New York Life Investment Management LLC Lowers Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

New York Life Investment Management LLC lessened its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 61,458 shares of the business services provider’s stock after selling 594 shares during the period. New York Life Investment Management LLC’s holdings in Automatic Data Processing were worth $14,669,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Keener Financial Planning LLC raised 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 worth $28,000 after purchasing an additional 76 shares during the last quarter. Crewe Advisors LLC purchased a new position in shares of Automatic Data Processing in the first quarter valued at approximately $33,000. Pathway Financial Advisers LLC acquired a new stake in shares of Automatic Data Processing in the first quarter worth approximately $36,000. Pineridge Advisors LLC purchased a new stake in shares of Automatic Data Processing during the fourth quarter worth approximately $39,000. Finally, MFA Wealth Advisors LLC acquired a new position in Automatic Data Processing in the 2nd quarter valued at $40,000. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Wall Street Analyst Weigh In

ADP has been the subject of a number of research reports. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $267.00 target price on shares of Automatic Data Processing in a report on Thursday, August 1st. Jefferies Financial Group upped their price objective on shares of Automatic Data Processing from $250.00 to $260.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. StockNews.com lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Thursday, August 29th. Stifel Nicolaus upped their price target on Automatic Data Processing from $271.00 to $287.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. Finally, Bank of America lifted their price objective 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. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Automatic Data Processing has a consensus rating of “Hold” and a consensus target price of $265.36.

Insider Activity at Automatic Data Processing

In other Automatic Data Processing news, VP David Kwon sold 846 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $270.60, for a total transaction of $228,927.60. Following the sale, the vice president now directly owns 10,410 shares in the company, valued at $2,816,946. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Automatic Data Processing news, VP David Kwon sold 846 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $270.60, for a total value of $228,927.60. Following the completion of the transaction, the vice president now owns 10,410 shares in the company, valued at $2,816,946. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Don Mcguire sold 3,179 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $274.38, for a total value of $872,254.02. Following the completion of the sale, the vice president now owns 41,696 shares in the company, valued at $11,440,548.48. The disclosure for this sale can be found here. Insiders sold 49,614 shares of company stock worth $13,519,460 in the last three months. 0.26% of the stock is owned by company insiders.

Automatic Data Processing Trading Down 0.2 %

NASDAQ ADP opened at $269.56 on Friday. 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 $110.33 billion, a P/E ratio of 30.08, a PEG ratio of 3.00 and a beta of 0.78. The firm’s 50-day moving average is $256.39 and its two-hundred day moving average is $249.71. Automatic Data Processing, Inc. has a 12 month low of $205.53 and a 12 month high of $278.24.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings data 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 firm 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 firm’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the company posted $1.89 EPS. On average, sell-side analysts anticipate that Automatic Data Processing, Inc. will post 10.04 earnings per share for the current year.

Automatic Data Processing Dividend Announcement

The company also recently announced 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 annualized dividend and a yield of 2.08%. The ex-dividend date of this dividend is Friday, September 13th. Automatic Data Processing’s payout ratio is 62.50%.

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.