Garner Asset Management Corp Has $946,000 Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Garner Asset Management Corp grew its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 15.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,963 shares of the business services provider’s stock after buying an additional 536 shares during the period. Garner Asset Management Corp’s holdings in Automatic Data Processing were worth $946,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Keener Financial Planning LLC increased its position in Automatic Data Processing by 230.3% during the 1st quarter. Keener Financial Planning LLC now owns 109 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 76 shares during the period. Crewe Advisors LLC acquired a new position in Automatic Data Processing in the first quarter valued at $33,000. Pathway Financial Advisers LLC acquired a new stake in Automatic Data Processing during the first quarter worth approximately $36,000. Pineridge Advisors LLC acquired a new stake in Automatic Data Processing in the fourth quarter worth $39,000. Finally, MFA Wealth Advisors LLC bought a new stake in Automatic Data Processing in the second quarter valued at $40,000. 80.03% of the stock is currently owned by institutional investors.

Automatic Data Processing Trading Down 1.3 %

Shares of Automatic Data Processing stock opened at $275.91 on Thursday. The stock has a fifty day moving average price of $263.15 and a 200-day moving average price of $251.11. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a market cap of $112.93 billion, a PE ratio of 30.79, a P/E/G ratio of 3.02 and a beta of 0.79. Automatic Data Processing, Inc. has a 1 year low of $205.53 and a 1 year high of $281.54.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings data on Wednesday, July 31st. The business services provider reported $2.09 EPS for the quarter, topping the consensus estimate of $2.06 by $0.03. The business had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.74 billion. Automatic Data Processing had a net margin of 19.54% and a return on equity of 89.20%. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.89 earnings per share. Equities research analysts anticipate that Automatic Data Processing, Inc. will post 10.04 EPS for the current year.

Automatic Data Processing Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a dividend of $1.40 per share. The ex-dividend date is Friday, September 13th. This represents a $5.60 annualized dividend and a dividend yield of 2.03%. Automatic Data Processing’s payout ratio is 62.50%.

Insider Buying and Selling

In other Automatic Data Processing news, VP David Kwon sold 846 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $270.60, for a total transaction of $228,927.60. Following the completion of the transaction, the vice president now owns 10,410 shares in the company, valued at $2,816,946. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Maria Black sold 19,147 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 92,807 shares in the company, valued at $25,464,384.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP David Kwon sold 846 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $270.60, for a total transaction of $228,927.60. Following the transaction, the vice president now directly owns 10,410 shares of the company’s stock, valued at approximately $2,816,946. The disclosure for this sale can be found here. In the last 90 days, insiders sold 58,817 shares of company stock valued at $15,999,208. 0.26% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ADP. Royal Bank of Canada reissued a “sector perform” rating and set a $267.00 price objective on shares of Automatic Data Processing in a research report on Thursday, August 1st. Jefferies Financial Group increased their price target on Automatic Data Processing from $250.00 to $260.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. StockNews.com upgraded Automatic Data Processing from a “hold” rating to a “buy” rating in a report on Monday, September 9th. Bank of America increased their target price on Automatic Data Processing from $250.00 to $267.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Finally, Stifel Nicolaus boosted their price target on shares of Automatic Data Processing from $271.00 to $287.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Automatic Data Processing currently has an average rating of “Hold” and an average price target of $265.36.

Automatic Data Processing Company 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.