Granite Investment Partners LLC Trims Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Granite Investment Partners LLC decreased its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 3.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 40,076 shares of the business services provider’s stock after selling 1,455 shares during the quarter. Granite Investment Partners LLC’s holdings in Automatic Data Processing were worth $9,566,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Keener Financial Planning LLC lifted its position in shares of 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 buying an additional 76 shares in the last quarter. Crewe Advisors LLC purchased a new position in Automatic Data Processing during the first quarter valued at approximately $33,000. Pathway Financial Advisers LLC purchased a new position in Automatic Data Processing during the first quarter valued at approximately $36,000. Pineridge Advisors LLC bought a new position in shares of Automatic Data Processing in the fourth quarter worth approximately $39,000. Finally, MFA Wealth Advisors LLC purchased a new stake in shares of Automatic Data Processing in the second quarter worth $40,000. 80.03% of the stock is currently owned by institutional investors.

Automatic Data Processing Trading Up 0.6 %

ADP stock opened at $277.69 on Friday. The firm has a fifty day moving average price of $263.99 and a 200 day moving average price of $251.30. Automatic Data Processing, Inc. has a fifty-two week low of $205.53 and a fifty-two week high of $281.54. The firm has a market cap of $113.66 billion, a PE ratio of 30.99, a price-to-earnings-growth ratio of 3.02 and a beta of 0.79. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.01 and a current ratio of 1.01.

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, topping analysts’ consensus estimates of $2.06 by $0.03. The business had revenue of $4.80 billion during the quarter, compared to analysts’ expectations of $4.74 billion. Automatic Data Processing had a net margin of 19.54% and a return on equity of 89.20%. The business’s revenue was up 7.2% on a year-over-year basis. During the same period last year, the company posted $1.89 EPS. Sell-side analysts anticipate that Automatic Data Processing, Inc. will post 10.04 earnings per share for the current fiscal year.

Automatic Data Processing Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a dividend of $1.40 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $5.60 dividend on an annualized basis and a yield of 2.02%. Automatic Data Processing’s dividend payout ratio (DPR) is presently 62.50%.

Insider Activity

In related news, VP Michael A. Bonarti sold 26,442 shares of the stock in a transaction 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 owns 88,426 shares in the company, valued at approximately $23,959,908.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Automatic Data Processing news, Director Carlos A. Rodriguez sold 9,203 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $269.45, for a total transaction of $2,479,748.35. Following the completion of the transaction, the director now owns 36,741 shares in the company, valued at $9,899,862.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael A. Bonarti sold 26,442 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $270.96, for a total value of $7,164,724.32. Following the completion of the sale, the vice president now owns 88,426 shares in the company, valued at $23,959,908.96. The disclosure for this sale can be found here. Insiders sold 58,817 shares of company stock valued at $15,999,208 in the last ninety days. Insiders own 0.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on ADP shares. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $267.00 target price on shares of Automatic Data Processing in a report on Thursday, August 1st. Barclays upped their price objective on Automatic Data Processing from $282.00 to $310.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. 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 research report on Thursday, August 1st. Stifel Nicolaus boosted their price target on Automatic Data Processing from $271.00 to $287.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Finally, Jefferies Financial Group increased their price objective on shares of Automatic Data Processing from $250.00 to $260.00 and gave the company a “hold” rating in a report on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Automatic Data Processing currently has an average rating of “Hold” and an average price target of $265.36.

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.