Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Sold by Sumitomo Life Insurance Co.

Sumitomo Life Insurance Co. trimmed its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 2.1% during the fourth quarter, HoldingsChannel.com reports. The fund owned 8,291 shares of the business services provider’s stock after selling 175 shares during the period. Sumitomo Life Insurance Co.’s holdings in Automatic Data Processing were worth $2,427,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of ADP. Itau Unibanco Holding S.A. purchased a new stake in shares of Automatic Data Processing during the third quarter worth approximately $26,000. Dunhill Financial LLC increased its stake in Automatic Data Processing by 346.5% in the 3rd quarter. Dunhill Financial LLC now owns 106 shares of the business services provider’s stock valued at $29,000 after buying an additional 149 shares during the period. Hexagon Capital Partners LLC raised its position 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 last quarter. Capital Performance Advisors LLP acquired a new stake in shares of Automatic Data Processing in the 3rd quarter worth $35,000. Finally, Sugar Maple Asset Management LLC purchased a new stake in shares of Automatic Data Processing in the fourth quarter valued at about $37,000. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Insider Activity at Automatic Data Processing

In other news, VP David Foskett sold 1,067 shares of the company’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $286.15, for a total transaction of $305,322.05. Following the completion of the transaction, the vice president now owns 6,140 shares of the company’s stock, valued at $1,756,961. This represents a 14.81 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Maria Black sold 721 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $291.59, for a total transaction of $210,236.39. Following the completion of the sale, the chief executive officer now owns 68,856 shares of the company’s stock, valued at approximately $20,077,721.04. The trade was a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 42,129 shares of company stock valued at $12,604,872. 0.21% of the stock is owned by insiders.

Analyst Ratings Changes

ADP has been the subject of several analyst reports. UBS Group increased their price target on shares of Automatic Data Processing from $270.00 to $295.00 and gave the stock a “neutral” rating in a report on Tuesday, October 22nd. TD Cowen raised their price target on Automatic Data Processing from $276.00 to $285.00 and gave the company a “hold” rating in a report on Friday, November 1st. StockNews.com lowered Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Monday. Jefferies Financial Group raised their target price on Automatic Data Processing from $260.00 to $290.00 and gave the company a “hold” rating in a report on Tuesday, October 22nd. Finally, Royal Bank of Canada upped their price target on shares of Automatic Data Processing from $267.00 to $315.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 31st. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $289.91.

Automatic Data Processing Stock Down 0.6 %

Shares of NASDAQ ADP opened at $298.31 on Wednesday. The firm’s 50-day moving average is $297.18 and its two-hundred day moving average is $283.23. The company has a market capitalization of $121.55 billion, a PE ratio of 31.84, a price-to-earnings-growth ratio of 3.45 and a beta of 0.79. Automatic Data Processing, Inc. has a 12-month low of $231.27 and a 12-month 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.

Automatic Data Processing (NASDAQ:ADP) last posted its earnings results on Wednesday, January 29th. The business services provider reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.30 by $0.05. Automatic Data Processing had a return on equity of 82.36% and a net margin of 19.72%. Equities analysts anticipate that Automatic Data Processing, Inc. will post 9.94 EPS for the current fiscal year.

Automatic Data Processing Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a dividend of $1.54 per share. This represents a $6.16 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date of this dividend is Friday, March 14th. Automatic Data Processing’s dividend payout ratio is presently 65.74%.

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.