Procyon Private Wealth Partners LLC Reduces Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

Procyon Private Wealth Partners LLC decreased its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 0.6% during the third quarter, HoldingsChannel.com reports. The firm owned 20,147 shares of the business services provider’s stock after selling 122 shares during the period. Automatic Data Processing accounts for 1.0% of Procyon Private Wealth Partners LLC’s portfolio, making the stock its 22nd largest position. Procyon Private Wealth Partners LLC’s holdings in Automatic Data Processing were worth $4,028,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Paragon Wealth Strategies LLC bought a new position in Automatic Data Processing in the 2nd quarter worth about $26,000. Lake Point Wealth Management bought a new position in Automatic Data Processing in the 2nd quarter worth about $27,000. Financial Insights Inc. bought a new position in Automatic Data Processing in the 2nd quarter worth about $30,000. Disciplined Investments LLC bought a new position in Automatic Data Processing in the 2nd quarter worth about $31,000. Finally, Annapolis Financial Services LLC increased its stake in Automatic Data Processing by 232.0% in the 2nd quarter. Annapolis Financial Services LLC now owns 166 shares of the business services provider’s stock worth $33,000 after acquiring an additional 116 shares during the last quarter. 78.81% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ:ADP opened at $234.37 on Thursday. Automatic Data Processing, Inc. has a 52-week low of $159.31 and a 52-week high of $241.18. The stock has a market cap of $98.76 billion, a P/E ratio of 37.08, a price-to-earnings-growth ratio of 2.93 and a beta of 0.76. The business’s 50 day moving average is $215.87 and its 200 day moving average is $207.30. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.56.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings data on Tuesday, October 26th. The business services provider reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.49 by $0.16. Automatic Data Processing had a return on equity of 47.31% and a net margin of 17.55%. The company had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.75 billion. During the same quarter in the prior year, the firm earned $1.41 earnings per share. Automatic Data Processing’s revenue was up 9.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Automatic Data Processing, Inc. will post 6.77 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Saturday, January 1st. Shareholders of record on Friday, December 10th will be issued a dividend of $1.04 per share. The ex-dividend date is Thursday, December 9th. This represents a $4.16 dividend on an annualized basis and a yield of 1.77%. This is a positive change from Automatic Data Processing’s previous quarterly dividend of $0.93. Automatic Data Processing’s dividend payout ratio is currently 58.86%.

ADP has been the topic of a number of research analyst reports. Barclays upped their target price on Automatic Data Processing from $227.00 to $247.00 and gave the stock an “overweight” rating in a research note on Friday, October 29th. JPMorgan Chase & Co. lowered Automatic Data Processing from a “neutral” rating to an “underweight” rating and set a $224.00 target price on the stock. in a research note on Tuesday, August 17th. They noted that the move was a valuation call. BMO Capital Markets upped their target price on Automatic Data Processing from $208.00 to $220.00 and gave the stock a “market perform” rating in a research note on Thursday, October 28th. Zacks Investment Research lowered Automatic Data Processing from a “buy” rating to a “hold” rating and set a $247.00 price objective on the stock. in a research report on Wednesday, November 17th. Finally, Mizuho raised their target price on Automatic Data Processing from $230.00 to $245.00 and gave the company a “buy” rating in a research note on Tuesday, November 2nd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $224.29.

Automatic Data Processing Company Profile

Automatic Data Processing, Inc engages in the provision of business outsourcing solutions specializes in cloud-based human capital management. It operates through the following business segments: Employer Services; and Professional Employer Organization Services; and Other. The Employer Services segment provides clients ranging from single-employee small businesses to large enterprises with tens of thousands of employees around the world, offering a range of human resources outsourcing and technology-based human capital management solutions, including strategic, cloud-based platforms.

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

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