Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Sold by Sompo Asset Management Co. Ltd.

Sompo Asset Management Co. Ltd. cut its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 6.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,220 shares of the business services provider’s stock after selling 160 shares during the quarter. Sompo Asset Management Co. Ltd.’s holdings in Automatic Data Processing were worth $530,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Chesapeake Wealth Management boosted its holdings in Automatic Data Processing by 8.7% in the 2nd quarter. Chesapeake Wealth Management now owns 1,062 shares of the business services provider’s stock valued at $253,000 after purchasing an additional 85 shares during the last quarter. Kiely Wealth Advisory Group Inc. acquired a new position in Automatic Data Processing in the 2nd quarter valued at about $27,000. Thrivent Financial for Lutherans boosted its holdings in Automatic Data Processing by 3.8% in the 2nd quarter. Thrivent Financial for Lutherans now owns 120,769 shares of the business services provider’s stock valued at $28,826,000 after purchasing an additional 4,427 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in Automatic Data Processing by 5.7% in the 2nd quarter. Pacer Advisors Inc. now owns 68,079 shares of the business services provider’s stock valued at $16,250,000 after purchasing an additional 3,682 shares during the last quarter. Finally, AE Wealth Management LLC boosted its holdings in Automatic Data Processing by 28.5% in the 2nd quarter. AE Wealth Management LLC now owns 9,458 shares of the business services provider’s stock valued at $2,258,000 after purchasing an additional 2,096 shares during the last quarter. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Carlos A. Rodriguez sold 9,203 shares of the stock in a transaction on Friday, September 6th. The shares were sold at an average price of $269.45, for a total transaction of $2,479,748.35. Following the completion of the sale, the director now owns 36,741 shares in the company, valued at approximately $9,899,862.45. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Carlos A. Rodriguez sold 9,203 shares of the stock in a transaction on Friday, September 6th. The shares were sold at an average price of $269.45, for a total transaction of $2,479,748.35. Following the completion of the sale, the director now owns 36,741 shares in the company, valued at approximately $9,899,862.45. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 of the company’s stock, valued at approximately $23,959,908.96. The disclosure for this sale can be found here. Insiders sold a total of 58,817 shares of company stock worth $15,999,208 in the last 90 days. Company insiders own 0.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ADP. Barclays boosted their target price on shares of Automatic Data Processing from $282.00 to $310.00 and gave the company an “overweight” rating in a report on Monday, August 5th. JPMorgan Chase & Co. upped their price objective on shares of Automatic Data Processing from $250.00 to $285.00 and gave the stock an “underweight” rating in a report on Tuesday, August 20th. Jefferies Financial Group upped their price objective on shares of Automatic Data Processing from $250.00 to $260.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Stifel Nicolaus upped their price objective on shares of Automatic Data Processing from $271.00 to $287.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Finally, StockNews.com lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Thursday. 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. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $265.36.

Automatic Data Processing Price Performance

Shares of ADP opened at $276.41 on Friday. 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 firm’s 50 day moving average price is $264.76 and its 200 day moving average price is $251.56. The company has a market cap of $113.13 billion, a P/E ratio of 30.85, a PEG ratio of 3.02 and a beta of 0.79. Automatic Data Processing, Inc. has a fifty-two week low of $205.53 and a fifty-two week high of $281.54.

Automatic Data Processing (NASDAQ:ADP) last posted its earnings results on Wednesday, July 31st. The business services provider reported $2.09 EPS for the quarter, beating analysts’ consensus estimates of $2.06 by $0.03. The firm 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 company’s revenue was up 7.2% on a year-over-year basis. During the same period last year, the firm posted $1.89 EPS. On average, research analysts forecast that Automatic Data Processing, Inc. will post 10.04 earnings per share for the current fiscal year.

Automatic Data Processing Dividend Announcement

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