Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Sold by Belmont Capital LLC

Belmont Capital LLC lessened its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 50.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,115 shares of the business services provider’s stock after selling 2,167 shares during the period. Belmont Capital LLC’s holdings in Automatic Data Processing were worth $585,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in ADP. Kiely Wealth Advisory Group Inc. purchased a new stake in shares of Automatic Data Processing during the 2nd quarter valued at about $27,000. Hexagon Capital Partners LLC raised its stake in shares of Automatic Data Processing by 78.5% during 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. Crewe Advisors LLC purchased a new position in shares of Automatic Data Processing in the first quarter valued at $33,000. Capital Performance Advisors LLP acquired a new stake in Automatic Data Processing during the 3rd quarter valued at $35,000. Finally, Pathway Financial Advisers LLC purchased a new stake in Automatic Data Processing during the 1st quarter worth $36,000. 80.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on ADP shares. Royal Bank of Canada raised 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 report on Thursday, October 31st. Barclays boosted their price objective on Automatic Data Processing from $310.00 to $325.00 and gave the company an “overweight” rating in a report on Monday, November 4th. JPMorgan Chase & Co. increased their target price on Automatic Data Processing from $250.00 to $285.00 and gave the stock an “underweight” rating in a report on Tuesday, August 20th. StockNews.com downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Thursday, September 19th. Finally, Bank of America raised their price objective on 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 equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $289.91.

Automatic Data Processing Trading Up 0.1 %

NASDAQ:ADP opened at $297.89 on Tuesday. The company has a market capitalization of $121.38 billion, a P/E ratio of 31.79, a P/E/G ratio of 3.46 and a beta of 0.79. The stock’s 50 day moving average price is $287.68 and its 200 day moving average price is $264.53. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.01 and a current ratio of 1.01. Automatic Data Processing, Inc. has a 52 week low of $227.12 and a 52 week high of $309.37.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings results on Wednesday, October 30th. The business services provider reported $2.33 EPS for the quarter, topping the consensus estimate of $2.21 by $0.12. Automatic Data Processing had a net margin of 19.72% and a return on equity of 82.36%. The company had revenue of $4.83 billion for the quarter, compared to analyst estimates of $4.77 billion. During the same quarter in the prior year, the business posted $2.08 EPS. Automatic Data Processing’s quarterly revenue was up 7.1% on a year-over-year basis. On average, research analysts forecast that Automatic Data Processing, Inc. will post 9.94 EPS for the current fiscal year.

Automatic Data Processing Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be paid a dividend of $1.54 per share. This represents a $6.16 annualized dividend and a dividend yield of 2.07%. The ex-dividend date is Friday, December 13th. This is an increase from Automatic Data Processing’s previous quarterly dividend of $1.40. Automatic Data Processing’s dividend payout ratio is 65.74%.

Insider Activity

In other Automatic Data Processing news, VP Sreenivasa Kutam sold 38,975 shares of the company’s stock in a transaction dated 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 in the company, valued at $9,781,200. This represents a 54.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Maria Black sold 19,147 shares of Automatic Data Processing stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $274.38, for a total value of $5,253,553.86. Following the completion of the transaction, the chief executive officer now owns 92,807 shares in the company, valued at $25,464,384.66. The trade was a 17.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 97,792 shares of company stock valued at $27,691,708. Insiders own 0.21% of the company’s stock.

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.