Harvest Fund Management Co. Ltd Cuts Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

Harvest Fund Management Co. Ltd trimmed its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 3,731 shares of the business services provider’s stock after selling 59 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Automatic Data Processing were worth $864,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. OFI Invest Asset Management purchased a new position in shares of Automatic Data Processing in the third quarter worth approximately $25,000. Fortitude Family Office LLC purchased a new position in Automatic Data Processing during the fourth quarter valued at approximately $35,000. Raleigh Capital Management Inc. lifted its holdings in Automatic Data Processing by 106.0% during the third quarter. Raleigh Capital Management Inc. now owns 173 shares of the business services provider’s stock valued at $42,000 after purchasing an additional 89 shares in the last quarter. Carmel Capital Partners LLC lifted its holdings in Automatic Data Processing by 43.4% during the third quarter. Carmel Capital Partners LLC now owns 228 shares of the business services provider’s stock valued at $55,000 after purchasing an additional 69 shares in the last quarter. Finally, VisionPoint Advisory Group LLC lifted its holdings in Automatic Data Processing by 323.2% during the third quarter. VisionPoint Advisory Group LLC now owns 237 shares of the business services provider’s stock valued at $57,000 after purchasing an additional 181 shares in the last quarter. 80.03% of the stock is owned by hedge funds and other institutional investors.

Automatic Data Processing Stock Up 0.2 %

NASDAQ:ADP traded up $0.53 during mid-day trading on Tuesday, reaching $246.84. The company’s stock had a trading volume of 1,661,476 shares, compared to its average volume of 1,807,928. Automatic Data Processing, Inc. has a 1 year low of $201.46 and a 1 year high of $256.84. The stock has a fifty day moving average of $247.09 and a 200-day moving average of $239.21. The firm has a market capitalization of $101.40 billion, a PE ratio of 28.74, a price-to-earnings-growth ratio of 2.29 and a beta of 0.78. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.69.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings data on Wednesday, January 31st. The business services provider reported $2.13 earnings per share for the quarter, topping analysts’ consensus estimates of $2.10 by $0.03. Automatic Data Processing had a net margin of 19.14% and a return on equity of 95.22%. The company had revenue of $4.67 billion during the quarter, compared to analyst estimates of $4.65 billion. During the same period in the prior year, the firm earned $1.96 earnings per share. The firm’s revenue for the quarter was up 6.3% compared to the same quarter last year. Equities research analysts forecast that Automatic Data Processing, Inc. will post 9.14 earnings per share for the current year.

Automatic Data Processing Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 2.27%. The ex-dividend date of this dividend is Friday, June 14th. Automatic Data Processing’s payout ratio is 65.19%.

Insider Buying and Selling at Automatic Data Processing

In other news, VP Sreenivasa Kutam sold 694 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $249.43, for a total transaction of $173,104.42. Following the transaction, the vice president now owns 20,687 shares in the company, valued at $5,159,958.41. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, VP Don Mcguire sold 11,333 shares of the stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $245.00, for a total value of $2,776,585.00. Following the transaction, the vice president now owns 19,906 shares in the company, valued at approximately $4,876,970. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Sreenivasa Kutam sold 694 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $249.43, for a total transaction of $173,104.42. Following the completion of the transaction, the vice president now owns 20,687 shares in the company, valued at approximately $5,159,958.41. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,162 shares of company stock valued at $3,741,859. 0.26% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Evercore ISI lifted their price target on shares of Automatic Data Processing from $227.00 to $235.00 and gave the company an “underperform” rating in a report on Tuesday, March 26th. Bank of America upgraded shares of Automatic Data Processing from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $217.00 to $243.00 in a research report on Wednesday, January 17th. Royal Bank of Canada reiterated a “sector perform” rating and set a $267.00 price objective on shares of Automatic Data Processing in a research report on Thursday, February 1st. StockNews.com cut shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Tuesday, March 19th. Finally, Mizuho boosted their price target on shares of Automatic Data Processing from $265.00 to $272.00 and gave the stock a “buy” rating in a research report on Monday, March 11th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Automatic Data Processing presently has a consensus rating of “Hold” and an average price target of $254.58.

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.