Mackenzie Financial Corp Sells 46,844 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Mackenzie Financial Corp trimmed its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 19.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 189,441 shares of the business services provider’s stock after selling 46,844 shares during the period. Mackenzie Financial Corp’s holdings in Automatic Data Processing were worth $44,134,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Sei Investments Co. increased its position in shares of Automatic Data Processing by 19.3% in the first quarter. Sei Investments Co. now owns 134,223 shares of the business services provider’s stock valued at $30,532,000 after acquiring an additional 21,671 shares during the last quarter. Dakota Wealth Management acquired a new position in Automatic Data Processing during the first quarter worth approximately $571,000. Zions Bancorporation N.A. increased its position in Automatic Data Processing by 12.4% during the first quarter. Zions Bancorporation N.A. now owns 453 shares of the business services provider’s stock worth $103,000 after buying an additional 50 shares during the last quarter. Covestor Ltd increased its position in Automatic Data Processing by 82.8% during the first quarter. Covestor Ltd now owns 636 shares of the business services provider’s stock worth $145,000 after buying an additional 288 shares during the last quarter. Finally, Merit Financial Group LLC increased its position in Automatic Data Processing by 4.4% during the first quarter. Merit Financial Group LLC now owns 2,902 shares of the business services provider’s stock worth $660,000 after buying an additional 121 shares during the last quarter. 80.03% of the stock is currently owned by institutional investors.

Automatic Data Processing Trading Up 0.1 %

Shares of ADP stock opened at $244.21 on Wednesday. The company has a 50 day moving average of $247.69 and a 200-day moving average of $239.16. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.69. Automatic Data Processing, Inc. has a 12-month low of $201.46 and a 12-month high of $256.84. The firm has a market cap of $100.32 billion, a P/E ratio of 28.43, a PEG ratio of 2.29 and a beta of 0.78.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings data 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 net margin of 19.14% and a return on equity of 95.22%. The business had revenue of $4.67 billion during the quarter, compared to analyst estimates of $4.65 billion. During the same period in the previous year, the business earned $1.96 EPS. Automatic Data Processing’s revenue was up 6.3% compared to the same quarter last year. Sell-side analysts anticipate that Automatic Data Processing, Inc. will post 9.14 earnings per share for the current year.

Automatic Data Processing Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 2.29%. The ex-dividend date is Friday, June 14th. Automatic Data Processing’s payout ratio is 65.19%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on ADP shares. StockNews.com cut Automatic Data Processing from a “buy” rating to a “hold” rating in a report 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 research note on Thursday, February 1st. Wolfe Research upgraded Automatic Data Processing from an “underperform” rating to a “peer perform” rating in a research note on Thursday, January 4th. Mizuho boosted their price target on Automatic Data Processing from $265.00 to $272.00 and gave the company a “buy” rating in a research note on Monday, March 11th. Finally, Bank of America upgraded Automatic Data Processing from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $217.00 to $243.00 in a research note on Wednesday, January 17th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Automatic Data Processing currently has an average rating of “Hold” and a consensus target price of $254.58.

Insider Buying and Selling at Automatic Data Processing

In other Automatic Data Processing news, VP Don Mcguire sold 11,333 shares of the firm’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $245.00, for a total value of $2,776,585.00. Following the completion of the transaction, the vice president now directly owns 19,906 shares of the company’s stock, valued at approximately $4,876,970. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, VP Don Mcguire sold 11,333 shares of Automatic Data Processing stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $245.00, for a total transaction of $2,776,585.00. Following the completion of the sale, the vice president now directly owns 19,906 shares of the company’s stock, valued at approximately $4,876,970. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Sreenivasa Kutam sold 368 shares of Automatic Data Processing stock in a transaction on Monday, March 4th. The stock was sold at an average price of $247.01, for a total transaction of $90,899.68. Following 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. Insiders sold a total of 15,162 shares of company stock valued at $3,741,859 in the last three months. Company insiders own 0.26% 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.