Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Sold by Corundum Group Inc.

Corundum Group Inc. lowered its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 54.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,959 shares of the business services provider’s stock after selling 2,300 shares during the period. Corundum Group Inc.’s holdings in Automatic Data Processing were worth $599,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Daymark Wealth Partners LLC increased its holdings in shares of Automatic Data Processing by 2.0% during the 1st quarter. Daymark Wealth Partners LLC now owns 9,300 shares of the business services provider’s stock worth $2,841,000 after buying an additional 185 shares during the last quarter. Golden State Equity Partners purchased a new position in Automatic Data Processing in the first quarter worth approximately $544,000. S.A. Mason LLC increased its stake in Automatic Data Processing by 4.7% during the first quarter. S.A. Mason LLC now owns 2,489 shares of the business services provider’s stock worth $760,000 after acquiring an additional 111 shares during the last quarter. Field & Main Bank raised its position in Automatic Data Processing by 5.5% in the first quarter. Field & Main Bank now owns 992 shares of the business services provider’s stock valued at $303,000 after purchasing an additional 52 shares during the period. Finally, Silver Lake Advisory LLC lifted its stake in shares of Automatic Data Processing by 0.4% in the 1st quarter. Silver Lake Advisory LLC now owns 18,105 shares of the business services provider’s stock valued at $5,531,000 after purchasing an additional 74 shares during the last quarter. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on ADP shares. Royal Bank Of Canada reissued a “sector perform” rating and set a $315.00 price objective on shares of Automatic Data Processing in a research report on Thursday, June 5th. UBS Group dropped their price target on shares of Automatic Data Processing from $323.00 to $315.00 and set a “neutral” rating for the company in a research report on Friday, June 13th. TD Securities upped their price objective on shares of Automatic Data Processing from $298.00 to $321.00 and gave the stock a “hold” rating in a report on Wednesday, May 21st. Stifel Nicolaus lifted their target price on shares of Automatic Data Processing to $305.00 and gave the company a “buy” rating in a report on Friday, May 2nd. Finally, Mizuho boosted their target price on Automatic Data Processing from $321.00 to $332.00 and gave the company an “outperform” rating in a research report on Friday, June 13th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $307.08.

Automatic Data Processing Trading Up 0.4%

NASDAQ:ADP opened at $311.40 on Wednesday. Automatic Data Processing, Inc. has a 12-month low of $231.27 and a 12-month high of $329.93. The firm has a market cap of $126.40 billion, a PE ratio of 31.87, a price-to-earnings-growth ratio of 3.22 and a beta of 0.79. 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 fifty day moving average price of $310.05 and a 200 day moving average price of $303.05.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings data on Wednesday, April 30th. The business services provider reported $3.06 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $5.55 billion during the quarter, compared to analysts’ expectations of $5.49 billion. During the same quarter last year, the business posted $2.88 EPS. The business’s quarterly revenue was up 5.7% compared to the same quarter last year. Sell-side analysts anticipate 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. Shareholders of record on Friday, June 13th will be given a $1.54 dividend. This represents a $6.16 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date is Friday, June 13th. Automatic Data Processing’s dividend payout ratio is presently 63.05%.

Insider Buying and Selling at Automatic Data Processing

In other news, VP Christopher D’ambrosio sold 478 shares of the company’s stock in a transaction on Thursday, April 10th. The shares were sold at an average price of $293.14, for a total value 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. This represents a 6.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Brian L. Michaud sold 1,500 shares of Automatic Data Processing stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $305.38, for a total transaction of $458,070.00. Following the sale, the vice president now owns 12,073 shares in the company, valued at $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. Insiders own 0.21% of the company’s stock.

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.