Sky Investment Group LLC Reduces Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Sky Investment Group LLC lessened its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 23,593 shares of the business services provider’s stock after selling 245 shares during the period. Sky Investment Group LLC’s holdings in Automatic Data Processing were worth $5,631,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Keener Financial Planning LLC raised its holdings in shares of Automatic Data Processing by 230.3% during the first quarter. Keener Financial Planning LLC now owns 109 shares of the business services provider’s stock valued at $28,000 after acquiring an additional 76 shares in the last quarter. Crewe Advisors LLC bought a new position in Automatic Data Processing in the 1st quarter worth $33,000. Pathway Financial Advisers LLC bought a new position in Automatic Data Processing in the 1st quarter worth $36,000. Pineridge Advisors LLC purchased a new stake in shares of Automatic Data Processing in the 4th quarter worth about $39,000. Finally, Evolution Advisers Inc. bought a new stake in shares of Automatic Data Processing during the 4th quarter valued at about $41,000. Institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Stock Up 0.3 %

Shares of NASDAQ ADP traded up $0.91 during midday trading on Wednesday, hitting $262.82. The stock had a trading volume of 1,047,598 shares, compared to its average volume of 1,683,491. The business’s 50 day moving average is $247.75 and its 200-day moving average is $247.13. Automatic Data Processing, Inc. has a 52 week low of $205.53 and a 52 week high of $269.49. 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 cap of $107.57 billion, a P/E ratio of 29.33, a PEG ratio of 2.72 and a beta of 0.78.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings data 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. The business had revenue of $4.80 billion for the quarter, compared to analysts’ expectations of $4.74 billion. Automatic Data Processing had a return on equity of 89.20% and a net margin of 19.54%. The firm’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.89 EPS. As a group, analysts predict that Automatic Data Processing, Inc. will post 10.01 EPS for the current year.

Automatic Data Processing Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a $1.40 dividend. The ex-dividend date is Friday, September 13th. This represents a $5.60 annualized dividend and a yield of 2.13%. Automatic Data Processing’s payout ratio is 62.50%.

Wall Street Analyst Weigh In

ADP has been the subject of a number of research reports. Jefferies Financial Group increased their price target on shares of Automatic Data Processing from $250.00 to $260.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. Royal Bank of Canada restated a “sector perform” rating and issued a $267.00 target price on shares of Automatic Data Processing in a research note on Thursday, August 1st. StockNews.com lowered Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Tuesday, July 2nd. Barclays increased their price objective on Automatic Data Processing from $282.00 to $310.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Finally, Stifel Nicolaus boosted their target price on shares of Automatic Data Processing from $271.00 to $287.00 and gave the company a “hold” rating in a report on Thursday, August 1st. Two 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 data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $262.18.

About Automatic Data Processing

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.