,000. Institutional investors own 80.22% of the company’s stock.
NASDAQ ADP traded down $0.30 during mid-day trading on Thursday, hitting $160.84. The stock had a trading volume of 90,298 shares, compared to its average volume of 1,951,626. Automatic Data Processing has a 52-week low of $121.40 and a 52-week high of $174.50. The company has a market cap of $72.92 billion, a price-to-earnings ratio of 29.50, a P/E/G ratio of 2.10 and a beta of 0.90. The company has a 50 day simple moving average of $167.45 and a 200 day simple moving average of $162.56. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.37.
Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings data on Wednesday, July 31st. The business services provider reported $1.14 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.01. The firm had revenue of $3.50 billion during the quarter, compared to the consensus estimate of $3.50 billion. Automatic Data Processing had a return on equity of 47.48% and a net margin of 16.17%. Automatic Data Processing’s quarterly revenue was up 5.5% on a year-over-year basis. During the same period last year, the business posted $0.99 EPS. As a group, equities analysts anticipate that Automatic Data Processing will post 6.16 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 1.96%. The ex-dividend date is Thursday, September 12th. Automatic Data Processing’s dividend payout ratio (DPR) is currently 57.98%.
A number of equities analysts have recently issued reports on ADP shares. Jefferies Financial Group increased their target price on Automatic Data Processing to $176.00 and gave the stock a “hold” rating in a research note on Wednesday, July 31st. Morgan Stanley increased their target price on Automatic Data Processing from $150.00 to $174.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 15th. ValuEngine downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Barclays increased their target price on Automatic Data Processing from $180.00 to $190.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. Finally, JPMorgan Chase & Co. increased their target price on Automatic Data Processing from $170.00 to $177.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. Ten analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $176.10.
In related news, VP Dermot J. O’brien sold 1,771 shares of the stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $162.04, for a total value of $286,972.84. Following the transaction, the vice president now directly owns 14,896 shares of the company’s stock, valued at approximately $2,413,747.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Brock Albinson sold 6,683 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $167.87, for a total value of $1,121,875.21. Following the completion of the transaction, the vice president now directly owns 6,302 shares in the company, valued at $1,057,916.74. The disclosure for this sale can be found here. Company insiders own 0.33% of the company’s stock.
About Automatic Data Processing
Automatic Data Processing, Inc provides business process outsourcing services worldwide. It operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) outsourcing and technology-based human capital management solutions.
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