Profund Advisors LLC Sells 637 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Profund Advisors LLC cut its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.7% during the second quarter, Holdings Channel.com reports. The fund owned 36,108 shares of the business services provider’s stock after selling 637 shares during the period. Profund Advisors LLC’s holdings in Automatic Data Processing were worth $8,619,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Kayne Anderson Rudnick Investment Management LLC grew its stake in shares of Automatic Data Processing by 4.8% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 64,837 shares of the business services provider’s stock worth $15,476,000 after purchasing an additional 2,950 shares during the period. Legacy Financial Advisors Inc. boosted its holdings in Automatic Data Processing by 1.3% during the second quarter. Legacy Financial Advisors Inc. now owns 3,471 shares of the business services provider’s stock worth $828,000 after buying an additional 43 shares during the last quarter. Ensign Peak Advisors Inc grew its position in shares of Automatic Data Processing by 8.6% during the 2nd quarter. Ensign Peak Advisors Inc now owns 106,152 shares of the business services provider’s stock worth $25,337,000 after buying an additional 8,424 shares during the period. Chesapeake Wealth Management grew its position in shares of Automatic Data Processing by 8.7% during the 2nd quarter. Chesapeake Wealth Management now owns 1,062 shares of the business services provider’s stock worth $253,000 after buying an additional 85 shares during the period. Finally, Kiely Wealth Advisory Group Inc. bought a new stake in shares of Automatic Data Processing in the 2nd quarter valued at about $27,000. Institutional investors and hedge funds own 80.03% of the company’s stock.

Insider Buying and Selling at Automatic Data Processing

In other news, Director Carlos A. Rodriguez sold 9,203 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $269.45, for a total value 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Carlos A. Rodriguez sold 9,203 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $269.45, for a total value of $2,479,748.35. Following the sale, the director now directly owns 36,741 shares of the company’s stock, valued at approximately $9,899,862.45. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Michael A. Bonarti sold 26,442 shares of Automatic Data Processing stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $270.96, for a total value of $7,164,724.32. Following the transaction, 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 over the last ninety days. 0.26% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on ADP shares. JPMorgan Chase & Co. boosted their price objective on shares of Automatic Data Processing from $250.00 to $285.00 and gave the company an “underweight” rating in a report on Tuesday, August 20th. Royal Bank of Canada reissued a “sector perform” rating and issued a $267.00 price target on shares of Automatic Data Processing in a report on Thursday, August 1st. StockNews.com downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Thursday. Barclays boosted their target price on Automatic Data Processing from $282.00 to $310.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. Finally, Bank of America raised their price target 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 research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $265.36.

Automatic Data Processing Price Performance

NASDAQ ADP opened at $276.41 on Friday. The firm’s 50 day moving average is $264.76 and its 200-day moving average is $251.56. 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 company has a market capitalization of $113.13 billion, a PE ratio of 30.85, a price-to-earnings-growth ratio of 3.02 and a beta of 0.79. Automatic Data Processing, Inc. has a 12-month low of $205.53 and a 12-month high of $281.54.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings results on Wednesday, July 31st. The business services provider reported $2.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.06 by $0.03. Automatic Data Processing had a net margin of 19.54% and a return on equity of 89.20%. The firm had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.74 billion. During the same period in the previous year, the business earned $1.89 EPS. The company’s revenue was up 7.2% compared to the same quarter last year. Equities research analysts anticipate 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 declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a dividend of $1.40 per share. The ex-dividend date is Friday, September 13th. This represents a $5.60 annualized dividend and a yield of 2.03%. Automatic Data Processing’s dividend payout ratio (DPR) is presently 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.