Lake Street Private Wealth LLC Cuts Stock Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Lake Street Private Wealth LLC lowered its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 60.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 929 shares of the business services provider’s stock after selling 1,444 shares during the quarter. Lake Street Private Wealth LLC’s holdings in Automatic Data Processing were worth $257,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Kiely Wealth Advisory Group Inc. purchased a new stake in shares of Automatic Data Processing in the second quarter worth about $27,000. Keener Financial Planning LLC increased its stake in Automatic Data Processing by 230.3% in the 1st quarter. Keener Financial Planning LLC now owns 109 shares of the business services provider’s stock worth $28,000 after acquiring an additional 76 shares during the last quarter. Hexagon Capital Partners LLC raised its holdings in shares of Automatic Data Processing by 78.5% during the 3rd quarter. Hexagon Capital Partners LLC now owns 116 shares of the business services provider’s stock worth $32,000 after acquiring an additional 51 shares in the last quarter. Crewe Advisors LLC bought a new position in shares of Automatic Data Processing during the 1st quarter valued at approximately $33,000. Finally, Pathway Financial Advisers LLC purchased a new position in shares of Automatic Data Processing in the first quarter valued at $36,000. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Jefferies Financial Group upped their price target on shares of Automatic Data Processing from $260.00 to $290.00 and gave the company a “hold” rating in a research note on Tuesday. Royal Bank of Canada restated a “sector perform” rating and set a $267.00 target price on shares of Automatic Data Processing in a research report on Thursday, August 1st. StockNews.com lowered Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Thursday, September 19th. Barclays upped their price objective on Automatic Data Processing from $282.00 to $310.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. Finally, Stifel Nicolaus raised their price objective on Automatic Data Processing from $271.00 to $287.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Automatic Data Processing has an average rating of “Hold” and an average price target of $275.33.

Automatic Data Processing Trading Down 0.4 %

Shares of NASDAQ ADP opened at $290.04 on Thursday. The business’s 50 day moving average price is $278.40 and its 200-day moving average price is $257.89. Automatic Data Processing, Inc. has a fifty-two week low of $205.53 and a fifty-two week high of $294.18. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market cap of $118.71 billion, a price-to-earnings ratio of 32.37, a PEG ratio of 3.13 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 earnings per share for the quarter, topping analysts’ consensus estimates of $2.06 by $0.03. The business had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.74 billion. Automatic Data Processing had a return on equity of 89.20% and a net margin of 19.54%. The business’s revenue was up 7.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.89 earnings per share. On average, sell-side analysts expect that Automatic Data Processing, Inc. will post 10.04 earnings per share for the current year.

Automatic Data Processing Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were given a $1.40 dividend. The ex-dividend date was Friday, September 13th. This represents a $5.60 annualized dividend and a yield of 1.93%. Automatic Data Processing’s dividend payout ratio (DPR) is 62.50%.

Insiders Place Their Bets

In other news, Director Carlos A. Rodriguez sold 9,203 shares of Automatic Data Processing stock in a transaction that occurred 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 of the company’s stock, valued at approximately $9,899,862.45. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Automatic Data Processing news, VP Don Mcguire sold 3,179 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $274.38, for a total transaction of $872,254.02. Following the transaction, the vice president now directly owns 41,696 shares in the company, valued at $11,440,548.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Carlos A. Rodriguez sold 9,203 shares of the firm’s stock in a transaction dated 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 transaction, the director now directly owns 36,741 shares in the company, valued at $9,899,862.45. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 58,817 shares of company stock worth $15,999,208 in the last three months. Corporate insiders own 0.26% of the company’s stock.

Automatic Data Processing 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.