Mattern Wealth Management LLC Trims Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

Mattern Wealth Management LLC trimmed its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.4% in the 1st quarter, Holdings Channel reports. The fund owned 7,741 shares of the business services provider’s stock after selling 109 shares during the quarter. Mattern Wealth Management LLC’s holdings in Automatic Data Processing were worth $2,366,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Toronto Dominion Bank grew its holdings in Automatic Data Processing by 10.2% during the fourth quarter. Toronto Dominion Bank now owns 236,707 shares of the business services provider’s stock valued at $69,290,000 after purchasing an additional 21,910 shares during the period. Proficio Capital Partners LLC increased its holdings in shares of Automatic Data Processing by 42.8% in the 4th quarter. Proficio Capital Partners LLC now owns 3,725 shares of the business services provider’s stock worth $1,090,000 after buying an additional 1,117 shares during the last quarter. Napatree Capital LLC increased its position in shares of Automatic Data Processing by 2.7% during the 4th quarter. Napatree Capital LLC now owns 3,199 shares of the business services provider’s stock valued at $936,000 after purchasing an additional 84 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Automatic Data Processing by 8.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 250,836 shares of the business services provider’s stock worth $76,638,000 after purchasing an additional 20,467 shares during the period. Finally, Brighton Jones LLC grew its stake in shares of Automatic Data Processing by 92.1% during the fourth quarter. Brighton Jones LLC now owns 10,026 shares of the business services provider’s stock valued at $2,935,000 after buying an additional 4,808 shares during the last quarter. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ADP has been the topic of a number of research analyst reports. Mizuho upped their target price on shares of Automatic Data Processing from $321.00 to $332.00 and gave the stock an “outperform” rating in a research note on Friday, June 13th. Morgan Stanley increased 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. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $315.00 target price on shares of Automatic Data Processing in a research report on Thursday, June 5th. Stifel Nicolaus upped their target price on Automatic Data Processing to $305.00 and gave the stock a “buy” rating in a report on Friday, May 2nd. Finally, TD Securities raised their price target on Automatic Data Processing from $298.00 to $321.00 and gave the company a “hold” rating in a research note on Wednesday, May 21st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $307.08.

Automatic Data Processing Price Performance

Shares of ADP stock opened at $311.40 on Wednesday. Automatic Data Processing, Inc. has a 1-year low of $231.27 and a 1-year high of $329.93. The stock’s 50-day moving average is $310.05 and its 200 day moving average is $303.05. The company has a market cap of $126.40 billion, a P/E ratio of 31.87, a PEG ratio of 3.22 and a beta of 0.79. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.02 and a quick ratio of 1.02.

Automatic Data Processing (NASDAQ:ADP) last posted 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. The company had revenue of $5.55 billion during the quarter, compared to analysts’ expectations of $5.49 billion. Automatic Data Processing had a net margin of 19.79% and a return on equity of 77.33%. Automatic Data Processing’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.88 earnings per share. Research analysts predict 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. Stockholders 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 1.98%. Automatic Data Processing’s payout ratio is 63.05%.

Insider Transactions at Automatic Data Processing

In related news, VP Brian L. Michaud sold 1,500 shares of Automatic Data Processing stock in a transaction that occurred 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 completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction of $140,120.92. Following the transaction, the vice president now owns 7,364 shares in the company, valued at $2,158,682.96. The trade was a 6.10% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.21% of the company’s stock.

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.