Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Sold by Apollon Wealth Management LLC

Apollon Wealth Management LLC trimmed its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 5.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,274 shares of the business services provider’s stock after selling 838 shares during the quarter. Apollon Wealth Management LLC’s holdings in Automatic Data Processing were worth $3,407,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. TD Asset Management Inc increased its stake in Automatic Data Processing by 14.2% during the 1st quarter. TD Asset Management Inc now owns 801,857 shares of the business services provider’s stock worth $200,256,000 after buying an additional 99,515 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in Automatic Data Processing by 70.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 638,507 shares of the business services provider’s stock valued at $152,405,000 after acquiring an additional 264,466 shares in the last quarter. SG Americas Securities LLC increased its holdings in shares of Automatic Data Processing by 195.1% in the first quarter. SG Americas Securities LLC now owns 51,607 shares of the business services provider’s stock valued at $12,888,000 after purchasing an additional 34,118 shares during the last quarter. Cornerstone Wealth Group LLC acquired a new stake in shares of Automatic Data Processing in the 1st quarter worth $2,924,000. Finally, LVW Advisors LLC raised its holdings in shares of Automatic Data Processing by 23.8% during the 1st quarter. LVW Advisors LLC now owns 3,854 shares of the business services provider’s stock worth $962,000 after acquiring an additional 740 shares during the period. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ADP shares. Jefferies Financial Group raised their price objective on shares of Automatic Data Processing from $250.00 to $260.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. Royal Bank of Canada restated a “sector perform” rating and set a $267.00 price target on shares of Automatic Data Processing in a report on Thursday, August 1st. Bank of America upped their price objective on Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. TD Cowen cut their target price on Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating for the company in a research note on Thursday, May 2nd. Finally, StockNews.com downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Tuesday, July 2nd. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Automatic Data Processing has a consensus rating of “Hold” and a consensus target price of $262.18.

Automatic Data Processing Stock Performance

Shares of Automatic Data Processing stock opened at $264.65 on Tuesday. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.01 and a quick ratio of 1.01. The stock has a market capitalization of $108.32 billion, a price-to-earnings ratio of 29.54, a price-to-earnings-growth ratio of 2.72 and a beta of 0.78. The business has a 50-day moving average of $248.65 and a 200 day moving average of $247.63. Automatic Data Processing, Inc. has a 12 month low of $205.53 and a 12 month high of $269.49.

Automatic Data Processing (NASDAQ:ADP) last released its earnings results on Wednesday, July 31st. The business services provider reported $2.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.06 by $0.03. The company had revenue of $4.80 billion for 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 firm’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 EPS. As a group, sell-side analysts forecast that Automatic Data Processing, Inc. will post 10.01 earnings per share for the current year.

Automatic Data Processing Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date of this dividend is Friday, September 13th. Automatic Data Processing’s dividend payout ratio is currently 62.50%.

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.