Fortitude Family Office LLC Sells 43 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Fortitude Family Office LLC cut its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 8.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 467 shares of the business services provider’s stock after selling 43 shares during the period. Fortitude Family Office LLC’s holdings in Automatic Data Processing were worth $137,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. MGO One Seven LLC grew its position in shares of Automatic Data Processing by 9.8% during the second quarter. MGO One Seven LLC now owns 6,572 shares of the business services provider’s stock valued at $1,569,000 after purchasing an additional 584 shares in the last quarter. AGF Management Ltd. grew its holdings in Automatic Data Processing by 21.9% during the 2nd quarter. AGF Management Ltd. now owns 16,107 shares of the business services provider’s stock valued at $3,845,000 after buying an additional 2,892 shares in the last quarter. LPL Financial LLC grew its holdings in Automatic Data Processing by 5.4% during the 2nd quarter. LPL Financial LLC now owns 554,982 shares of the business services provider’s stock valued at $132,469,000 after buying an additional 28,297 shares in the last quarter. Qsemble Capital Management LP increased its stake in Automatic Data Processing by 240.2% in the 2nd quarter. Qsemble Capital Management LP now owns 15,479 shares of the business services provider’s stock worth $3,695,000 after acquiring an additional 10,929 shares during the last quarter. Finally, Jupiter Asset Management Ltd. raised its holdings in shares of Automatic Data Processing by 0.6% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 160,808 shares of the business services provider’s stock worth $38,383,000 after acquiring an additional 936 shares in the last quarter. 80.03% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ADP has been the subject of a number of recent research reports. Jefferies Financial Group raised their target price on shares of Automatic Data Processing from $260.00 to $290.00 and gave the company a “hold” rating in a report on Tuesday, October 22nd. TD Cowen boosted their target price on shares of Automatic Data Processing from $276.00 to $285.00 and gave the stock a “hold” rating in a report on Friday, November 1st. StockNews.com upgraded shares of Automatic Data Processing from a “hold” rating to a “buy” rating in a research report on Friday, January 3rd. Citigroup lifted their price target on Automatic Data Processing from $260.00 to $295.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 25th. Finally, Barclays upped their price objective on Automatic Data Processing from $310.00 to $325.00 and gave the company an “overweight” rating in a research report on Monday, November 4th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Automatic Data Processing presently has an average rating of “Hold” and a consensus price target of $289.91.

Insider Activity

In other news, VP Sreenivasa Kutam sold 38,975 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $300.00, for a total value of $11,692,500.00. Following the completion of the transaction, the vice president now directly owns 32,604 shares of the company’s stock, valued at approximately $9,781,200. The trade was a 54.45 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Brian L. Michaud sold 362 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $293.83, for a total value of $106,366.46. Following the sale, the vice president now directly owns 13,706 shares in the company, valued at approximately $4,027,233.98. The trade was a 2.57 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 41,062 shares of company stock worth $12,299,550. 0.21% of the stock is currently owned by corporate insiders.

Automatic Data Processing Price Performance

Shares of ADP stock opened at $291.89 on Friday. The company’s 50-day simple moving average is $298.49 and its two-hundred day simple moving average is $277.85. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.01 and a quick ratio of 1.01. Automatic Data Processing, Inc. has a one year low of $231.27 and a one year high of $309.63. The company has a market capitalization of $118.93 billion, a P/E ratio of 31.15, a P/E/G ratio of 3.50 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share for the quarter, beating analysts’ consensus estimates of $2.21 by $0.12. Automatic Data Processing had a return on equity of 82.36% and a net margin of 19.72%. The business had revenue of $4.83 billion during the quarter, compared to analyst estimates of $4.77 billion. During the same period in the previous year, the company posted $2.08 EPS. Automatic Data Processing’s revenue was up 7.1% on a year-over-year basis. As a group, equities analysts anticipate that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Automatic Data Processing Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th were issued a dividend of $1.54 per share. This represents a $6.16 annualized dividend and a yield of 2.11%. This is a boost from Automatic Data Processing’s previous quarterly dividend of $1.40. The ex-dividend date was Friday, December 13th. Automatic Data Processing’s dividend payout ratio is presently 65.74%.

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.