1858 Wealth Management LLC Cuts Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

1858 Wealth Management LLC reduced its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 4.2% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 5,951 shares of the business services provider’s stock after selling 261 shares during the period. Automatic Data Processing accounts for about 1.5% of 1858 Wealth Management LLC’s holdings, making the stock its 20th largest holding. 1858 Wealth Management LLC’s holdings in Automatic Data Processing were worth $1,818,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in ADP. Main Street Group LTD raised its position in Automatic Data Processing by 50.7% in the fourth quarter. Main Street Group LTD now owns 113 shares of the business services provider’s stock valued at $33,000 after purchasing an additional 38 shares during the period. Cyrus J. Lawrence LLC lifted its stake in shares of Automatic Data Processing by 121.8% during the fourth quarter. Cyrus J. Lawrence LLC now owns 122 shares of the business services provider’s stock worth $35,000 after purchasing an additional 67 shares in the last quarter. Abound Wealth Management lifted its stake in shares of Automatic Data Processing by 58.1% during the first quarter. Abound Wealth Management now owns 117 shares of the business services provider’s stock worth $36,000 after purchasing an additional 43 shares in the last quarter. Banque de Luxembourg S.A. acquired a new position in shares of Automatic Data Processing during the fourth quarter worth about $37,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Automatic Data Processing during the fourth quarter worth about $37,000. 80.03% of the stock is owned by hedge funds and other institutional investors.

Automatic Data Processing Price Performance

Shares of NASDAQ ADP opened at $306.26 on Friday. Automatic Data Processing, Inc. has a fifty-two week low of $231.27 and a fifty-two week high of $329.93. The business has a 50 day moving average price of $309.61 and a two-hundred day moving average price of $302.94. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.51. The firm has a market cap of $124.32 billion, a PE ratio of 31.35, a price-to-earnings-growth ratio of 3.18 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, April 30th. The business services provider reported $3.06 earnings per share for the quarter, beating analysts’ consensus estimates 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 last year, the firm earned $2.88 EPS. Automatic Data Processing’s quarterly revenue was up 5.7% on a year-over-year basis. Sell-side analysts expect that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Automatic Data Processing Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be paid a dividend of $1.54 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $6.16 dividend on an annualized basis and a yield of 2.01%. Automatic Data Processing’s dividend payout ratio (DPR) is presently 63.05%.

Insiders Place Their Bets

In other Automatic Data Processing news, VP Christopher D’ambrosio sold 478 shares of the stock in a transaction that occurred 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 owns 7,364 shares of the company’s stock, valued at $2,158,682.96. This trade represents a 6.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Brian L. Michaud sold 1,500 shares of the stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $305.38, for a total value of $458,070.00. Following the transaction, the vice president now directly owns 12,073 shares in the company, valued at approximately $3,686,852.74. This represents a 11.05% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have commented on ADP. 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 note on Thursday, June 5th. UBS Group reduced their price objective on Automatic Data Processing from $323.00 to $315.00 and set a “neutral” rating on the stock in a research note on Friday, June 13th. Morgan Stanley boosted their price objective on Automatic Data Processing from $305.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 17th. TD Securities boosted their price objective on Automatic Data Processing from $298.00 to $321.00 and gave the stock a “hold” rating in a research note on Wednesday, May 21st. Finally, Mizuho boosted their price objective on Automatic Data Processing from $321.00 to $332.00 and gave the stock an “outperform” rating in a research note on Friday, June 13th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average 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.