Summit Financial LLC Has $2.58 Million Stock Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Summit Financial LLC grew its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 4.6% during the 4th quarter, HoldingsChannel reports. The firm owned 10,994 shares of the business services provider’s stock after purchasing an additional 483 shares during the quarter. Summit Financial LLC’s holdings in Automatic Data Processing were worth $2,577,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. OFI Invest Asset Management bought a new stake in shares of Automatic Data Processing in the 3rd quarter valued at about $25,000. Fortitude Family Office LLC acquired a new position in shares of Automatic Data Processing in the 4th quarter valued at about $35,000. Raleigh Capital Management Inc. lifted its stake in shares of Automatic Data Processing by 106.0% in the 3rd quarter. Raleigh Capital Management Inc. now owns 173 shares of the business services provider’s stock valued at $42,000 after purchasing an additional 89 shares during the period. Evolution Advisers Inc. acquired a new position in shares of Automatic Data Processing in the 4th quarter valued at about $41,000. Finally, Bfsg LLC acquired a new position in shares of Automatic Data Processing in the 4th quarter valued at about $42,000. Institutional investors own 80.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ADP. Evercore ISI boosted their price objective on Automatic Data Processing from $227.00 to $235.00 and gave the company an “underperform” rating in a research note on Tuesday, March 26th. Bank of America raised Automatic Data Processing from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $217.00 to $243.00 in a research note on Wednesday, January 17th. StockNews.com downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Tuesday, March 19th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $267.00 price target on shares of Automatic Data Processing in a report on Thursday, February 1st. Finally, Mizuho increased their price target on Automatic Data Processing from $265.00 to $272.00 and gave the stock a “buy” rating in a report on Monday, March 11th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $258.36.

Insider Activity at Automatic Data Processing

In related news, VP David Kwon sold 863 shares of the stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $250.00, for a total transaction of $215,750.00. Following the completion of the sale, the vice president now directly owns 8,285 shares of the company’s stock, valued at $2,071,250. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP David Kwon sold 863 shares of the stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $250.00, for a total transaction of $215,750.00. Following the completion of the sale, the vice president now directly owns 8,285 shares of the company’s stock, valued at $2,071,250. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Sreenivasa Kutam sold 368 shares of the firm’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $247.01, for a total value of $90,899.68. Following the completion of the sale, the vice president now directly owns 20,319 shares of the company’s stock, valued at $5,018,996.19. The disclosure for this sale can be found here. Over the last three months, insiders sold 15,162 shares of company stock valued at $3,741,859. 0.26% of the stock is owned by insiders.

Automatic Data Processing Stock Up 2.2 %

Shares of ADP stock traded up $5.44 during trading hours on Wednesday, reaching $247.33. The company had a trading volume of 2,782,113 shares, compared to its average volume of 1,799,652. Automatic Data Processing, Inc. has a 12 month low of $205.53 and a 12 month high of $256.84. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.01 and a quick ratio of 1.01. The business has a fifty day simple moving average of $246.29 and a 200-day simple moving average of $239.06. The company has a market cap of $101.60 billion, a price-to-earnings ratio of 28.16, a price-to-earnings-growth ratio of 2.29 and a beta of 0.78.

Automatic Data Processing (NASDAQ:ADP) last posted its earnings results on Wednesday, January 31st. The business services provider reported $2.13 earnings per share for the quarter, beating analysts’ consensus estimates of $2.10 by $0.03. Automatic Data Processing had a return on equity of 95.22% and a net margin of 19.14%. The company had revenue of $4.67 billion for the quarter, compared to analyst estimates of $4.65 billion. During the same quarter last year, the company earned $1.96 earnings per share. The company’s revenue for the quarter was up 6.3% on a year-over-year basis. On average, research analysts expect that Automatic Data Processing, Inc. will post 9.14 earnings per share for the current fiscal year.

Automatic Data Processing Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date of this dividend is Friday, June 14th. Automatic Data Processing’s payout ratio is 65.19%.

About Automatic Data Processing

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.