Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Sold by Overbrook Management Corp

Overbrook Management Corp lessened its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,458 shares of the business services provider’s stock after selling 95 shares during the period. Overbrook Management Corp’s holdings in Automatic Data Processing were worth $1,613,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Fortitude Family Office LLC acquired a new position in Automatic Data Processing in the fourth quarter worth $35,000. Pineridge Advisors LLC bought a new stake in shares of Automatic Data Processing during the 4th quarter valued at about $39,000. Evolution Advisers Inc. acquired a new stake in Automatic Data Processing during the fourth quarter worth about $41,000. Raleigh Capital Management Inc. lifted its holdings in Automatic Data Processing by 106.0% in the third quarter. Raleigh Capital Management Inc. now owns 173 shares of the business services provider’s stock worth $42,000 after acquiring an additional 89 shares during the last quarter. Finally, Bfsg LLC bought a new position in shares of Automatic Data Processing during the fourth quarter valued at approximately $42,000. Institutional investors and hedge funds own 80.03% of the company’s stock.

Automatic Data Processing Price Performance

Automatic Data Processing stock traded down $0.72 during mid-day trading on Thursday, hitting $237.30. The company’s stock had a trading volume of 2,066,881 shares, compared to its average volume of 1,686,046. 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 twelve month low of $205.53 and a twelve month high of $256.84. The stock has a market capitalization of $97.12 billion, a P/E ratio of 26.56, a P/E/G ratio of 2.73 and a beta of 0.78. The stock’s fifty day moving average price is $245.98 and its two-hundred day moving average price is $243.79.

Automatic Data Processing (NASDAQ:ADP) last released its earnings results on Wednesday, May 1st. The business services provider reported $2.88 earnings per share for the quarter, beating the consensus estimate of $2.79 by $0.09. The company had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.22 billion. Automatic Data Processing had a return on equity of 93.09% and a net margin of 19.56%. The business’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.52 EPS. Research analysts forecast that Automatic Data Processing, Inc. will post 9.18 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 Monday, July 1st. Investors of record on Friday, June 14th will be given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend is Friday, June 14th. Automatic Data Processing’s payout ratio is presently 62.50%.

Wall Street Analyst Weigh In

ADP has been the topic of several analyst reports. StockNews.com raised Automatic Data Processing from a “hold” rating to a “buy” rating in a research report on Tuesday, June 18th. Mizuho increased their price objective 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 raised their price target on Automatic Data Processing from $280.00 to $282.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. Evercore ISI upped their price objective on shares of Automatic Data Processing from $227.00 to $235.00 and gave the stock an “underperform” rating in a report on Tuesday, March 26th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating on the stock in a research note on Thursday, May 2nd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $255.42.

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.