Meyer Handelman Co. Has $22.01 Million Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Meyer Handelman Co. cut its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 0.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 75,171 shares of the business services provider’s stock after selling 195 shares during the period. Meyer Handelman Co.’s holdings in Automatic Data Processing were worth $22,005,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Oppenheimer Asset Management Inc. increased its holdings in Automatic Data Processing by 0.8% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 15,426 shares of the business services provider’s stock worth $3,682,000 after purchasing an additional 130 shares in the last quarter. Citizens Financial Group Inc. RI grew its holdings in shares of Automatic Data Processing by 13.6% during the second quarter. Citizens Financial Group Inc. RI now owns 23,508 shares of the business services provider’s stock worth $5,621,000 after purchasing an additional 2,806 shares during the last quarter. Renaissance Technologies LLC acquired a new position in shares of Automatic Data Processing in the second quarter valued at approximately $27,044,000. Moors & Cabot Inc. raised its holdings in Automatic Data Processing by 0.7% in the 2nd quarter. Moors & Cabot Inc. now owns 5,698 shares of the business services provider’s stock valued at $1,360,000 after buying an additional 39 shares during the last quarter. Finally, Edgestream Partners L.P. boosted its position in Automatic Data Processing by 237.6% during the 2nd quarter. Edgestream Partners L.P. now owns 6,728 shares of the business services provider’s stock worth $1,606,000 after buying an additional 4,735 shares during the period. Institutional investors and hedge funds own 80.03% of the company’s stock.

Automatic Data Processing Stock Up 0.5 %

Shares of NASDAQ:ADP opened at $291.69 on Wednesday. Automatic Data Processing, Inc. has a 1 year low of $231.27 and a 1 year high of $309.63. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.01 and a quick ratio of 1.01. The business’s 50-day moving average is $298.48 and its 200-day moving average is $279.35. The company has a market capitalization of $118.85 billion, a price-to-earnings ratio of 31.13, a P/E/G ratio of 3.50 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.12. The firm had revenue of $4.83 billion for the quarter, compared to analyst estimates of $4.77 billion. Automatic Data Processing had a return on equity of 82.36% and a net margin of 19.72%. The company’s revenue was up 7.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.08 earnings per share. Equities research analysts predict that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.

Automatic Data Processing Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th were issued a $1.54 dividend. This represents a $6.16 dividend on an annualized basis and a yield of 2.11%. This is a boost from Automatic Data Processing’s previous quarterly dividend of $1.40. The ex-dividend date was Friday, December 13th. Automatic Data Processing’s dividend payout ratio (DPR) is presently 65.74%.

Insider Buying and Selling at Automatic Data Processing

In other news, VP Sreenivasa Kutam sold 38,975 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $300.00, for a total transaction of $11,692,500.00. Following the completion of the sale, the vice president now owns 32,604 shares in the company, valued at $9,781,200. The trade was a 54.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Maria Black sold 721 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $291.59, for a total value of $210,236.39. Following the completion of the transaction, the chief executive officer now owns 68,856 shares in the company, valued at approximately $20,077,721.04. This represents a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 42,129 shares of company stock valued at $12,604,872. Corporate insiders own 0.21% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ADP. UBS Group upped their price target on shares of Automatic Data Processing from $270.00 to $295.00 and gave the company a “neutral” rating in a research report on Tuesday, October 22nd. Jefferies Financial Group increased their price objective on Automatic Data Processing from $260.00 to $290.00 and gave the company a “hold” rating in a report on Tuesday, October 22nd. Royal Bank of Canada raised their target price on 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. Citigroup upped their price target on Automatic Data Processing from $260.00 to $295.00 and gave the company a “neutral” rating in a research report on Wednesday, September 25th. Finally, Mizuho raised their price objective on Automatic Data Processing from $281.00 to $310.00 and gave the stock an “outperform” rating in a research report on Monday, November 4th. 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’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $289.91.

Automatic Data Processing Company 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.