Automatic Data Processing, Inc. (NASDAQ:ADP) Stock Holdings Lessened by Summit Global Investments

Summit Global Investments cut its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 14.3% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 47,314 shares of the business services provider’s stock after selling 7,868 shares during the period. Automatic Data Processing makes up about 0.9% of Summit Global Investments’ portfolio, making the stock its 20th largest holding. Summit Global Investments’ holdings in Automatic Data Processing were worth $13,850,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of ADP. Itau Unibanco Holding S.A. acquired a new stake in Automatic Data Processing in the third quarter worth $26,000. Dunhill Financial LLC grew its position in shares of Automatic Data Processing by 346.5% during the third quarter. Dunhill Financial LLC now owns 106 shares of the business services provider’s stock worth $29,000 after acquiring an additional 149 shares during the last quarter. Sugar Maple Asset Management LLC acquired a new stake in shares of Automatic Data Processing in the 4th quarter worth about $37,000. Wingate Wealth Advisors Inc. bought a new stake in Automatic Data Processing in the 4th quarter valued at about $37,000. Finally, HHM Wealth Advisors LLC acquired a new position in Automatic Data Processing during the 4th quarter valued at about $41,000. Institutional investors own 80.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. StockNews.com lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Wednesday, February 5th. Jefferies Financial Group raised their target price on Automatic Data Processing from $290.00 to $305.00 and gave the company a “hold” rating in a research report on Thursday, January 30th. Royal Bank of Canada reiterated a “sector perform” rating and set a $315.00 price target on shares of Automatic Data Processing in a research report on Thursday, January 30th. UBS Group raised their price target on Automatic Data Processing from $318.00 to $324.00 and gave the company a “neutral” rating in a report on Tuesday, March 4th. Finally, Barclays upped their price objective on shares of Automatic Data Processing from $325.00 to $350.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Automatic Data Processing currently has a consensus rating of “Hold” and a consensus price target of $296.18.

Insider Transactions at Automatic Data Processing

In related news, CEO Maria Black sold 721 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $291.59, for a total value of $210,236.39. Following the completion of the transaction, the chief executive officer now owns 68,856 shares of the company’s stock, valued at approximately $20,077,721.04. This trade represents a 1.04 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Brian L. Michaud sold 362 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $293.83, for a total transaction of $106,366.46. Following the sale, the vice president now directly owns 13,706 shares in the company, valued at approximately $4,027,233.98. This trade represents a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,951 shares of company stock valued at $1,762,074 over the last three months. Company insiders own 0.21% of the company’s stock.

Automatic Data Processing Price Performance

Shares of NASDAQ ADP opened at $295.32 on Friday. Automatic Data Processing, Inc. has a twelve month low of $231.27 and a twelve month high of $322.84. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.59. The firm has a 50-day moving average of $303.08 and a two-hundred day moving average of $295.22. The company has a market capitalization of $120.33 billion, a price-to-earnings ratio of 30.79, a PEG ratio of 3.62 and a beta of 0.76.

Automatic Data Processing (NASDAQ:ADP) last released its earnings results on Wednesday, January 29th. The business services provider reported $2.35 EPS for the quarter, beating the consensus estimate of $2.30 by $0.05. Automatic Data Processing had a net margin of 19.76% and a return on equity of 80.86%. As a group, analysts expect that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Automatic Data Processing Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a $1.54 dividend. This represents a $6.16 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date is Friday, March 14th. Automatic Data Processing’s payout ratio is 64.23%.

Automatic Data Processing Profile

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.