SteelPeak Wealth LLC Sells 37,407 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

SteelPeak Wealth LLC lowered its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 96.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,265 shares of the business services provider’s stock after selling 37,407 shares during the period. SteelPeak Wealth LLC’s holdings in Automatic Data Processing were worth $318,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Fortitude Family Office LLC purchased a new position in shares of Automatic Data Processing during the 4th quarter valued at $35,000. Pineridge Advisors LLC purchased a new stake in Automatic Data Processing during the fourth quarter valued at about $39,000. Evolution Advisers Inc. bought a new position in Automatic Data Processing during the fourth quarter worth about $41,000. Raleigh Capital Management Inc. increased its stake in shares of Automatic Data Processing by 106.0% in the third quarter. Raleigh Capital Management Inc. now owns 173 shares of the business services provider’s stock worth $42,000 after purchasing an additional 89 shares in the last quarter. Finally, Bfsg LLC bought a new stake in shares of Automatic Data Processing in the fourth quarter valued at approximately $42,000. Institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Trading Up 0.6 %

Shares of ADP opened at $238.69 on Monday. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.01 and a quick ratio of 1.01. Automatic Data Processing, Inc. has a 1-year low of $205.53 and a 1-year high of $256.84. The company has a market capitalization of $97.69 billion, a P/E ratio of 26.64, a P/E/G ratio of 2.62 and a beta of 0.78. The firm’s 50 day simple moving average is $245.79 and its 200 day simple moving average is $243.86.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings data on Wednesday, May 1st. The business services provider reported $2.88 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.22 billion. During the same quarter last year, the company posted $2.52 EPS. The business’s quarterly revenue was up 7.6% on a year-over-year basis. Sell-side analysts forecast that Automatic Data Processing, Inc. will post 9.16 earnings per share for the current fiscal year.

Automatic Data Processing Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date is Friday, June 14th. Automatic Data Processing’s payout ratio is currently 62.50%.

Wall Street Analyst Weigh In

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

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.