King Luther Capital Management Corp Has $18.99 Million Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

King Luther Capital Management Corp cut its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 2.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 68,625 shares of the business services provider’s stock after selling 1,470 shares during the period. King Luther Capital Management Corp’s holdings in Automatic Data Processing were worth $18,991,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Kiely Wealth Advisory Group Inc. acquired a new position in Automatic Data Processing during the second quarter worth about $27,000. Hexagon Capital Partners LLC raised its stake in Automatic Data Processing by 78.5% during the 3rd quarter. Hexagon Capital Partners LLC now owns 116 shares of the business services provider’s stock worth $32,000 after buying an additional 51 shares during the period. Capital Performance Advisors LLP bought a new position in shares of Automatic Data Processing in the third quarter valued at $35,000. Crewe Advisors LLC purchased a new position in shares of Automatic Data Processing during the first quarter valued at approximately $33,000. Finally, Pathway Financial Advisers LLC purchased a new position in shares of Automatic Data Processing in the 1st quarter worth approximately $36,000. 80.03% of the stock is owned by institutional investors.

Automatic Data Processing Trading Up 2.0 %

Shares of Automatic Data Processing stock opened at $304.69 on Friday. The firm has a market cap of $124.15 billion, a price-to-earnings ratio of 32.52, a PEG ratio of 3.46 and a beta of 0.79. The business has a 50-day moving average price of $288.99 and a 200-day moving average price of $265.44. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.56. Automatic Data Processing, Inc. has a twelve month low of $227.12 and a twelve month high of $309.37.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings data 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. The business had revenue of $4.83 billion for the quarter, compared to analysts’ expectations of $4.77 billion. Automatic Data Processing had a net margin of 19.72% and a return on equity of 82.36%. The business’s revenue was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.08 earnings per share. Equities research analysts anticipate that Automatic Data Processing, Inc. will post 9.94 EPS for the current fiscal year.

Automatic Data Processing Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be issued a dividend of $1.54 per share. This is an increase from Automatic Data Processing’s previous quarterly dividend of $1.40. This represents a $6.16 annualized dividend and a yield of 2.02%. The ex-dividend date is Friday, December 13th. Automatic Data Processing’s dividend payout ratio (DPR) is presently 59.77%.

Insider Buying and Selling

In related news, VP Don Mcguire sold 3,179 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $274.38, for a total transaction of $872,254.02. Following the sale, the vice president now owns 41,696 shares in the company, valued at approximately $11,440,548.48. This trade represents a 7.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Sreenivasa Kutam sold 38,975 shares of the business’s stock in a transaction dated 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 sale, the vice president now directly owns 32,604 shares of the company’s stock, valued at $9,781,200. This represents a 54.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 96,946 shares of company stock valued at $27,462,781 over the last three months. 0.21% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on ADP shares. StockNews.com cut shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Thursday, September 19th. JPMorgan Chase & Co. lifted their price objective on Automatic Data Processing from $250.00 to $285.00 and gave the stock an “underweight” rating in a research report on Tuesday, August 20th. Citigroup increased their price target on shares of Automatic Data Processing from $260.00 to $295.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 25th. TD Cowen boosted their price target on Automatic Data Processing from $276.00 to $285.00 and gave the stock a “hold” rating in a research note on Friday, November 1st. Finally, Jefferies Financial Group lifted their price objective on Automatic Data Processing from $260.00 to $290.00 and gave the stock a “hold” rating in a report on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, Automatic Data Processing currently has an average rating of “Hold” and a consensus price target of $289.91.

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.