Spouting Rock Asset Management LLC Sells 740 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Spouting Rock Asset Management LLC trimmed its position in Automatic Data Processing, Inc. (NASDAQ:ADPFree Report) by 8.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,237 shares of the business services provider’s stock after selling 740 shares during the period. Automatic Data Processing makes up approximately 0.7% of Spouting Rock Asset Management LLC’s investment portfolio, making the stock its 25th largest holding. Spouting Rock Asset Management LLC’s holdings in Automatic Data Processing were worth $1,919,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of ADP. Fortitude Family Office LLC bought a new stake in Automatic Data Processing in the fourth quarter valued at approximately $35,000. Evolution Advisers Inc. bought a new stake in Automatic Data Processing in the fourth quarter valued at approximately $41,000. Raleigh Capital Management Inc. raised its stake in Automatic Data Processing by 106.0% in the third quarter. Raleigh Capital Management Inc. now owns 173 shares of the business services provider’s stock valued at $42,000 after buying an additional 89 shares during the period. Bfsg LLC bought a new stake in Automatic Data Processing in the fourth quarter valued at approximately $42,000. Finally, Vestor Capital LLC bought a new stake in Automatic Data Processing in the fourth quarter valued at approximately $44,000. 80.03% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. TD Cowen decreased their target price on Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating on the stock in a research report on Thursday, May 2nd. StockNews.com downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Monday. Mizuho increased their price target on Automatic Data Processing from $265.00 to $272.00 and gave the stock a “buy” rating in a research report on Monday, March 11th. Evercore ISI increased their price target on Automatic Data Processing from $227.00 to $235.00 and gave the stock an “underperform” rating in a research report on Tuesday, March 26th. Finally, JPMorgan Chase & Co. reduced their price target on Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating on the stock in a research report on Thursday, May 2nd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $255.42.

Check Out Our Latest Stock Analysis on ADP

Automatic Data Processing Stock Performance

Shares of Automatic Data Processing stock traded down $0.25 during mid-day trading on Friday, hitting $242.62. 1,059,766 shares of the stock were exchanged, compared to its average volume of 1,671,608. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market capitalization of $99.30 billion, a P/E ratio of 26.98, a P/E/G ratio of 2.71 and a beta of 0.78. The company has a 50-day simple moving average of $245.99 and a 200 day simple moving average of $242.79. Automatic Data Processing, Inc. has a 12 month low of $205.53 and a 12 month high of $256.84.

Automatic Data Processing (NASDAQ:ADPGet Free Report) last issued its earnings results on Wednesday, May 1st. The business services provider reported $2.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.79 by $0.09. Automatic Data Processing had a net margin of 19.56% and a return on equity of 93.09%. The business had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.22 billion. During the same quarter in the previous year, the firm posted $2.52 EPS. The business’s revenue for the quarter was up 7.6% compared to the same quarter last year. Sell-side analysts anticipate that Automatic Data Processing, Inc. will post 9.17 earnings per share for the current fiscal year.

Automatic Data Processing Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a dividend of $1.40 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.31%. Automatic Data Processing’s dividend payout ratio (DPR) is currently 62.50%.

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.

See Also

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

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