Meadow Creek Investment Management LLC reduced its stake in shares of Automatic Data Processing (NASDAQ:ADP) by 0.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,088 shares of the business services provider’s stock after selling 196 shares during the quarter. Meadow Creek Investment Management LLC’s holdings in Automatic Data Processing were worth $4,148,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of the business. Krane Funds Advisors LLC acquired a new stake in Automatic Data Processing in the 2nd quarter valued at about $25,000. Cypress Capital Management LLC WY grew its stake in shares of Automatic Data Processing by 257.1% during the first quarter. Cypress Capital Management LLC WY now owns 200 shares of the business services provider’s stock valued at $32,000 after purchasing an additional 144 shares during the last quarter. Permanens Capital L.P. acquired a new stake in shares of Automatic Data Processing in the first quarter valued at approximately $32,000. Mackey Komara & Dankovich LLC acquired a new stake in shares of Automatic Data Processing in the first quarter valued at approximately $33,000. Finally, Lenox Wealth Management Inc. bought a new position in Automatic Data Processing in the 1st quarter worth approximately $40,000. 80.22% of the stock is owned by institutional investors.
ADP stock traded down $3.02 during midday trading on Wednesday, reaching $161.31. The company’s stock had a trading volume of 774,070 shares, compared to its average volume of 1,569,950. Automatic Data Processing has a 52 week low of $121.40 and a 52 week high of $174.50. The stock has a market cap of $72.92 billion, a PE ratio of 29.60, a price-to-earnings-growth ratio of 2.10 and a beta of 0.90. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.37. The business’s 50-day simple moving average is $167.58 and its 200-day simple moving average is $162.51.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a $0.79 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $3.16 annualized dividend and a dividend yield of 1.96%. Automatic Data Processing’s dividend payout ratio is currently 57.98%.
Several research analysts have issued reports on the company. Bank of America downgraded Automatic Data Processing from a “buy” rating to a “neutral” rating in a report on Wednesday. ValuEngine cut Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Morgan Stanley boosted their target price on Automatic Data Processing from $150.00 to $174.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 15th. Cowen began coverage on Automatic Data Processing in a research note on Wednesday. They set an “outperform” rating and a $195.00 price target on the stock. Finally, JPMorgan Chase & Co. raised their price target on Automatic Data Processing from $170.00 to $177.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Ten investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $176.10.
In related news, VP Brock Albinson sold 6,683 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $167.87, for a total value of $1,121,875.21. Following the completion of the transaction, the vice president now directly owns 6,302 shares in the company, valued at approximately $1,057,916.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Dermot J. O’brien sold 1,771 shares of the business’s stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $162.04, for a total value of $286,972.84. Following the completion of the transaction, the vice president now owns 14,896 shares of the company’s stock, valued at $2,413,747.84. The disclosure for this sale can be found here. 0.33% of the stock is owned by insiders.
Automatic Data Processing Profile
Automatic Data Processing, Inc provides business process outsourcing services worldwide. It operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) outsourcing and technology-based human capital management solutions.
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