Agate Pass Investment Management LLC Decreases Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

Agate Pass Investment Management LLC lowered its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 4.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,541 shares of the business services provider’s stock after selling 545 shares during the period. Automatic Data Processing accounts for 1.4% of Agate Pass Investment Management LLC’s holdings, making the stock its 20th biggest position. Agate Pass Investment Management LLC’s holdings in Automatic Data Processing were worth $3,221,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Legacy Private Trust Co. acquired a new stake in shares of Automatic Data Processing in the first quarter worth $353,000. Versant Capital Management Inc increased its stake in shares of Automatic Data Processing by 10.6% in the first quarter. Versant Capital Management Inc now owns 1,653 shares of the business services provider’s stock worth $505,000 after acquiring an additional 158 shares during the period. First Hawaiian Bank increased its stake in shares of Automatic Data Processing by 0.9% in the first quarter. First Hawaiian Bank now owns 6,085 shares of the business services provider’s stock worth $1,859,000 after acquiring an additional 52 shares during the period. Insight Wealth Strategies LLC increased its stake in shares of Automatic Data Processing by 0.4% in the first quarter. Insight Wealth Strategies LLC now owns 16,055 shares of the business services provider’s stock worth $4,905,000 after acquiring an additional 58 shares during the period. Finally, Lederer & Associates Investment Counsel CA increased its stake in shares of Automatic Data Processing by 0.4% in the first quarter. Lederer & Associates Investment Counsel CA now owns 11,580 shares of the business services provider’s stock worth $3,538,000 after acquiring an additional 50 shares during the period. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Trading Down 0.0%

Shares of ADP stock opened at $324.12 on Friday. Automatic Data Processing, Inc. has a fifty-two week low of $231.27 and a fifty-two week high of $327.99. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.00 and a current ratio of 1.00. The stock’s fifty day moving average is $303.22 and its two-hundred day moving average is $301.62. The firm has a market capitalization of $131.57 billion, a P/E ratio of 33.80, a PEG ratio of 3.62 and a beta of 0.76.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings results on Wednesday, April 30th. The business services provider reported $3.06 EPS for the quarter, beating the consensus estimate of $2.97 by $0.09. The firm had revenue of $5.55 billion during the quarter, compared to analysts’ expectations of $5.49 billion. Automatic Data Processing had a return on equity of 80.86% and a net margin of 19.76%. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter last year, the firm earned $2.88 earnings per share. Research analysts expect that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Automatic Data Processing Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be given a dividend of $1.54 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $6.16 annualized dividend and a dividend yield of 1.90%. Automatic Data Processing’s dividend payout ratio is presently 63.05%.

Insider Transactions at Automatic Data Processing

In related news, VP Christopher D’ambrosio sold 478 shares of the business’s stock in a transaction on Thursday, April 10th. The shares were sold at an average price of $293.14, for a total transaction of $140,120.92. Following the completion of the transaction, the vice president now owns 7,364 shares in the company, valued at approximately $2,158,682.96. The trade was a 6.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Brian L. Michaud sold 1,500 shares of the firm’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $305.38, for a total value of $458,070.00. Following the completion of the sale, the vice president now owns 12,073 shares in the company, valued at approximately $3,686,852.74. This represents a 11.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,451 shares of company stock valued at $743,024. 0.21% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on ADP shares. UBS Group raised their price target on shares of Automatic Data Processing from $318.00 to $324.00 and gave the company a “neutral” rating in a research report on Tuesday, March 4th. Barclays raised 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. Wall Street Zen lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Wednesday, February 5th. TD Securities raised their price target on shares of Automatic Data Processing from $298.00 to $321.00 and gave the company a “hold” rating in a research report on Wednesday, May 21st. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $315.00 price target on shares of Automatic Data Processing in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $305.64.

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.