FineMark National Bank & Trust Cuts Stock Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

FineMark National Bank & Trust trimmed its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 8.0% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,260 shares of the business services provider’s stock after selling 109 shares during the period. FineMark National Bank & Trust’s holdings in Automatic Data Processing were worth $294,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ADP. Charles Schwab Investment Management Inc. grew its stake in shares of Automatic Data Processing by 2.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 8,670,083 shares of the business services provider’s stock worth $2,085,849,000 after buying an additional 198,008 shares in the last quarter. Northern Trust Corp grew its stake in shares of Automatic Data Processing by 5.1% in the 3rd quarter. Northern Trust Corp now owns 5,902,520 shares of the business services provider’s stock worth $1,420,028,000 after buying an additional 288,234 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Automatic Data Processing by 1.5% in the 3rd quarter. Wellington Management Group LLP now owns 5,242,859 shares of the business services provider’s stock worth $1,261,327,000 after buying an additional 77,187 shares in the last quarter. Ameriprise Financial Inc. grew its stake in shares of Automatic Data Processing by 18.3% in the 3rd quarter. Ameriprise Financial Inc. now owns 3,576,575 shares of the business services provider’s stock worth $855,287,000 after buying an additional 553,946 shares in the last quarter. Finally, Invesco Ltd. grew its stake in shares of Automatic Data Processing by 40.7% in the 3rd quarter. Invesco Ltd. now owns 3,128,701 shares of the business services provider’s stock worth $752,703,000 after buying an additional 905,043 shares in the last quarter. 80.03% of the stock is owned by hedge funds and other institutional investors.

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. 0.26% of the stock is currently owned by company insiders.

Automatic Data Processing Trading Down 1.0 %

Shares of ADP opened at $248.90 on Friday. Automatic Data Processing, Inc. has a 1-year low of $205.53 and a 1-year high of $256.84. The company has a 50-day moving average of $246.17 and a 200 day moving average of $241.31. The firm has a market capitalization of $101.87 billion, a price-to-earnings ratio of 27.78, a PEG ratio of 2.74 and a beta of 0.78. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.01 and a quick ratio of 1.01.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings data on Wednesday, May 1st. The business services provider reported $2.88 earnings per share for the quarter, beating analysts’ consensus estimates of $2.79 by $0.09. Automatic Data Processing had a net margin of 19.56% and a return on equity of 93.09%. The company had revenue of $5.30 billion during the quarter, compared to analyst estimates of $5.22 billion. During the same quarter last year, the business posted $2.52 EPS. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis. On average, research analysts expect that Automatic Data Processing, Inc. will post 9.17 EPS for the current year.

Automatic Data Processing Announces Dividend

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 of this dividend is Friday, June 14th. This represents a $5.60 dividend on an annualized basis and a yield of 2.25%. Automatic Data Processing’s payout ratio is 62.50%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ADP. Mizuho lifted their price objective on shares of Automatic Data Processing from $265.00 to $272.00 and gave the stock a “buy” rating in a research note on Monday, March 11th. TD Cowen dropped their price objective on shares of Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating for the company in a research note on Thursday, May 2nd. Royal Bank of Canada reissued a “sector perform” rating and issued a $267.00 price objective on shares of Automatic Data Processing in a research note on Thursday, February 1st. JPMorgan Chase & Co. dropped their price target on shares of Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating for the company in a research note on Thursday, May 2nd. Finally, StockNews.com cut shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Tuesday, March 19th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Automatic Data Processing presently has an average rating of “Hold” and an average target price of $255.42.

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.