Intact Investment Management Inc. Sells 34,880 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Intact Investment Management Inc. lowered its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 98.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 600 shares of the business services provider’s stock after selling 34,880 shares during the quarter. Intact Investment Management Inc.’s holdings in Automatic Data Processing were worth $176,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of ADP. State Street Corp raised its position in Automatic Data Processing by 2.4% in the 3rd quarter. State Street Corp now owns 18,334,580 shares of the business services provider’s stock worth $5,098,541,000 after purchasing an additional 424,328 shares during the last quarter. Geode Capital Management LLC raised its position in Automatic Data Processing by 2.8% in the 3rd quarter. Geode Capital Management LLC now owns 10,517,642 shares of the business services provider’s stock worth $2,906,257,000 after purchasing an additional 286,080 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Automatic Data Processing by 1.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,238,526 shares of the business services provider’s stock worth $896,197,000 after purchasing an additional 41,709 shares during the last quarter. Amundi raised its position in Automatic Data Processing by 16.8% in the 4th quarter. Amundi now owns 3,120,039 shares of the business services provider’s stock worth $910,972,000 after purchasing an additional 449,431 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Automatic Data Processing by 3.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,321,849 shares of the business services provider’s stock worth $679,675,000 after purchasing an additional 69,042 shares during the last quarter. Institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Price Performance

Shares of NASDAQ ADP opened at $291.76 on Friday. The firm has a market cap of $118.88 billion, a PE ratio of 30.42, a PEG ratio of 3.62 and a beta of 0.76. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.59. Automatic Data Processing, Inc. has a 1-year low of $231.27 and a 1-year high of $322.84. The company has a fifty day moving average price of $302.32 and a 200 day moving average price of $294.58.

Automatic Data Processing (NASDAQ:ADP) last announced 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 net margin of 19.76% and a return on equity of 80.86%. Research analysts predict that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Automatic Data Processing Dividend Announcement

The business 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. This represents a $6.16 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date is Friday, March 14th. Automatic Data Processing’s payout ratio is presently 64.23%.

Analyst Ratings Changes

ADP has been the subject of several research analyst reports. Barclays boosted their price objective on shares of Automatic Data Processing from $325.00 to $350.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Jefferies Financial Group lifted their target price on shares of Automatic Data Processing from $290.00 to $305.00 and gave the stock a “hold” rating in a report on Thursday, January 30th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $315.00 target price on shares of Automatic Data Processing in a report on Thursday, January 30th. UBS Group lifted their target price on shares of Automatic Data Processing from $318.00 to $324.00 and gave the stock a “neutral” rating in a report on Tuesday, March 4th. Finally, StockNews.com lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Wednesday, February 5th. 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. Based on data from MarketBeat.com, Automatic Data Processing has a consensus rating of “Hold” and a consensus target price of $296.18.

Insider Buying and Selling

In other Automatic Data Processing news, VP David Foskett sold 1,067 shares of the business’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 sale, the vice president now directly owns 6,140 shares of the company’s stock, valued at $1,756,961. The trade was a 14.81 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Brian L. Michaud sold 362 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $293.83, for a total transaction of $106,366.46. Following the sale, the vice president now directly owns 13,706 shares in the company, valued at $4,027,233.98. This trade represents a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,951 shares of company stock valued at $1,762,074. Company insiders own 0.21% of the company’s stock.

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.