Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Sold by King Luther Capital Management Corp

King Luther Capital Management Corp trimmed its position in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 3.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 66,289 shares of the business services provider's stock after selling 2,336 shares during the quarter. King Luther Capital Management Corp's holdings in Automatic Data Processing were worth $19,405,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Itau Unibanco Holding S.A. purchased a new stake in Automatic Data Processing in the third quarter valued at $26,000. Dunhill Financial LLC lifted its holdings in shares of Automatic Data Processing by 346.5% in the 3rd quarter. Dunhill Financial LLC now owns 106 shares of the business services provider's stock valued at $29,000 after buying an additional 149 shares during the period. Sugar Maple Asset Management LLC purchased a new stake in shares of Automatic Data Processing in the fourth quarter worth about $37,000. Wingate Wealth Advisors Inc. acquired a new stake in Automatic Data Processing during the fourth quarter worth about $37,000. Finally, HHM Wealth Advisors LLC purchased a new position in Automatic Data Processing during the fourth quarter valued at approximately $41,000. Institutional investors and hedge funds own 80.03% of the company's stock.

Automatic Data Processing Trading Down 3.5 %

ADP stock opened at $292.44 on Wednesday. Automatic Data Processing, Inc. has a 12-month low of $231.27 and a 12-month high of $322.84. The business's 50-day moving average is $302.27 and its 200 day moving average is $294.33. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.59. The stock has a market cap of $119.16 billion, a price-to-earnings ratio of 30.49, a PEG ratio of 3.62 and a beta of 0.76.

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Automatic Data Processing (NASDAQ:ADP - Get Free Report) last released its earnings results on Wednesday, January 29th. The business services provider reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.30 by $0.05. Automatic Data Processing had a return on equity of 80.86% and a net margin of 19.76%. On average, sell-side analysts anticipate that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a dividend of $1.54 per share. This represents a $6.16 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date of this dividend is Friday, March 14th. Automatic Data Processing's payout ratio is 64.23%.

Insider Activity

In related news, VP Brian L. Michaud sold 362 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $293.83, for a total value of $106,366.46. Following the completion of the sale, the vice president now owns 13,706 shares of the company's stock, valued at approximately $4,027,233.98. This trade represents a 2.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Jonathan S. Lehberger sold 2,324 shares of the business's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $303.30, for a total value of $704,869.20. Following the transaction, the vice president now directly owns 3,063 shares in the company, valued at $929,007.90. This trade represents a 43.14 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,478 shares of company stock worth $1,617,241 over the last three months. Insiders own 0.21% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on ADP shares. StockNews.com lowered Automatic Data Processing from a "buy" rating to a "hold" rating in a research report on Wednesday, February 5th. UBS Group increased their price target on shares of Automatic Data Processing from $318.00 to $324.00 and gave the stock a "neutral" rating in a report on Tuesday, March 4th. Barclays lifted their price objective on shares of Automatic Data Processing from $325.00 to $350.00 and gave the company an "overweight" rating in a report on Monday, February 3rd. Jefferies Financial Group increased their target price on shares of Automatic Data Processing from $290.00 to $305.00 and gave the stock a "hold" rating in a research note on Thursday, January 30th. Finally, Royal Bank of Canada restated a "sector perform" rating and issued a $315.00 price target on shares of Automatic Data Processing in a research note on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $296.18.

Automatic Data Processing Company Profile

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.

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