King Luther Capital Management Corp Decreases Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

King Luther Capital Management Corp trimmed its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 0.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 75,544 shares of the business services provider’s stock after selling 185 shares during the quarter. King Luther Capital Management Corp’s holdings in Automatic Data Processing were worth $16,604,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in ADP. Sei Investments Co. lifted its stake in Automatic Data Processing by 19.3% in the 1st quarter. Sei Investments Co. now owns 134,223 shares of the business services provider’s stock worth $30,532,000 after purchasing an additional 21,671 shares in the last quarter. Dakota Wealth Management purchased a new position in Automatic Data Processing during the first quarter worth approximately $571,000. Zions Bancorporation N.A. boosted its stake in Automatic Data Processing by 12.4% during the first quarter. Zions Bancorporation N.A. now owns 453 shares of the business services provider’s stock worth $103,000 after buying an additional 50 shares during the last quarter. Covestor Ltd grew its holdings in Automatic Data Processing by 82.8% in the 1st quarter. Covestor Ltd now owns 636 shares of the business services provider’s stock valued at $145,000 after buying an additional 288 shares in the last quarter. Finally, Merit Financial Group LLC increased its stake in shares of Automatic Data Processing by 4.4% in the 1st quarter. Merit Financial Group LLC now owns 2,902 shares of the business services provider’s stock worth $660,000 after acquiring an additional 121 shares during the last quarter. 79.37% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Automatic Data Processing news, VP Don Mcguire sold 2,380 shares of the company’s stock in a transaction dated Tuesday, October 3rd. The stock was 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 approximately $4,937,075.15. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Maria Black sold 17,326 shares of the business’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $255.03, for a total transaction of $4,418,649.78. Following the completion of the transaction, the chief executive officer now owns 70,782 shares in the company, valued at $18,051,533.46. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Don Mcguire sold 2,380 shares of the firm’s stock in a transaction 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 completion of the sale, the vice president now owns 20,665 shares in the company, valued at $4,937,075.15. The disclosure for this sale can be found here. Insiders sold a total of 165,420 shares of company stock worth $41,491,937 over the last 90 days. Corporate insiders own 0.26% of the company’s stock.

Automatic Data Processing Trading Up 1.0 %

Shares of NASDAQ ADP opened at $231.71 on Tuesday. The stock has a fifty day simple moving average of $236.36 and a 200-day simple moving average of $232.98. Automatic Data Processing, Inc. has a twelve month low of $201.46 and a twelve month high of $274.92. The stock has a market capitalization of $95.30 billion, a PE ratio of 27.55, a PEG ratio of 2.15 and a beta of 0.83. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.86.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings results on Wednesday, October 25th. The business services provider reported $2.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.05. Automatic Data Processing had a net margin of 19.07% and a return on equity of 102.59%. The company had revenue of $4.51 billion for the quarter, compared to analyst estimates of $4.52 billion. On average, equities analysts forecast that Automatic Data Processing, Inc. will post 9.14 earnings per share for the current year.

Automatic Data Processing Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 1st. Shareholders of record on Friday, December 8th will be paid a $1.40 dividend. This is an increase from Automatic Data Processing’s previous quarterly dividend of $1.25. The ex-dividend date is Thursday, December 7th. This represents a $5.60 annualized dividend and a dividend yield of 2.42%. Automatic Data Processing’s payout ratio is 66.59%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on ADP shares. StockNews.com lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Wednesday, October 25th. Barclays dropped their price target on shares of Automatic Data Processing from $285.00 to $280.00 and set an “overweight” rating for the company in a research note on Thursday, October 26th. Royal Bank of Canada initiated coverage on shares of Automatic Data Processing in a research report on Tuesday, September 5th. They set a “sector perform” rating and a $267.00 price target on the stock. Mizuho cut their target price on Automatic Data Processing from $285.00 to $255.00 and set a “buy” rating for the company in a research note on Tuesday, October 31st. Finally, UBS Group began coverage on Automatic Data Processing in a research report on Tuesday, November 7th. They issued a “neutral” rating and a $235.00 target price on the stock. Two 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’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $248.42.

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.