Flagship Harbor Advisors LLC Sells 179 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Flagship Harbor Advisors LLC reduced its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADPGet Rating) by 6.0% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,796 shares of the business services provider’s stock after selling 179 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Automatic Data Processing were worth $587,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of ADP. Atticus Wealth Management LLC boosted its holdings in shares of Automatic Data Processing by 203.7% during the 2nd quarter. Atticus Wealth Management LLC now owns 410 shares of the business services provider’s stock valued at $86,000 after acquiring an additional 275 shares during the last quarter. IMS Capital Management boosted its holdings in shares of Automatic Data Processing by 1.9% in the second quarter. IMS Capital Management now owns 6,732 shares of the business services provider’s stock worth $1,414,000 after buying an additional 123 shares during the last quarter. Gateway Investment Advisers LLC boosted its holdings in shares of Automatic Data Processing by 1.0% in the second quarter. Gateway Investment Advisers LLC now owns 190,336 shares of the business services provider’s stock worth $39,978,000 after buying an additional 1,913 shares during the last quarter. Carnegie Capital Asset Management LLC boosted its holdings in shares of Automatic Data Processing by 20.6% in the second quarter. Carnegie Capital Asset Management LLC now owns 10,442 shares of the business services provider’s stock worth $2,070,000 after buying an additional 1,787 shares during the last quarter. Finally, Castle Rock Wealth Management LLC boosted its holdings in shares of Automatic Data Processing by 47.9% in the second quarter. Castle Rock Wealth Management LLC now owns 3,696 shares of the business services provider’s stock worth $800,000 after buying an additional 1,197 shares during the last quarter. 79.06% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

ADP has been the topic of a number of research reports. Wolfe Research dropped their price objective on shares of Automatic Data Processing from $235.00 to $210.00 in a report on Wednesday, July 20th. Morgan Stanley lifted their price target on shares of Automatic Data Processing from $235.00 to $245.00 and gave the company an “equal weight” rating in a report on Thursday, July 28th. Mizuho lifted their price target on shares of Automatic Data Processing from $250.00 to $257.00 and gave the company a “buy” rating in a report on Monday, August 1st. Cowen lifted their price objective on shares of Automatic Data Processing from $230.00 to $236.00 in a research report on Tuesday. Finally, Barclays boosted their price target on shares of Automatic Data Processing to $280.00 in a research report on Tuesday, August 9th. Nine analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $236.85.

Automatic Data Processing Stock Up 0.0 %

NASDAQ:ADP opened at $230.47 on Friday. Automatic Data Processing, Inc. has a 1-year low of $192.26 and a 1-year high of $261.59. The company has a 50-day moving average of $240.78 and a 200 day moving average of $225.72. The firm has a market cap of $95.76 billion, a PE ratio of 32.88, a price-to-earnings-growth ratio of 2.42 and a beta of 0.82. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.99 and a quick ratio of 0.99.

Automatic Data Processing (NASDAQ:ADPGet Rating) last released its quarterly earnings data on Wednesday, July 27th. The business services provider reported $1.50 earnings per share for the quarter, topping analysts’ consensus estimates of $1.48 by $0.02. Automatic Data Processing had a net margin of 17.87% and a return on equity of 66.25%. The company had revenue of $4.13 billion during the quarter, compared to analyst estimates of $4.05 billion. During the same period in the prior year, the firm earned $1.20 earnings per share. The firm’s revenue for the quarter was up 10.5% compared to the same quarter last year. As a group, research analysts anticipate that Automatic Data Processing, Inc. will post 8.05 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, October 1st. Investors of record on Friday, September 9th will be paid a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date is Thursday, September 8th. Automatic Data Processing’s dividend payout ratio (DPR) is presently 59.34%.

Insider Buying and Selling

In other Automatic Data Processing news, CEO Carlos A. Rodriguez sold 58,864 shares of the business’s stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $236.69, for a total value of $13,932,520.16. Following the completion of the transaction, the chief executive officer now directly owns 44,426 shares in the company, valued at $10,515,189.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Automatic Data Processing news, VP Donald Weinstein sold 10,150 shares of the business’s stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $250.00, for a total value of $2,537,500.00. Following the completion of the transaction, the vice president now directly owns 41,035 shares in the company, valued at $10,258,750. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Carlos A. Rodriguez sold 58,864 shares of the business’s stock in a transaction dated Thursday, September 8th. The stock was sold at an average price of $236.69, for a total transaction of $13,932,520.16. Following the completion of the transaction, the chief executive officer now owns 44,426 shares of the company’s stock, valued at $10,515,189.94. The disclosure for this sale can be found here. Insiders sold a total of 107,349 shares of company stock valued at $25,576,129 over the last three months. 0.34% of the stock is owned by company insiders.

About Automatic Data Processing

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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.

Further Reading

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Institutional Ownership by Quarter for Automatic Data Processing (NASDAQ:ADP)

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