Allspring Global Investments Holdings LLC Trims Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Allspring Global Investments Holdings LLC trimmed its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 25.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,347 shares of the business services provider’s stock after selling 11,967 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Automatic Data Processing were worth $9,782,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of ADP. Vicus Capital purchased a new stake in shares of Automatic Data Processing in the 1st quarter valued at about $211,000. New Mexico Educational Retirement Board increased its position in shares of Automatic Data Processing by 13.5% in the first quarter. New Mexico Educational Retirement Board now owns 24,443 shares of the business services provider’s stock worth $5,562,000 after purchasing an additional 2,900 shares during the last quarter. Trilogy Capital Inc. purchased a new stake in Automatic Data Processing in the first quarter valued at approximately $279,000. LVW Advisors LLC lifted its position in Automatic Data Processing by 23.8% during the first quarter. LVW Advisors LLC now owns 3,854 shares of the business services provider’s stock valued at $962,000 after purchasing an additional 740 shares during the last quarter. Finally, Oak Asset Management LLC grew its stake in Automatic Data Processing by 3.4% in the 1st quarter. Oak Asset Management LLC now owns 2,745 shares of the business services provider’s stock worth $686,000 after buying an additional 90 shares in the last quarter. 80.03% of the stock is currently owned by institutional investors.

Automatic Data Processing Trading Down 0.5 %

NASDAQ:ADP opened at $287.96 on Friday. The firm has a market capitalization of $117.86 billion, a P/E ratio of 32.14, a P/E/G ratio of 3.13 and a beta of 0.79. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.66. The company has a fifty day moving average of $279.40 and a 200 day moving average of $258.39. Automatic Data Processing, Inc. has a 52 week low of $205.53 and a 52 week high of $294.18.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, July 31st. The business services provider reported $2.09 EPS for the quarter, beating the consensus estimate of $2.06 by $0.03. The firm had revenue of $4.80 billion during 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 company’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.89 earnings per share. On average, research analysts predict that Automatic Data Processing, Inc. will post 10.04 earnings per share for the current year.

Automatic Data Processing Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were issued a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 1.94%. The ex-dividend date of this dividend was Friday, September 13th. Automatic Data Processing’s dividend payout ratio (DPR) is currently 62.50%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ADP shares. Bank of America raised their price objective on shares of Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. Stifel Nicolaus lifted their price target on Automatic Data Processing from $271.00 to $287.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. JPMorgan Chase & Co. increased their price objective on Automatic Data Processing from $250.00 to $285.00 and gave the company an “underweight” rating in a research report on Tuesday, August 20th. Royal Bank of Canada restated a “sector perform” rating and issued a $267.00 target price on shares of Automatic Data Processing in a research report on Thursday, August 1st. Finally, StockNews.com cut shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Thursday, September 19th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $277.64.

Insider Transactions at Automatic Data Processing

In other Automatic Data Processing news, VP David Kwon sold 846 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $270.60, for a total value of $228,927.60. Following the completion of the transaction, the vice president now directly owns 10,410 shares in the company, valued at approximately $2,816,946. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, VP Michael A. Bonarti sold 26,442 shares of Automatic Data Processing stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $270.96, for a total transaction of $7,164,724.32. Following the sale, the vice president now directly owns 88,426 shares in the company, valued at $23,959,908.96. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP David Kwon sold 846 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $270.60, for a total value of $228,927.60. Following the completion of the transaction, the vice president now owns 10,410 shares of the company’s stock, valued at approximately $2,816,946. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 58,817 shares of company stock worth $15,999,208. 0.26% of the stock is currently owned by insiders.

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.