Pekin Hardy Strauss Inc. decreased its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report) by 1.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,776 shares of the business services provider’s stock after selling 50 shares during the period. Pekin Hardy Strauss Inc.’s holdings in Automatic Data Processing were worth $830,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of ADP. Ten Capital Wealth Advisors LLC increased its holdings in shares of Automatic Data Processing by 110.7% during the 1st quarter. Ten Capital Wealth Advisors LLC now owns 118 shares of the business services provider’s stock worth $26,000 after buying an additional 62 shares during the last quarter. China Universal Asset Management Co. Ltd. acquired a new stake in shares of Automatic Data Processing during the 1st quarter worth approximately $28,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Automatic Data Processing during the 1st quarter worth approximately $31,000. Coppell Advisory Solutions Corp. acquired a new stake in shares of Automatic Data Processing during the 4th quarter worth approximately $33,000. Finally, Arlington Partners LLC acquired a new stake in shares of Automatic Data Processing during the 1st quarter worth approximately $36,000. Institutional investors and hedge funds own 79.37% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages have issued reports on ADP. Royal Bank of Canada began coverage on Automatic Data Processing in a research report on Tuesday, September 5th. They issued a “sector perform” rating and a $267.00 target price on the stock. Barclays cut their price objective on Automatic Data Processing from $285.00 to $280.00 and set an “overweight” rating on the stock in a research report on Thursday, October 26th. StockNews.com downgraded shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Wednesday, October 25th. JPMorgan Chase & Co. boosted their target price on shares of Automatic Data Processing from $260.00 to $280.00 and gave the stock an “underweight” rating in a research note on Tuesday, August 22nd. Finally, Jefferies Financial Group upped their price objective on shares of Automatic Data Processing from $240.00 to $260.00 in a research note on Wednesday, July 26th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat, Automatic Data Processing has a consensus rating of “Hold” and a consensus price target of $248.42.
Insider Buying and Selling at Automatic Data Processing
In other news, VP Don Mcguire sold 2,380 shares of the stock in a transaction that occurred on Tuesday, October 3rd. The shares were sold at an average price of $238.91, for a total value of $568,605.80. Following the sale, the vice president now directly owns 20,665 shares in the company, valued at $4,937,075.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, VP Don Mcguire sold 2,380 shares of the firm’s stock in a transaction that occurred on Tuesday, October 3rd. The shares were sold at an average price of $238.91, for a total transaction of $568,605.80. Following the sale, the vice president now owns 20,665 shares in the company, valued at $4,937,075.15. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Carlos A. Rodriguez sold 52,254 shares of the firm’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $247.93, for a total transaction of $12,955,334.22. Following the sale, the insider now owns 44,859 shares in the company, valued at approximately $11,121,891.87. The disclosure for this sale can be found here. Over the last three months, insiders sold 165,420 shares of company stock valued at $41,491,937. Corporate insiders own 0.26% of the company’s stock.
Automatic Data Processing Trading Up 0.5 %
Shares of Automatic Data Processing stock opened at $226.52 on Friday. Automatic Data Processing, Inc. has a 12-month low of $201.46 and a 12-month high of $274.92. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.86. The stock has a market cap of $93.17 billion, a PE ratio of 26.93, a price-to-earnings-growth ratio of 2.11 and a beta of 0.83. The company has a 50-day moving average of $239.49 and a two-hundred day moving average of $232.07.
Automatic Data Processing Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, January 1st. Shareholders of record on Friday, December 8th will be issued a $1.40 dividend. The ex-dividend date is Thursday, December 7th. This is a boost from Automatic Data Processing’s previous quarterly dividend of $1.25. This represents a $5.60 dividend on an annualized basis and a yield of 2.47%. Automatic Data Processing’s dividend payout ratio (DPR) is 59.45%.
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.
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