Automatic Data Processing, Inc. (NASDAQ:ADP) Stake Cut by Bright Rock Capital Management LLC

Bright Rock Capital Management LLC reduced its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 46.5% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 23,000 shares of the business services provider’s stock after selling 20,000 shares during the quarter. Bright Rock Capital Management LLC’s holdings in Automatic Data Processing were worth $6,365,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Kiely Wealth Advisory Group Inc. bought a new position in Automatic Data Processing in the second quarter worth about $27,000. Keener Financial Planning LLC grew its holdings in shares of Automatic Data Processing by 230.3% during the first 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 last quarter. Crewe Advisors LLC acquired a new stake in shares of Automatic Data Processing during the 1st quarter worth approximately $33,000. Pathway Financial Advisers LLC acquired a new position in Automatic Data Processing during the 1st quarter valued at approximately $36,000. Finally, Pineridge Advisors LLC bought a new position in Automatic Data Processing during the 4th quarter worth $39,000. 80.03% of the stock is owned by institutional investors and hedge funds.

Automatic Data Processing Price Performance

Shares of NASDAQ ADP opened at $284.62 on Friday. Automatic Data Processing, Inc. has a twelve month low of $205.53 and a twelve month high of $285.67. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.66. The firm has a 50-day moving average of $270.29 and a two-hundred day moving average of $253.65. The company has a market capitalization of $116.49 billion, a price-to-earnings ratio of 31.77, a PEG ratio of 3.02 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last released its earnings results 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 business had revenue of $4.80 billion during 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 business’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.89 earnings per share. As a group, analysts expect that Automatic Data Processing, Inc. will post 10.04 earnings per share for the current fiscal year.

Automatic Data Processing Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date was Friday, September 13th. Automatic Data Processing’s payout ratio is 62.50%.

Insider Transactions at Automatic Data Processing

In other Automatic Data Processing news, VP David Kwon sold 846 shares of Automatic Data Processing 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 in the company, valued at approximately $2,816,946. The transaction 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 stock was sold at an average price of $270.60, for a total transaction of $228,927.60. Following the completion of the sale, the vice president now directly owns 10,410 shares in the company, valued at approximately $2,816,946. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael A. Bonarti sold 26,442 shares of Automatic Data Processing stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $270.96, for a total value of $7,164,724.32. Following the transaction, the vice president now directly owns 88,426 shares in the company, valued at approximately $23,959,908.96. The disclosure for this sale can be found here. Insiders have sold 58,817 shares of company stock valued at $15,999,208 over the last three months. Company insiders own 0.26% of the company’s stock.

Wall Street Analysts Forecast Growth

ADP has been the topic of a number of recent research reports. Bank of America raised their target price on Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Citigroup boosted their price objective on Automatic Data Processing from $260.00 to $295.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 25th. JPMorgan Chase & Co. raised their target price 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. 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 research report on Thursday, August 1st. Finally, Barclays raised their price target on Automatic Data Processing from $282.00 to $310.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $267.83.

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.