Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Sold by Grimes & Company Inc.

Grimes & Company Inc. lessened its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 2.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,402 shares of the business services provider’s stock after selling 79 shares during the period. Grimes & Company Inc.’s holdings in Automatic Data Processing were worth $850,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Dark Forest Capital Management LP acquired a new position in Automatic Data Processing in the third quarter valued at approximately $414,000. Bank of Nova Scotia lifted its stake in shares of Automatic Data Processing by 51.1% in the 3rd quarter. Bank of Nova Scotia now owns 54,716 shares of the business services provider’s stock valued at $13,164,000 after purchasing an additional 18,509 shares during the last quarter. CWA Asset Management Group LLC grew its holdings in shares of Automatic Data Processing by 3.3% during the 3rd quarter. CWA Asset Management Group LLC now owns 2,255 shares of the business services provider’s stock worth $543,000 after purchasing an additional 73 shares during the period. Teza Capital Management LLC increased its position in shares of Automatic Data Processing by 675.3% during the 3rd quarter. Teza Capital Management LLC now owns 9,505 shares of the business services provider’s stock worth $2,287,000 after purchasing an additional 8,279 shares during the last quarter. Finally, Richard Bernstein Advisors LLC increased its position in shares of Automatic Data Processing by 12.3% during the 3rd quarter. Richard Bernstein Advisors LLC now owns 14,472 shares of the business services provider’s stock worth $3,482,000 after purchasing an additional 1,583 shares during the last quarter. Institutional investors and hedge funds own 80.03% of the company’s stock.

Wall Street Analysts Forecast Growth

ADP has been the subject of several research analyst reports. JPMorgan Chase & Co. lowered their target price on shares of Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating for the company in a research note on Thursday, May 2nd. Barclays lifted their target price on shares of Automatic Data Processing from $280.00 to $282.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. Evercore ISI upped their price target on Automatic Data Processing from $227.00 to $235.00 and gave the stock an “underperform” rating in a research note on Tuesday, March 26th. Mizuho lifted their price objective on Automatic Data Processing from $265.00 to $272.00 and gave the company a “buy” rating in a research note on Monday, March 11th. Finally, TD Cowen decreased their target price on Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating on the stock in a research note on Thursday, May 2nd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Automatic Data Processing currently has a consensus rating of “Hold” and a consensus price target of $255.42.

Automatic Data Processing Stock Performance

Shares of Automatic Data Processing stock opened at $238.69 on Friday. The business has a 50-day simple moving average of $245.79 and a 200-day simple moving average of $243.83. The company has a market cap of $97.69 billion, a PE ratio of 26.64, a P/E/G ratio of 2.62 and a beta of 0.78. Automatic Data Processing, Inc. has a one year low of $205.53 and a one year high of $256.84. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.01 and a current ratio of 1.01.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings data on Wednesday, May 1st. The business services provider reported $2.88 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 company had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.22 billion. During the same period in the prior year, the firm posted $2.52 EPS. The company’s quarterly revenue was up 7.6% compared to the same quarter last year. On average, equities research analysts forecast that Automatic Data Processing, Inc. will post 9.16 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend is Friday, June 14th. Automatic Data Processing’s dividend payout ratio (DPR) is 62.50%.

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.