Suncoast Equity Management Lowers Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Suncoast Equity Management decreased its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 0.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 99,173 shares of the business services provider’s stock after selling 876 shares during the period. Automatic Data Processing comprises 3.2% of Suncoast Equity Management’s investment portfolio, making the stock its 17th biggest position. Suncoast Equity Management’s holdings in Automatic Data Processing were worth $29,031,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Itau Unibanco Holding S.A. acquired a new stake in Automatic Data Processing in the 3rd quarter valued at $26,000. Dunhill Financial LLC raised its position in Automatic Data Processing by 346.5% during the third quarter. Dunhill Financial LLC now owns 106 shares of the business services provider’s stock worth $29,000 after acquiring an additional 149 shares during the period. Capital Performance Advisors LLP purchased a new position in Automatic Data Processing during the third quarter valued at $35,000. Sugar Maple Asset Management LLC acquired a new stake in shares of Automatic Data Processing in the fourth quarter valued at about $37,000. Finally, Wingate Wealth Advisors Inc. acquired a new stake in shares of Automatic Data Processing in the fourth quarter valued at about $37,000. Institutional investors and hedge funds own 80.03% of the company’s stock.

Automatic Data Processing Stock Down 0.4 %

NASDAQ ADP opened at $311.97 on Friday. The business’s fifty day simple moving average is $298.44 and its 200-day simple moving average is $289.74. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.59. The firm has a market cap of $127.12 billion, a PE ratio of 32.53, a P/E/G ratio of 3.61 and a beta of 0.79. Automatic Data Processing, Inc. has a 52 week low of $231.27 and a 52 week high of $313.72.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings data on Wednesday, January 29th. The business services provider reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.30 by $0.05. Automatic Data Processing had a net margin of 19.76% and a return on equity of 80.86%. As a group, equities analysts anticipate that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.

Automatic Data Processing Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a $1.54 dividend. This represents a $6.16 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date is Friday, March 14th. Automatic Data Processing’s dividend payout ratio is presently 64.23%.

Insider Buying and Selling

In other news, VP David Foskett sold 1,004 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $289.29, for a total value of $290,447.16. Following the sale, the vice president now directly owns 5,958 shares of the company’s stock, valued at approximately $1,723,589.82. The trade was a 14.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Maria Black sold 721 shares of the stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $291.59, for a total transaction of $210,236.39. Following the transaction, the chief executive officer now directly owns 68,856 shares of the company’s stock, valued at $20,077,721.04. The trade was a 1.04 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,478 shares of company stock worth $1,617,241. Company insiders own 0.21% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ADP. Barclays raised their price target on shares of Automatic Data Processing from $325.00 to $350.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. TD Cowen raised their target price on Automatic Data Processing from $276.00 to $285.00 and gave the company a “hold” rating in a research report on Friday, November 1st. Jefferies Financial Group lifted their price target on Automatic Data Processing from $290.00 to $305.00 and gave the stock a “hold” rating in a research note on Thursday, January 30th. Royal Bank of Canada reissued a “sector perform” rating and issued a $315.00 price objective on shares of Automatic Data Processing in a research note on Thursday, January 30th. Finally, Mizuho lifted their target price on shares of Automatic Data Processing from $281.00 to $310.00 and gave the stock an “outperform” rating in a research note on Monday, November 4th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Automatic Data Processing currently has an average rating of “Hold” and an average price target of $293.55.

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.