Perigon Wealth Management LLC Sells 255 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Perigon Wealth Management LLC decreased its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 0.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 30,671 shares of the business services provider’s stock after selling 255 shares during the period. Perigon Wealth Management LLC’s holdings in Automatic Data Processing were worth $9,371,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Main Street Group LTD boosted its position in Automatic Data Processing by 50.7% in the fourth quarter. Main Street Group LTD now owns 113 shares of the business services provider’s stock worth $33,000 after purchasing an additional 38 shares during the last quarter. Abound Wealth Management raised its stake in shares of Automatic Data Processing by 58.1% in the first quarter. Abound Wealth Management now owns 117 shares of the business services provider’s stock valued at $36,000 after buying an additional 43 shares during the period. Cyrus J. Lawrence LLC raised its stake in shares of Automatic Data Processing by 121.8% in the fourth quarter. Cyrus J. Lawrence LLC now owns 122 shares of the business services provider’s stock valued at $35,000 after buying an additional 67 shares during the period. Banque de Luxembourg S.A. bought a new stake in shares of Automatic Data Processing during the 4th quarter valued at $37,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Automatic Data Processing during the 4th quarter valued at $37,000. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Morgan Stanley boosted their price objective on Automatic Data Processing from $305.00 to $310.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 17th. Royal Bank Of Canada restated a “sector perform” rating and issued a $315.00 target price on shares of Automatic Data Processing in a research note on Thursday, June 5th. Mizuho upped their target price on Automatic Data Processing from $321.00 to $332.00 and gave the stock an “outperform” rating in a research note on Friday, June 13th. UBS Group decreased their target price on Automatic Data Processing from $323.00 to $315.00 and set a “neutral” rating on the stock in a research note on Friday, June 13th. Finally, Stifel Nicolaus upped their target price on Automatic Data Processing to $305.00 and gave the stock a “buy” rating in a research note on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $307.08.

Insider Transactions at Automatic Data Processing

In related news, VP Brian L. Michaud sold 1,500 shares of the stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $305.38, for a total transaction of $458,070.00. Following the completion of the sale, the vice president now directly owns 12,073 shares in the company, valued at $3,686,852.74. This represents a 11.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Christopher D’ambrosio sold 478 shares of the stock in a transaction dated Thursday, April 10th. The shares were sold at an average price of $293.14, for a total value of $140,120.92. Following the sale, the vice president now owns 7,364 shares of the company’s stock, valued at $2,158,682.96. This represents a 6.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.21% of the company’s stock.

Automatic Data Processing Price Performance

ADP opened at $298.19 on Thursday. The stock has a 50-day moving average price of $310.13 and a 200-day moving average price of $303.01. Automatic Data Processing, Inc. has a 12-month low of $231.27 and a 12-month high of $329.93. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $121.04 billion, a P/E ratio of 30.52, a PEG ratio of 3.23 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings data on Wednesday, April 30th. The business services provider reported $3.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.97 by $0.09. Automatic Data Processing had a return on equity of 77.33% and a net margin of 19.79%. The firm had revenue of $5.55 billion during the quarter, compared to analysts’ expectations of $5.49 billion. During the same period in the prior year, the business earned $2.88 EPS. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. Equities 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 company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be issued a $1.54 dividend. This represents a $6.16 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date is Friday, June 13th. Automatic Data Processing’s payout ratio is currently 63.05%.

Automatic Data Processing Company 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.