Boston Family Office LLC Sells 228 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Boston Family Office LLC cut its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 0.3% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 71,072 shares of the business services provider’s stock after selling 228 shares during the quarter. Automatic Data Processing comprises 1.3% of Boston Family Office LLC’s investment portfolio, making the stock its 26th biggest holding. Boston Family Office LLC’s holdings in Automatic Data Processing were worth $19,668,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Tower Wealth Partners Inc. increased its stake in shares of Automatic Data Processing by 3.4% in the 3rd quarter. Tower Wealth Partners Inc. now owns 1,054 shares of the business services provider’s stock valued at $292,000 after purchasing an additional 35 shares in the last quarter. Harbour Investments Inc. increased its stake in shares of Automatic Data Processing by 2.1% in the 3rd quarter. Harbour Investments Inc. now owns 1,742 shares of the business services provider’s stock valued at $482,000 after purchasing an additional 36 shares in the last quarter. Petredis Investment Advisors LLC increased its stake in shares of Automatic Data Processing by 0.4% in the 3rd quarter. Petredis Investment Advisors LLC now owns 10,485 shares of the business services provider’s stock valued at $2,902,000 after purchasing an additional 37 shares in the last quarter. Moors & Cabot Inc. increased its stake in shares of Automatic Data Processing by 0.7% in the 2nd quarter. Moors & Cabot Inc. now owns 5,698 shares of the business services provider’s stock valued at $1,360,000 after purchasing an additional 39 shares in the last quarter. Finally, Austin Private Wealth LLC increased its stake in shares of Automatic Data Processing by 4.4% in the 3rd quarter. Austin Private Wealth LLC now owns 923 shares of the business services provider’s stock valued at $255,000 after purchasing an additional 39 shares in the last quarter. 80.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Automatic Data Processing news, Director Carlos A. Rodriguez sold 9,203 shares of the company’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $269.45, for a total value of $2,479,748.35. Following the completion of the transaction, the director now owns 36,741 shares in the company, valued at $9,899,862.45. This represents a 20.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Sreenivasa Kutam sold 38,975 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $300.00, for a total transaction of $11,692,500.00. Following the completion of the transaction, the vice president now owns 32,604 shares of the company’s stock, valued at $9,781,200. This represents a 54.45 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 70,504 shares of company stock worth $20,298,056. Corporate insiders own 0.21% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on ADP. Bank of America lifted their price target on Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Mizuho lifted their price target on Automatic Data Processing from $281.00 to $310.00 and gave the company an “outperform” rating in a research note on Monday, November 4th. StockNews.com cut Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Thursday, September 19th. Royal Bank of Canada lifted their price objective on Automatic Data Processing from $267.00 to $315.00 and gave the stock a “sector perform” rating in a report on Thursday, October 31st. Finally, Citigroup lifted their price objective on Automatic Data Processing from $260.00 to $295.00 and gave the stock a “neutral” rating in a report on Wednesday, September 25th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $289.91.

Automatic Data Processing Stock Up 0.2 %

ADP stock opened at $305.15 on Monday. The firm has a market cap of $124.34 billion, a PE ratio of 32.57, a PEG ratio of 3.55 and a beta of 0.79. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.01 and a current ratio of 1.01. Automatic Data Processing, Inc. has a one year low of $227.12 and a one year high of $309.37. The firm’s 50 day moving average price is $289.55 and its 200-day moving average price is $266.18.

Automatic Data Processing (NASDAQ:ADP) last announced its earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.21 by $0.12. Automatic Data Processing had a return on equity of 82.36% and a net margin of 19.72%. The company had revenue of $4.83 billion for the quarter, compared to analyst estimates of $4.77 billion. During the same quarter in the previous year, the company earned $2.08 earnings per share. The firm’s quarterly revenue was up 7.1% compared to the same quarter last year. On average, equities research analysts anticipate that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Automatic Data Processing Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be paid a dividend of $1.54 per share. The ex-dividend date is Friday, December 13th. This represents a $6.16 dividend on an annualized basis and a dividend yield of 2.02%. This is an increase from Automatic Data Processing’s previous quarterly dividend of $1.40. Automatic Data Processing’s payout ratio is presently 59.77%.

Automatic Data Processing Profile

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.