Intech Investment Management LLC Cuts Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Intech Investment Management LLC decreased its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 60.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,416 shares of the business services provider’s stock after selling 45,534 shares during the period. Intech Investment Management LLC’s holdings in Automatic Data Processing were worth $8,904,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in ADP. Generali Asset Management SPA SGR purchased a new position in shares of Automatic Data Processing in the fourth quarter valued at approximately $15,090,000. Evoke Wealth LLC raised its stake in Automatic Data Processing by 0.8% in the 4th quarter. Evoke Wealth LLC now owns 5,900 shares of the business services provider’s stock valued at $1,736,000 after purchasing an additional 44 shares during the last quarter. Horizon Investments LLC raised its stake in Automatic Data Processing by 2.5% in the 4th quarter. Horizon Investments LLC now owns 7,248 shares of the business services provider’s stock valued at $2,122,000 after purchasing an additional 177 shares during the last quarter. PDS Planning Inc boosted its stake in Automatic Data Processing by 17.9% during the 4th quarter. PDS Planning Inc now owns 4,366 shares of the business services provider’s stock worth $1,278,000 after purchasing an additional 664 shares during the last quarter. Finally, Mystic Asset Management Inc. boosted its stake in Automatic Data Processing by 9.8% during the 4th quarter. Mystic Asset Management Inc. now owns 9,282 shares of the business services provider’s stock worth $2,717,000 after purchasing an additional 827 shares during the last quarter. Institutional investors and hedge funds own 80.03% of the company’s stock.

Automatic Data Processing Stock Down 0.2 %

Shares of ADP opened at $295.93 on Wednesday. The company’s 50-day moving average price is $302.66 and its 200 day moving average price is $295.04. Automatic Data Processing, Inc. has a 12-month low of $231.27 and a 12-month high of $322.84. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.59. The firm has a market cap of $120.58 billion, a P/E ratio of 30.86, a price-to-earnings-growth ratio of 3.62 and a beta of 0.76.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings results on Wednesday, January 29th. The business services provider reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.30 by $0.05. Automatic Data Processing had a net margin of 19.76% and a return on equity of 80.86%. On average, sell-side analysts forecast that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.

Automatic Data Processing Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a $1.54 dividend. The ex-dividend date is Friday, March 14th. This represents a $6.16 dividend on an annualized basis and a dividend yield of 2.08%. Automatic Data Processing’s payout ratio is presently 64.23%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ADP. StockNews.com downgraded shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Wednesday, February 5th. Jefferies Financial Group boosted their target price on Automatic Data Processing from $290.00 to $305.00 and gave the stock a “hold” rating in a report on Thursday, January 30th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $315.00 price target on shares of Automatic Data Processing in a report on Thursday, January 30th. UBS Group lifted their price objective on Automatic Data Processing from $318.00 to $324.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 4th. Finally, Barclays upped their target price on Automatic Data Processing from $325.00 to $350.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $296.18.

Insider Activity at Automatic Data Processing

In other news, VP Brian L. Michaud sold 362 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $293.83, for a total transaction of $106,366.46. Following the sale, the vice president now owns 13,706 shares of the company’s stock, valued at approximately $4,027,233.98. This represents a 2.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Jonathan S. Lehberger sold 2,324 shares of Automatic Data Processing stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $303.30, for a total value of $704,869.20. Following the completion of the transaction, the vice president now owns 3,063 shares of the company’s stock, valued at approximately $929,007.90. This trade represents a 43.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,951 shares of company stock worth $1,762,074. 0.21% of the stock is currently owned by company insiders.

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.