M&T Bank Corp Sells 55,523 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

M&T Bank Corp decreased its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 12.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 375,610 shares of the business services provider's stock after selling 55,523 shares during the period. M&T Bank Corp owned about 0.09% of Automatic Data Processing worth $103,943,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Accredited Investors Inc. lifted its position in shares of Automatic Data Processing by 4,431.5% during the third quarter. Accredited Investors Inc. now owns 2,315,295 shares of the business services provider's stock worth $640,712,000 after purchasing an additional 2,264,202 shares in the last quarter. International Assets Investment Management LLC raised its position in Automatic Data Processing by 28,478.6% in the 3rd quarter. International Assets Investment Management LLC now owns 1,194,587 shares of the business services provider's stock worth $3,305,780,000 after purchasing an additional 1,190,407 shares during the last quarter. Holocene Advisors LP acquired a new position in Automatic Data Processing during the 3rd quarter worth $160,920,000. Healthcare of Ontario Pension Plan Trust Fund boosted its position in Automatic Data Processing by 332.3% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 623,341 shares of the business services provider's stock valued at $172,497,000 after buying an additional 479,145 shares during the last quarter. Finally, Mackenzie Financial Corp increased its stake in shares of Automatic Data Processing by 242.4% in the 2nd quarter. Mackenzie Financial Corp now owns 644,135 shares of the business services provider's stock valued at $153,749,000 after buying an additional 456,027 shares during the period. Institutional investors own 80.03% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on ADP shares. TD Cowen upped their price target on Automatic Data Processing from $276.00 to $285.00 and gave the company a "hold" rating in a research note on Friday, November 1st. Mizuho upped their target price on shares of Automatic Data Processing from $281.00 to $310.00 and gave the company an "outperform" rating in a research report on Monday, November 4th. Citigroup lifted their price target on shares of Automatic Data Processing from $260.00 to $295.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 25th. Barclays boosted their price target on shares of Automatic Data Processing from $310.00 to $325.00 and gave the stock an "overweight" rating in a research note on Monday, November 4th. Finally, UBS Group raised their price objective on shares of Automatic Data Processing from $270.00 to $295.00 and gave the company a "neutral" rating in a research note on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $289.91.

Automatic Data Processing Trading Up 0.9 %

Automatic Data Processing stock traded up $2.69 during mid-day trading on Friday, hitting $294.02. 4,165,857 shares of the company's stock were exchanged, compared to its average volume of 1,666,659. Automatic Data Processing, Inc. has a fifty-two week low of $227.12 and a fifty-two week high of $309.63. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.56. The firm has a market capitalization of $119.80 billion, a P/E ratio of 31.38, a PEG ratio of 3.50 and a beta of 0.79. The company's 50 day simple moving average is $297.74 and its 200-day simple moving average is $273.32.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The business services provider reported $2.33 earnings per share for the quarter, beating the consensus estimate of $2.21 by $0.12. Automatic Data Processing had a return on equity of 82.36% and a net margin of 19.72%. The business had revenue of $4.83 billion for the quarter, compared to analysts' expectations of $4.77 billion. During the same quarter in the previous year, the business posted $2.08 EPS. Automatic Data Processing's revenue for the quarter was up 7.1% on a year-over-year basis. On average, equities analysts anticipate that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.

Automatic Data Processing Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be given a dividend of $1.54 per share. This is an increase from Automatic Data Processing's previous quarterly dividend of $1.40. The ex-dividend date is Friday, December 13th. This represents a $6.16 annualized dividend and a dividend yield of 2.10%. Automatic Data Processing's dividend payout ratio is currently 65.74%.

Insider Buying and Selling

In other Automatic Data Processing news, VP Sreenivasa Kutam sold 38,975 shares of the business's stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $300.00, for a total value of $11,692,500.00. Following the sale, the vice president now owns 32,604 shares in the company, valued at approximately $9,781,200. The trade was a 54.45 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.21% of the stock is currently owned by company insiders.

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.