C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Cuts Stock Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors decreased its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 23.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,459 shares of the business services provider’s stock after selling 1,032 shares during the quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors’ holdings in Automatic Data Processing were worth $1,060,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. AlphaCore Capital LLC bought a new position in Automatic Data Processing during the first quarter valued at approximately $688,000. Golden State Wealth Management LLC raised its position in Automatic Data Processing by 29.6% in the first quarter. Golden State Wealth Management LLC now owns 565 shares of the business services provider’s stock worth $173,000 after acquiring an additional 129 shares during the period. GAMMA Investing LLC raised its position in Automatic Data Processing by 13.8% in the first quarter. GAMMA Investing LLC now owns 9,495 shares of the business services provider’s stock worth $2,901,000 after acquiring an additional 1,148 shares during the period. Toronto Dominion Bank raised its position in Automatic Data Processing by 10.2% in the fourth quarter. Toronto Dominion Bank now owns 236,707 shares of the business services provider’s stock worth $69,290,000 after acquiring an additional 21,910 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its position in Automatic Data Processing by 8.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 250,836 shares of the business services provider’s stock worth $76,638,000 after acquiring an additional 20,467 shares during the period. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on ADP. BMO Capital Markets upgraded shares of Automatic Data Processing to a “hold” rating and set a $340.00 price target on the stock in a research report on Thursday, July 10th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $315.00 price target on shares of Automatic Data Processing in a research report on Thursday, June 5th. Stifel Nicolaus increased their price target on shares of Automatic Data Processing from $305.00 to $318.00 and gave the stock a “hold” rating in a research report on Thursday, July 31st. UBS Group reduced their price objective on shares of 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. Finally, Mizuho increased their price objective 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. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $314.33.

Automatic Data Processing Price Performance

ADP stock opened at $303.72 on Tuesday. Automatic Data Processing, Inc. has a 52 week low of $258.63 and a 52 week high of $329.93. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.64. The company has a fifty day simple moving average of $307.69 and a two-hundred day simple moving average of $305.58. The firm has a market capitalization of $123.02 billion, a P/E ratio of 30.43, a price-to-earnings-growth ratio of 2.80 and a beta of 0.81.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings data on Wednesday, July 30th. The business services provider reported $2.26 EPS for the quarter, beating the consensus estimate of $2.23 by $0.03. The business had revenue of $5.13 billion during the quarter, compared to analyst estimates of $5.05 billion. Automatic Data Processing had a net margin of 19.84% and a return on equity of 72.84%. Automatic Data Processing’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same quarter last year, the business earned $2.09 earnings per share. Analysts anticipate that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Automatic Data Processing Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be issued a $1.54 dividend. This represents a $6.16 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Friday, September 12th. Automatic Data Processing’s dividend payout ratio (DPR) is 61.72%.

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.