King Luther Capital Management Corp Sells 1,048 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

King Luther Capital Management Corp decreased its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 70,095 shares of the business services provider’s stock after selling 1,048 shares during the quarter. King Luther Capital Management Corp’s holdings in Automatic Data Processing were worth $16,731,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Gryphon Financial Partners LLC increased its stake in Automatic Data Processing by 105.2% in the 4th quarter. Gryphon Financial Partners LLC now owns 2,017 shares of the business services provider’s stock worth $467,000 after acquiring an additional 1,034 shares during the last quarter. Assetmark Inc. raised its stake in Automatic Data Processing by 9.5% during the fourth quarter. Assetmark Inc. now owns 2,892 shares of the business services provider’s stock valued at $674,000 after purchasing an additional 251 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in Automatic Data Processing by 4.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,598 shares of the business services provider’s stock valued at $372,000 after purchasing an additional 63 shares during the last quarter. SageView Advisory Group LLC grew its stake in shares of Automatic Data Processing by 140.6% in the 4th quarter. SageView Advisory Group LLC now owns 2,399 shares of the business services provider’s stock worth $572,000 after buying an additional 1,402 shares in the last quarter. Finally, Orion Portfolio Solutions LLC increased its holdings in shares of Automatic Data Processing by 4.6% in the 4th quarter. Orion Portfolio Solutions LLC now owns 12,977 shares of the business services provider’s stock worth $3,072,000 after buying an additional 573 shares during the last quarter. 80.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on ADP. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $267.00 price target on shares of Automatic Data Processing in a report on Thursday, August 1st. StockNews.com downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Thursday. Bank of America lifted 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. Jefferies Financial Group increased their price target on Automatic Data Processing from $250.00 to $260.00 and gave the company a “hold” rating in a report on Thursday, August 1st. Finally, Barclays raised their price target on Automatic Data Processing from $282.00 to $310.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Automatic Data Processing presently has a consensus rating of “Hold” and an average target price of $265.36.

Insider Buying and Selling

In other Automatic Data Processing news, CEO Maria Black sold 19,147 shares of Automatic Data Processing stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $274.38, for a total transaction of $5,253,553.86. Following the completion of the sale, the chief executive officer now directly owns 92,807 shares of the company’s stock, valued at approximately $25,464,384.66. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Automatic Data Processing news, VP David Kwon sold 846 shares of the firm’s 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 transaction, the vice president now owns 10,410 shares of the company’s stock, valued at approximately $2,816,946. 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 the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $274.38, for a total transaction of $5,253,553.86. Following the completion of the sale, the chief executive officer now owns 92,807 shares of the company’s stock, valued at approximately $25,464,384.66. The disclosure for this sale can be found here. Insiders have sold a total of 58,817 shares of company stock valued at $15,999,208 over the last quarter. 0.26% of the stock is owned by corporate insiders.

Automatic Data Processing Stock Performance

ADP stock opened at $276.41 on Friday. Automatic Data Processing, Inc. has a twelve month low of $205.53 and a twelve month high of $281.54. The firm has a market cap of $113.13 billion, a price-to-earnings ratio of 30.85, a PEG ratio of 3.02 and a beta of 0.79. The business’s fifty day simple moving average is $264.76 and its two-hundred day simple moving average is $251.51. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.66.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings results 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 company had revenue of $4.80 billion for the quarter, compared to the consensus estimate of $4.74 billion. Automatic Data Processing had a net margin of 19.54% and a return on equity of 89.20%. The firm’s revenue was up 7.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.89 EPS. Analysts predict that Automatic Data Processing, Inc. will post 10.04 earnings per share 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. Investors of record on Friday, September 13th will be issued a $1.40 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.03%. Automatic Data Processing’s payout ratio 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.