Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC reduced its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 2.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 50,225 shares of the business services provider’s stock after selling 1,413 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Automatic Data Processing were worth $13,899,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of ADP. Kiely Wealth Advisory Group Inc. acquired a new stake in Automatic Data Processing during the 2nd quarter worth $27,000. Hexagon Capital Partners LLC raised its holdings in shares of Automatic Data Processing by 78.5% in the third quarter. Hexagon Capital Partners LLC now owns 116 shares of the business services provider’s stock valued at $32,000 after buying an additional 51 shares during the last quarter. Capital Performance Advisors LLP acquired a new stake in shares of Automatic Data Processing during the third quarter worth about $35,000. Crewe Advisors LLC acquired a new position in Automatic Data Processing in the 1st quarter valued at about $33,000. Finally, Pathway Financial Advisers LLC purchased a new stake in Automatic Data Processing during the 1st quarter valued at approximately $36,000. 80.03% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Sreenivasa Kutam sold 38,975 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $300.00, for a total value of $11,692,500.00. Following the sale, the vice president now directly owns 32,604 shares in the company, valued at $9,781,200. This represents a 54.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP David Kwon sold 846 shares of Automatic Data Processing stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $270.60, for a total value of $228,927.60. Following the sale, the vice president now owns 10,410 shares of the company’s stock, valued at approximately $2,816,946. This represents a 7.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 97,792 shares of company stock worth $27,691,708 over the last ninety days. 0.21% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. JPMorgan Chase & Co. upped their price target on Automatic Data Processing from $250.00 to $285.00 and gave the stock an “underweight” rating in a research note on Tuesday, August 20th. Royal Bank of Canada upped their price objective on shares of Automatic Data Processing from $267.00 to $315.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 31st. Bank of America lifted their target price on shares of Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Barclays increased their price target on shares of Automatic Data Processing from $310.00 to $325.00 and gave the stock an “overweight” rating in a report on Monday, November 4th. Finally, Citigroup lifted their price objective on Automatic Data Processing from $260.00 to $295.00 and gave the company a “neutral” rating in a report on Wednesday, September 25th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, Automatic Data Processing presently has a consensus rating of “Hold” and a consensus target price of $289.91.

Automatic Data Processing Stock Performance

NASDAQ ADP opened at $297.64 on Friday. The business has a 50 day moving average price of $287.23 and a 200 day moving average price of $264.02. The company has a market capitalization of $121.28 billion, a P/E ratio of 31.77, a PEG ratio of 3.58 and a beta of 0.79. Automatic Data Processing, Inc. has a 1-year low of $227.12 and a 1-year high of $309.37. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.01 and a quick ratio of 1.01.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share for the quarter, beating analysts’ consensus estimates of $2.21 by $0.12. Automatic Data Processing had a return on equity of 82.36% and a net margin of 19.72%. The business had revenue of $4.83 billion during the quarter, compared to analysts’ expectations of $4.77 billion. During the same quarter last year, the business posted $2.08 earnings per share. The business’s revenue for the quarter was up 7.1% on a year-over-year basis. Sell-side analysts expect that Automatic Data Processing, Inc. will post 9.94 EPS for the current fiscal year.

Automatic Data Processing Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be issued a $1.54 dividend. This represents a $6.16 annualized dividend and a dividend yield of 2.07%. The ex-dividend date is Friday, December 13th. This is an increase from Automatic Data Processing’s previous quarterly dividend of $1.40. Automatic Data Processing’s dividend payout ratio is 59.77%.

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.