Oppenheimer Asset Management Inc. Sells 1,091 Shares of Automatic Data Processing, Inc. $ADP

Oppenheimer Asset Management Inc. reduced its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 9.5% during the second quarter, Holdings Channel reports. The institutional investor owned 10,345 shares of the business services provider’s stock after selling 1,091 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Automatic Data Processing were worth $3,190,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in ADP. Brighton Jones LLC lifted its holdings in shares of 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 worth $2,935,000 after purchasing an additional 4,808 shares in the last quarter. Bison Wealth LLC lifted its stake in shares of Automatic Data Processing by 22.8% in the fourth quarter. Bison Wealth LLC now owns 3,664 shares of the business services provider’s stock valued at $1,073,000 after buying an additional 681 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Automatic Data Processing by 1.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 41,557 shares of the business services provider’s stock valued at $12,739,000 after buying an additional 407 shares during the last quarter. Golden State Wealth Management LLC increased its position in shares of Automatic Data Processing by 29.6% during 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 in the last quarter. Finally, Avidian Wealth Enterprises LLC raised its holdings in shares of Automatic Data Processing by 3.5% in the 1st quarter. Avidian Wealth Enterprises LLC now owns 1,460 shares of the business services provider’s stock worth $446,000 after acquiring an additional 50 shares during the last quarter. Institutional investors and hedge funds own 80.03% of the company’s stock.

Insider Activity at Automatic Data Processing

In related news, VP David Foskett sold 1,373 shares of Automatic Data Processing stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $296.57, for a total value of $407,190.61. Following the completion of the sale, the vice president owned 11,781 shares of the company’s stock, valued at approximately $3,493,891.17. This trade represents a 10.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Don Mcguire sold 13,599 shares of the business’s stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $296.57, for a total value of $4,033,055.43. Following the completion of the sale, the vice president owned 17,684 shares in the company, valued at $5,244,543.88. This represents a 43.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 52,516 shares of company stock worth $15,632,410 in the last three months. Corporate insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Wells Fargo & Company assumed coverage on Automatic Data Processing in a research note on Wednesday, October 22nd. They set an “underweight” rating and a $288.00 price target for the company. Stifel Nicolaus increased their price target on Automatic Data Processing from $305.00 to $318.00 and gave the company a “hold” rating in a research report on Thursday, July 31st. Dbs Bank raised shares of Automatic Data Processing to a “hold” rating in a report on Thursday, August 21st. UBS Group lowered their target price on shares of Automatic Data Processing from $315.00 to $290.00 and set a “neutral” rating for the company in a report on Wednesday, September 17th. Finally, 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 report on Thursday, July 10th. Three investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $313.17.

Automatic Data Processing Stock Performance

Shares of ADP stock opened at $279.63 on Wednesday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market cap of $113.28 billion, a price-to-earnings ratio of 28.02, a P/E/G ratio of 2.57 and a beta of 0.82. Automatic Data Processing, Inc. has a 52 week low of $272.62 and a 52 week high of $329.93. The firm’s 50-day simple moving average is $292.39 and its two-hundred day simple moving average is $302.08.

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

Automatic Data Processing Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th were paid a $1.54 dividend. The ex-dividend date was Friday, September 12th. This represents a $6.16 annualized dividend and a dividend yield of 2.2%. Automatic Data Processing’s payout ratio is presently 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.