Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Sold by ICA Group Wealth Management LLC

ICA Group Wealth Management LLC cut its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 81.5% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 523 shares of the business services provider’s stock after selling 2,303 shares during the period. ICA Group Wealth Management LLC’s holdings in Automatic Data Processing were worth $125,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. TD Asset Management Inc raised its stake in Automatic Data Processing by 14.2% during the 1st quarter. TD Asset Management Inc now owns 801,857 shares of the business services provider’s stock valued at $200,256,000 after acquiring an additional 99,515 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Automatic Data Processing by 70.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 638,507 shares of the business services provider’s stock worth $152,405,000 after acquiring an additional 264,466 shares during the period. SG Americas Securities LLC boosted its holdings in shares of Automatic Data Processing by 195.1% in the first quarter. SG Americas Securities LLC now owns 51,607 shares of the business services provider’s stock valued at $12,888,000 after acquiring an additional 34,118 shares in the last quarter. Cornerstone Wealth Group LLC acquired a new position in shares of Automatic Data Processing during the first quarter valued at approximately $2,924,000. Finally, LVW Advisors LLC raised its holdings in Automatic Data Processing by 23.8% during the first quarter. LVW Advisors LLC now owns 3,854 shares of the business services provider’s stock worth $962,000 after purchasing an additional 740 shares in the last quarter. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have weighed in on ADP. Bank of America upped their target price 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. StockNews.com raised Automatic Data Processing from a “hold” rating to a “buy” rating in a research note on Monday, September 9th. Stifel Nicolaus boosted their price target on shares of Automatic Data Processing from $271.00 to $287.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. Jefferies Financial Group raised 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 report on Thursday, August 1st. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $267.00 target price on shares of Automatic Data Processing in a report on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Automatic Data Processing presently has an average rating of “Hold” and an average target price of $265.36.

Automatic Data Processing Stock Down 0.3 %

ADP stock opened at $277.51 on Monday. The company’s 50 day simple moving average is $260.52 and its 200-day simple moving average is $250.53. Automatic Data Processing, Inc. has a 52-week low of $205.53 and a 52-week high of $279.58. 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 firm has a market capitalization of $113.17 billion, a P/E ratio of 30.97, a P/E/G ratio of 3.02 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last released its earnings results on Wednesday, July 31st. The business services provider reported $2.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.06 by $0.03. The company had revenue of $4.80 billion during the quarter, compared to analyst estimates of $4.74 billion. Automatic Data Processing had a return on equity of 89.20% and a net margin of 19.54%. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.89 earnings per share. As a group, equities research analysts anticipate that Automatic Data Processing, Inc. will post 10.04 EPS for the current year.

Automatic Data Processing Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a $1.40 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $5.60 annualized dividend and a dividend yield of 2.02%. Automatic Data Processing’s payout ratio is 62.50%.

Insider Buying and Selling

In other Automatic Data Processing news, VP Michael A. Bonarti sold 26,442 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $270.96, for a total value of $7,164,724.32. Following the completion of the sale, the vice president now directly owns 88,426 shares of the company’s stock, valued at $23,959,908.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Automatic Data Processing news, VP Michael A. Bonarti sold 26,442 shares of the firm’s stock in a transaction that occurred on 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 sale, the vice president now owns 88,426 shares of the company’s stock, valued at approximately $23,959,908.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Don Mcguire sold 3,179 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $274.38, for a total transaction of $872,254.02. Following the transaction, the vice president now owns 41,696 shares of the company’s stock, valued at $11,440,548.48. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 58,817 shares of company stock worth $15,999,208. Insiders own 0.26% of the company’s stock.

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.