Drive Wealth Management LLC Trims Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Drive Wealth Management LLC lowered its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADPFree Report) by 2.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 1,592 shares of the business services provider’s stock after selling 45 shares during the period. Drive Wealth Management LLC’s holdings in Automatic Data Processing were worth $373,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Sei Investments Co. increased its stake in shares of Automatic Data Processing by 19.3% in the 1st quarter. Sei Investments Co. now owns 134,223 shares of the business services provider’s stock valued at $30,532,000 after purchasing an additional 21,671 shares in the last quarter. Dakota Wealth Management purchased a new stake in Automatic Data Processing during the 1st quarter worth approximately $571,000. Zions Bancorporation N.A. boosted its holdings in shares of Automatic Data Processing by 12.4% during the 1st quarter. Zions Bancorporation N.A. now owns 453 shares of the business services provider’s stock worth $103,000 after purchasing an additional 50 shares during the last quarter. Covestor Ltd boosted its holdings in shares of Automatic Data Processing by 82.8% during the 1st quarter. Covestor Ltd now owns 636 shares of the business services provider’s stock worth $145,000 after purchasing an additional 288 shares during the last quarter. Finally, Merit Financial Group LLC boosted its holdings in shares of Automatic Data Processing by 4.4% during the 1st quarter. Merit Financial Group LLC now owns 2,902 shares of the business services provider’s stock worth $660,000 after purchasing an additional 121 shares during the last quarter. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Stock Performance

NASDAQ ADP traded up $1.83 during trading hours on Tuesday, hitting $247.14. The company had a trading volume of 1,106,755 shares, compared to its average volume of 1,883,521. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.01 and a current ratio of 1.01. Automatic Data Processing, Inc. has a 1-year low of $201.46 and a 1-year high of $256.84. The company has a market cap of $101.52 billion, a PE ratio of 28.80, a price-to-earnings-growth ratio of 2.35 and a beta of 0.78. The business has a 50 day moving average of $247.10 and a 200-day moving average of $238.92.

Automatic Data Processing (NASDAQ:ADPGet Free Report) last announced its earnings results on Wednesday, January 31st. The business services provider reported $2.13 earnings per share for the quarter, topping the consensus estimate of $2.10 by $0.03. Automatic Data Processing had a net margin of 19.14% and a return on equity of 95.22%. The business had revenue of $4.67 billion during the quarter, compared to the consensus estimate of $4.65 billion. During the same quarter in the prior year, the firm earned $1.96 earnings per share. The business’s quarterly revenue was up 6.3% compared to the same quarter last year. As a group, equities research analysts expect that Automatic Data Processing, Inc. will post 9.14 EPS for the current year.

Automatic Data Processing Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 8th were given a $1.40 dividend. The ex-dividend date was Thursday, March 7th. This represents a $5.60 dividend on an annualized basis and a yield of 2.27%. Automatic Data Processing’s payout ratio is currently 65.19%.

Insider Activity at Automatic Data Processing

In related news, VP Sreenivasa Kutam sold 368 shares of the firm’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $247.01, for a total value of $90,899.68. Following the completion of the sale, the vice president now owns 20,319 shares in the company, valued at $5,018,996.19. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Automatic Data Processing news, VP Joseph Desilva sold 1,904 shares of the stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $255.00, for a total value of $485,520.00. Following the completion of the transaction, the vice president now directly owns 17,179 shares of the company’s stock, valued at $4,380,645. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Sreenivasa Kutam sold 368 shares of the stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $247.01, for a total transaction of $90,899.68. Following the completion of the transaction, the vice president now directly owns 20,319 shares of the company’s stock, valued at $5,018,996.19. The disclosure for this sale can be found here. Insiders sold a total of 16,662 shares of company stock worth $4,094,554 over the last 90 days. Company insiders own 0.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. StockNews.com cut Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Tuesday, March 19th. Wolfe Research upgraded Automatic Data Processing from an “underperform” rating to a “peer perform” rating in a report on Thursday, January 4th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $267.00 price objective on shares of Automatic Data Processing in a report on Thursday, February 1st. Evercore ISI upped their price objective on Automatic Data Processing from $227.00 to $235.00 and gave the company an “underperform” rating in a report on Tuesday, March 26th. Finally, Mizuho upped their price objective on Automatic Data Processing from $265.00 to $272.00 and gave the company a “buy” rating in a report on Monday, March 11th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $254.58.

Check Out Our Latest Analysis on Automatic Data Processing

Automatic Data Processing Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Automatic Data Processing (NASDAQ:ADP)

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