PGGM Investments Trims Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

PGGM Investments cut its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 6.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 43,911 shares of the business services provider’s stock after selling 3,025 shares during the period. PGGM Investments’ holdings in Automatic Data Processing were worth $10,230,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of ADP. OFI Invest Asset Management purchased a new position in Automatic Data Processing during the third quarter valued at $25,000. Fortitude Family Office LLC purchased a new position in Automatic Data Processing during the fourth quarter valued at $35,000. Evolution Advisers Inc. purchased a new position in Automatic Data Processing during the fourth quarter valued at $41,000. Raleigh Capital Management Inc. grew its stake 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 acquiring an additional 89 shares in the last quarter. Finally, Bfsg LLC purchased a new position in Automatic Data Processing during the fourth quarter valued at $42,000. 80.03% of the stock is owned by hedge funds and other institutional investors.

Automatic Data Processing Trading Down 1.3 %

Shares of Automatic Data Processing stock traded down $3.27 during trading on Friday, hitting $243.07. The stock had a trading volume of 1,555,489 shares, compared to its average volume of 1,384,926. The firm’s fifty day simple moving average is $246.70 and its 200-day simple moving average is $239.19. The stock has a market cap of $99.85 billion, a PE ratio of 28.30, a PEG ratio of 2.28 and a beta of 0.78. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.01 and a quick ratio of 1.01. Automatic Data Processing, Inc. has a 12 month low of $205.53 and a 12 month high of $256.84.

Automatic Data Processing (NASDAQ:ADP) last released its earnings results on Wednesday, January 31st. The business services provider reported $2.13 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $4.67 billion during the quarter, compared to analyst estimates of $4.65 billion. During the same quarter last year, the business earned $1.96 EPS. The business’s revenue was up 6.3% on a year-over-year basis. As a group, sell-side analysts expect that Automatic Data Processing, Inc. will post 9.14 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be issued a dividend of $1.40 per share. The ex-dividend date is Friday, June 14th. This represents a $5.60 dividend on an annualized basis and a yield of 2.30%. Automatic Data Processing’s payout ratio is 65.19%.

Analyst Upgrades and Downgrades

ADP has been the subject of several research analyst reports. StockNews.com cut shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Tuesday, March 19th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $267.00 target price on shares of Automatic Data Processing in a research note on Thursday, February 1st. Mizuho increased their price objective on shares of Automatic Data Processing from $265.00 to $272.00 and gave the company a “buy” rating in a research report on Monday, March 11th. Evercore ISI increased their price objective on shares of Automatic Data Processing from $227.00 to $235.00 and gave the company an “underperform” rating in a research report on Tuesday, March 26th. Finally, Wolfe Research upgraded shares of Automatic Data Processing from an “underperform” rating to a “peer perform” rating in a research report on Thursday, January 4th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $258.36.

Insider Activity at Automatic Data Processing

In related news, VP Sreenivasa Kutam sold 368 shares of Automatic Data Processing stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $247.01, for a total transaction of $90,899.68. Following the completion of the sale, the vice president now owns 20,319 shares in the company, valued at approximately $5,018,996.19. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, VP Sreenivasa Kutam sold 368 shares of Automatic Data Processing stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $247.01, for a total transaction of $90,899.68. Following the completion of the sale, the vice president now owns 20,319 shares in the company, valued at approximately $5,018,996.19. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP David Kwon sold 863 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $250.00, for a total transaction of $215,750.00. Following the transaction, the vice president now directly owns 8,285 shares in the company, valued at approximately $2,071,250. The disclosure for this sale can be found here. Insiders sold 15,162 shares of company stock worth $3,741,859 in the last 90 days. 0.26% of the stock is owned by corporate insiders.

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.