Martingale Asset Management L P Has $27.05 Million Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Martingale Asset Management L P decreased its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 12.1% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 97,747 shares of the business services provider’s stock after selling 13,444 shares during the period. Martingale Asset Management L P’s holdings in Automatic Data Processing were worth $27,050,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in ADP. Kiely Wealth Advisory Group Inc. bought a new stake in Automatic Data Processing during the second quarter worth $27,000. Hexagon Capital Partners LLC raised its position in shares of Automatic Data Processing by 78.5% in the third quarter. Hexagon Capital Partners LLC now owns 116 shares of the business services provider’s stock valued at $32,000 after purchasing an additional 51 shares during the period. Capital Performance Advisors LLP bought a new position in shares of Automatic Data Processing in the third quarter valued at about $35,000. Pathway Financial Advisers LLC bought a new position in shares of Automatic Data Processing in the first quarter valued at about $36,000. Finally, MFA Wealth Advisors LLC bought a new position in shares of Automatic Data Processing in the second quarter valued at about $40,000. Institutional investors and hedge funds own 80.03% of the company’s stock.

Automatic Data Processing Stock Performance

NASDAQ:ADP opened at $306.92 on Friday. The company has a fifty day moving average of $291.84 and a 200-day moving average of $267.58. The firm has a market capitalization of $125.06 billion, a P/E ratio of 32.76, a P/E/G ratio of 3.55 and a beta of 0.79. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.56. Automatic Data Processing, Inc. has a twelve month low of $227.12 and a twelve month high of $309.63.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings data on Wednesday, October 30th. The business services provider reported $2.33 earnings per share for the quarter, beating the consensus estimate of $2.21 by $0.12. The company had revenue of $4.83 billion during the quarter, compared to analyst estimates of $4.77 billion. Automatic Data Processing had a net margin of 19.72% and a return on equity of 82.36%. Automatic Data Processing’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.08 EPS. As a group, sell-side analysts anticipate that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Automatic Data Processing Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be given a $1.54 dividend. The ex-dividend date is Friday, December 13th. This represents a $6.16 annualized dividend and a yield of 2.01%. This is an increase from Automatic Data Processing’s previous quarterly dividend of $1.40. Automatic Data Processing’s dividend payout ratio (DPR) is presently 59.77%.

Analyst Upgrades and Downgrades

ADP has been the topic of several research analyst reports. Citigroup increased their price objective on shares of Automatic Data Processing from $260.00 to $295.00 and gave the company a “neutral” rating in a research report on Wednesday, September 25th. TD Cowen raised their price target on shares of Automatic Data Processing from $276.00 to $285.00 and gave the stock a “hold” rating in a research report on Friday, November 1st. Royal Bank of Canada increased their price objective on shares of Automatic Data Processing from $267.00 to $315.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 31st. Stifel Nicolaus increased their price objective on shares of Automatic Data Processing from $271.00 to $287.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. Finally, Bank of America increased their price objective on shares of Automatic Data Processing from $250.00 to $267.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $289.91.

Insider Activity at Automatic Data Processing

In related news, CEO Maria Black sold 19,147 shares of Automatic Data Processing stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $274.38, for a total value of $5,253,553.86. Following the completion of the sale, the chief executive officer now owns 92,807 shares of the company’s stock, valued at approximately $25,464,384.66. This trade represents a 17.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Sreenivasa Kutam sold 38,975 shares of Automatic Data Processing stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $300.00, for a total transaction of $11,692,500.00. Following the completion of the sale, the vice president now directly owns 32,604 shares of the company’s stock, valued at approximately $9,781,200. The trade was a 54.45 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 70,504 shares of company stock valued at $20,298,056. 0.21% of the stock is owned by company insiders.

About Automatic Data Processing

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.