Summit Financial Group Inc. Sells 45 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Summit Financial Group Inc. cut its holdings in Automatic Data Processing, Inc. (NASDAQ:ADPFree Report) by 2.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,220 shares of the business services provider’s stock after selling 45 shares during the period. Summit Financial Group Inc.’s holdings in Automatic Data Processing were worth $554,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Everence Capital Management Inc. increased its stake in shares of Automatic Data Processing by 28.5% in the fourth quarter. Everence Capital Management Inc. now owns 17,150 shares of the business services provider’s stock worth $3,995,000 after purchasing an additional 3,800 shares during the period. Cyndeo Wealth Partners LLC increased its stake in shares of Automatic Data Processing by 36.7% in the fourth quarter. Cyndeo Wealth Partners LLC now owns 19,800 shares of the business services provider’s stock worth $4,613,000 after purchasing an additional 5,318 shares during the period. BKM Wealth Management LLC bought a new position in shares of Automatic Data Processing in the fourth quarter worth about $1,635,000. Bellecapital International Ltd. increased its stake in Automatic Data Processing by 2.8% during the fourth quarter. Bellecapital International Ltd. now owns 21,746 shares of the business services provider’s stock valued at $5,066,000 after acquiring an additional 596 shares during the period. Finally, Marks Group Wealth Management Inc bought a new position in Automatic Data Processing during the fourth quarter valued at about $4,015,000. 80.03% of the stock is currently owned by institutional investors.

Automatic Data Processing Trading Down 0.2 %

Shares of ADP traded down $0.55 during trading hours on Wednesday, reaching $244.41. The stock had a trading volume of 1,005,014 shares, compared to its average volume of 1,379,345. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.65. Automatic Data Processing, Inc. has a 52 week low of $205.53 and a 52 week high of $256.84. The firm has a 50-day moving average of $245.80 and a 200 day moving average of $243.27. The company has a market cap of $100.03 billion, a P/E ratio of 27.28, a P/E/G ratio of 2.69 and a beta of 0.78.

Automatic Data Processing (NASDAQ:ADPGet Free Report) last released its earnings results on Wednesday, May 1st. The business services provider reported $2.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.79 by $0.09. Automatic Data Processing had a return on equity of 93.09% and a net margin of 19.56%. The firm had revenue of $5.30 billion during the quarter, compared to analysts’ expectations of $5.22 billion. During the same quarter in the prior year, the company earned $2.52 EPS. The company’s revenue was up 7.6% on a year-over-year basis. On average, sell-side analysts expect that Automatic Data Processing, Inc. will post 9.17 earnings per share for the current fiscal year.

Automatic Data Processing Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be paid 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 dividend yield of 2.29%. Automatic Data Processing’s dividend payout ratio is 62.50%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ADP. Evercore ISI boosted their price target on Automatic Data Processing from $227.00 to $235.00 and gave the company an “underperform” rating in a research note on Tuesday, March 26th. Mizuho boosted their target price on Automatic Data Processing from $265.00 to $272.00 and gave the stock a “buy” rating in a report on Monday, March 11th. Barclays boosted their target price on Automatic Data Processing from $280.00 to $282.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. TD Cowen reduced their price objective on Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating on the stock in a report on Thursday, May 2nd. Finally, StockNews.com raised Automatic Data Processing from a “hold” rating to a “buy” rating in a report on Tuesday. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $255.42.

Read Our Latest Analysis on ADP

About Automatic Data Processing

(Free Report)

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.

Featured Articles

Want to see what other hedge funds are holding ADP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Automatic Data Processing, Inc. (NASDAQ:ADPFree Report).

Institutional Ownership by Quarter for Automatic Data Processing (NASDAQ:ADP)

Receive News & Ratings for Automatic Data Processing Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Automatic Data Processing and related companies with MarketBeat.com's FREE daily email newsletter.