Institute for Wealth Management LLC. Sells 472 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Institute for Wealth Management LLC. reduced its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 19.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,015 shares of the business services provider’s stock after selling 472 shares during the quarter. Institute for Wealth Management LLC.’s holdings in Automatic Data Processing were worth $616,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. GAMMA Investing LLC lifted its stake in Automatic Data Processing by 34,655.1% in the first quarter. GAMMA Investing LLC now owns 2,901,007 shares of the business services provider’s stock worth $886,345,000 after acquiring an additional 2,892,660 shares during the period. Norges Bank bought a new position in Automatic Data Processing in the 4th quarter worth $455,993,000. Winslow Capital Management LLC bought a new position in Automatic Data Processing in the 4th quarter worth $396,714,000. Capital Research Global Investors lifted its position in shares of Automatic Data Processing by 26.9% in the 4th quarter. Capital Research Global Investors now owns 6,136,763 shares of the business services provider’s stock worth $1,796,415,000 after purchasing an additional 1,299,390 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Automatic Data Processing during the 4th quarter valued at about $342,942,000. 80.03% of the stock is owned by hedge funds and other institutional investors.

Automatic Data Processing Trading Down 0.3%

Automatic Data Processing stock opened at $306.77 on Friday. Automatic Data Processing, Inc. has a 12 month low of $231.27 and a 12 month high of $329.93. The company has a market capitalization of $124.52 billion, a price-to-earnings ratio of 31.40, a price-to-earnings-growth ratio of 3.18 and a beta of 0.79. The business’s fifty day simple moving average is $309.48 and its two-hundred day simple moving average is $302.93. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.51.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings results on Wednesday, April 30th. The business services provider reported $3.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.97 by $0.09. Automatic Data Processing had a return on equity of 77.33% and a net margin of 19.79%. The firm had revenue of $5.55 billion during the quarter, compared to analyst estimates of $5.49 billion. During the same quarter in the previous year, the firm earned $2.88 EPS. Automatic Data Processing’s quarterly revenue was up 5.7% compared to the same quarter last year. As a group, equities analysts predict that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Automatic Data Processing Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be paid a $1.54 dividend. The ex-dividend date is Friday, June 13th. This represents a $6.16 annualized dividend and a dividend yield of 2.01%. Automatic Data Processing’s dividend payout ratio is presently 63.05%.

Insider Activity

In other news, VP Christopher D’ambrosio sold 478 shares of the company’s stock in a transaction on Thursday, April 10th. The stock was sold at an average price of $293.14, for a total transaction of $140,120.92. Following the transaction, the vice president now directly owns 7,364 shares of the company’s stock, valued at $2,158,682.96. This represents a 6.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Brian L. Michaud sold 1,500 shares of the stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $305.38, for a total value of $458,070.00. Following the sale, the vice president now directly owns 12,073 shares in the company, valued at $3,686,852.74. This trade represents a 11.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.21% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on ADP shares. Stifel Nicolaus increased their price target on shares of Automatic Data Processing to $305.00 and gave the stock a “buy” rating in a research note on Friday, May 2nd. Royal Bank Of Canada reiterated a “sector perform” rating and set a $315.00 target price on shares of Automatic Data Processing in a report on Thursday, June 5th. UBS Group lowered their target price on Automatic Data Processing from $323.00 to $315.00 and set a “neutral” rating for the company in a research note on Friday, June 13th. Morgan Stanley lifted their price target on Automatic Data Processing from $305.00 to $310.00 and gave the company an “equal weight” rating in a research report on Tuesday. Finally, TD Securities increased their price objective on Automatic Data Processing from $298.00 to $321.00 and gave the stock a “hold” rating in a 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 assigned a buy rating to the stock. According to MarketBeat, Automatic Data Processing has an average rating of “Hold” and a consensus price target of $307.08.

Automatic Data Processing Company 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.