Automatic Data Processing, Inc. (NASDAQ:ADP) Stake Lowered by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System cut its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 6.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 22,186 shares of the business services provider’s stock after selling 1,521 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Automatic Data Processing were worth $6,495,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Itau Unibanco Holding S.A. bought a new stake in Automatic Data Processing in the third quarter worth approximately $26,000. Dunhill Financial LLC lifted its stake in shares of 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 purchasing an additional 149 shares during the last quarter. Sugar Maple Asset Management LLC bought a new stake in Automatic Data Processing in the fourth quarter worth $37,000. Wingate Wealth Advisors Inc. acquired a new position in Automatic Data Processing during the fourth quarter worth $37,000. Finally, HHM Wealth Advisors LLC bought a new position in Automatic Data Processing during the fourth quarter valued at about $41,000. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Automatic Data Processing

In related news, VP Christopher D’ambrosio sold 473 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $306.20, for a total value of $144,832.60. Following the completion of the transaction, the vice president now owns 7,244 shares of the company’s stock, valued at $2,218,112.80. This represents a 6.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP David Foskett sold 1,067 shares of the firm’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $286.15, for a total transaction of $305,322.05. Following the transaction, the vice president now owns 6,140 shares of the company’s stock, valued at approximately $1,756,961. This represents a 14.81 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,951 shares of company stock worth $1,762,074. 0.21% of the stock is owned by corporate insiders.

Automatic Data Processing Stock Performance

NASDAQ ADP opened at $298.79 on Thursday. The company’s fifty day moving average is $302.80 and its two-hundred day moving average is $295.07. Automatic Data Processing, Inc. has a 52-week low of $231.27 and a 52-week high of $322.84. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a market capitalization of $121.74 billion, a price-to-earnings ratio of 31.16, a P/E/G ratio of 3.62 and a beta of 0.76.

Automatic Data Processing (NASDAQ:ADP) last released its earnings results on Wednesday, January 29th. The business services provider reported $2.35 earnings per share for the quarter, topping analysts’ consensus estimates of $2.30 by $0.05. Automatic Data Processing had a return on equity of 80.86% and a net margin of 19.76%. Equities research analysts forecast that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Automatic Data Processing Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a $1.54 dividend. The ex-dividend date is Friday, March 14th. This represents a $6.16 dividend on an annualized basis and a dividend yield of 2.06%. Automatic Data Processing’s payout ratio is 64.23%.

Analysts Set New Price Targets

Several research firms have recently issued reports on ADP. Royal Bank of Canada reissued a “sector perform” rating and set a $315.00 price objective on shares of Automatic Data Processing in a report on Thursday, January 30th. StockNews.com downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Wednesday, February 5th. Barclays lifted their price target on shares of Automatic Data Processing from $325.00 to $350.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Jefferies Financial Group raised their target price on shares of Automatic Data Processing from $290.00 to $305.00 and gave the company a “hold” rating in a research note on Thursday, January 30th. Finally, UBS Group boosted their target price on shares of Automatic Data Processing from $318.00 to $324.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 4th. Two investment 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. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $296.18.

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.