Summit Global Investments Lowers Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Summit Global Investments lowered its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 16.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 39,539 shares of the business services provider’s stock after selling 7,775 shares during the period. Automatic Data Processing comprises approximately 0.9% of Summit Global Investments’ holdings, making the stock its 16th largest holding. Summit Global Investments’ holdings in Automatic Data Processing were worth $12,080,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Tompkins Financial Corp boosted its position in Automatic Data Processing by 0.5% during the 1st quarter. Tompkins Financial Corp now owns 11,002 shares of the business services provider’s stock valued at $3,361,000 after acquiring an additional 52 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Automatic Data Processing by 34,655.1% in the 1st quarter. GAMMA Investing LLC now owns 2,901,007 shares of the business services provider’s stock valued at $886,345,000 after buying an additional 2,892,660 shares in the last quarter. Howard Financial Services LTD. raised its stake in shares of Automatic Data Processing by 2.2% during the 1st quarter. Howard Financial Services LTD. now owns 1,735 shares of the business services provider’s stock worth $530,000 after acquiring an additional 38 shares in the last quarter. Bath Savings Trust Co lifted its position in Automatic Data Processing by 0.3% during the first quarter. Bath Savings Trust Co now owns 99,612 shares of the business services provider’s stock valued at $30,434,000 after acquiring an additional 313 shares during the last quarter. Finally, Exeter Financial LLC boosted its stake in Automatic Data Processing by 0.7% in the first quarter. Exeter Financial LLC now owns 13,696 shares of the business services provider’s stock valued at $4,184,000 after acquiring an additional 90 shares in the last quarter. 80.03% of the stock is currently owned by institutional investors.

Insider Transactions at Automatic Data Processing

In other news, VP Christopher D’ambrosio sold 473 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $306.20, for a total transaction of $144,832.60. Following the sale, the vice president now directly owns 7,244 shares in the company, valued at $2,218,112.80. This trade represents a 6.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Brian L. Michaud sold 1,500 shares of Automatic Data Processing stock in a transaction dated 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 transaction, the vice president now owns 12,073 shares of the company’s stock, valued at approximately $3,686,852.74. This represents a 11.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,451 shares of company stock valued at $743,024 in the last 90 days. 0.21% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on ADP shares. Jefferies Financial Group increased their price objective on Automatic Data Processing from $290.00 to $305.00 and gave the company a “hold” rating in a report on Thursday, January 30th. Royal Bank of Canada reissued a “sector perform” rating and set a $315.00 target price on shares of Automatic Data Processing in a research report on Thursday, May 1st. TD Securities upped 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 note on Wednesday, May 21st. Wall Street Zen downgraded shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Wednesday, February 5th. Finally, UBS Group boosted their price objective on shares of Automatic Data Processing from $318.00 to $324.00 and gave the company a “neutral” rating in a report on Tuesday, March 4th. One investment 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’s stock. According to MarketBeat.com, Automatic Data Processing currently has an average rating of “Hold” and an average price target of $305.64.

Automatic Data Processing Trading Down 0.0%

NASDAQ ADP opened at $324.12 on Friday. Automatic Data Processing, Inc. has a 1 year low of $231.27 and a 1 year high of $327.99. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.00 and a quick ratio of 1.00. The company has a market capitalization of $131.57 billion, a PE ratio of 33.80, a P/E/G ratio of 3.62 and a beta of 0.76. The company has a fifty day moving average of $303.22 and a 200 day moving average of $301.62.

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

Automatic Data Processing Dividend Announcement

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

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.