Automatic Data Processing, Inc. (NASDAQ:ADP) is Puzo Michael J’s 6th Largest Position

Puzo Michael J lowered its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.1% in the 1st quarter, HoldingsChannel reports. The firm owned 45,114 shares of the business services provider’s stock after selling 520 shares during the quarter. Automatic Data Processing accounts for 4.0% of Puzo Michael J’s portfolio, making the stock its 6th biggest position. Puzo Michael J’s holdings in Automatic Data Processing were worth $13,784,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Brighton Jones LLC boosted its holdings in Automatic Data Processing by 92.1% in the 4th quarter. Brighton Jones LLC now owns 10,026 shares of the business services provider’s stock valued at $2,935,000 after purchasing an additional 4,808 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in Automatic Data Processing by 16.4% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 41,150 shares of the business services provider’s stock valued at $11,919,000 after purchasing an additional 5,803 shares during the period. Bank Pictet & Cie Europe AG bought a new position in Automatic Data Processing in the 4th quarter valued at $957,000. Principal Securities Inc. boosted its holdings in Automatic Data Processing by 19.6% in the 4th quarter. Principal Securities Inc. now owns 7,041 shares of the business services provider’s stock valued at $2,061,000 after purchasing an additional 1,156 shares during the period. Finally, D.A. Davidson & CO. boosted its holdings in Automatic Data Processing by 0.4% in the 4th quarter. D.A. Davidson & CO. now owns 260,243 shares of the business services provider’s stock valued at $76,181,000 after purchasing an additional 1,047 shares during the period. 80.03% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Automatic Data Processing news, VP Christopher D’ambrosio sold 478 shares of the company’s stock in a transaction that occurred 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 directly owns 7,364 shares in the company, valued at $2,158,682.96. This represents a 6.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Brian L. Michaud sold 1,500 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the vice president now owns 12,073 shares of the company’s stock, valued at approximately $3,686,852.74. The trade was a 11.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.21% of the company’s stock.

Automatic Data Processing Trading Down 0.1%

Shares of NASDAQ ADP opened at $307.62 on Wednesday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.02 and a current ratio of 1.02. The firm’s 50 day moving average price is $308.94 and its 200-day moving average price is $302.89. Automatic Data Processing, Inc. has a 52-week low of $231.27 and a 52-week high of $329.93. The company has a market cap of $124.87 billion, a PE ratio of 31.49, a P/E/G ratio of 3.20 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last announced its earnings results on Wednesday, April 30th. The business services provider reported $3.06 EPS for the quarter, beating analysts’ consensus estimates of $2.97 by $0.09. Automatic Data Processing had a net margin of 19.79% and a return on equity of 77.33%. The business had revenue of $5.55 billion during the quarter, compared to analysts’ expectations of $5.49 billion. During the same period in the prior year, the company earned $2.88 earnings per share. The firm’s revenue was up 5.7% on a year-over-year basis. On average, equities research analysts expect that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Announces Dividend

The company also recently declared 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. The ex-dividend date of this dividend is Friday, June 13th. This represents a $6.16 dividend on an annualized basis and a dividend yield of 2.00%. Automatic Data Processing’s payout ratio is currently 63.05%.

Analysts Set New Price Targets

ADP has been the subject of several analyst reports. UBS Group cut 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 report on Friday, June 13th. Stifel Nicolaus raised their price objective on shares of Automatic Data Processing to $305.00 and gave the company a “buy” rating in a research report on Friday, May 2nd. Royal Bank Of Canada restated 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. Mizuho raised their price objective on shares of Automatic Data Processing from $321.00 to $332.00 and gave the company an “outperform” rating in a research report on Friday, June 13th. Finally, TD Securities raised their price objective on shares of Automatic Data Processing from $298.00 to $321.00 and gave the company a “hold” rating in a research report on Wednesday, May 21st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Automatic Data Processing presently has a consensus rating of “Hold” and an average price target of $307.08.

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.