Corebridge Financial Inc. Sells 1,901 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Corebridge Financial Inc. reduced its position in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 1.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 147,598 shares of the business services provider's stock after selling 1,901 shares during the period. Corebridge Financial Inc.'s holdings in Automatic Data Processing were worth $43,206,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ADP. Itau Unibanco Holding S.A. bought a new position in shares of Automatic Data Processing during the third quarter valued at $26,000. Dunhill Financial LLC lifted its stake in Automatic Data Processing by 346.5% during the 3rd quarter. Dunhill Financial LLC now owns 106 shares of the business services provider's stock valued at $29,000 after acquiring an additional 149 shares during the period. Cyrus J. Lawrence LLC lifted its stake in Automatic Data Processing by 121.8% during the 4th quarter. Cyrus J. Lawrence LLC now owns 122 shares of the business services provider's stock valued at $35,000 after acquiring an additional 67 shares during the period. Sugar Maple Asset Management LLC bought a new stake in shares of Automatic Data Processing in the fourth quarter worth approximately $37,000. Finally, Wingate Wealth Advisors Inc. purchased a new position in shares of Automatic Data Processing during the fourth quarter valued at approximately $37,000. 80.03% of the stock is owned by institutional investors.

Automatic Data Processing Stock Performance

Shares of ADP stock traded down $4.60 during trading hours on Friday, reaching $300.83. 1,785,428 shares of the company traded hands, compared to its average volume of 1,628,056. The firm has a 50-day moving average price of $303.87 and a 200 day moving average price of $296.20. The company has a market cap of $122.58 billion, a P/E ratio of 31.37, a P/E/G ratio of 3.62 and a beta of 0.76. Automatic Data Processing, Inc. has a 12-month low of $231.27 and a 12-month high of $322.84. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.00 and a quick ratio of 1.00.

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Automatic Data Processing (NASDAQ:ADP - Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The business services provider reported $2.35 earnings per share for the quarter, topping analysts' consensus estimates of $2.30 by $0.05. Automatic Data Processing had a net margin of 19.76% and a return on equity of 80.86%. As a group, sell-side 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 declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a dividend of $1.54 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $6.16 dividend on an annualized basis and a yield of 2.05%. Automatic Data Processing's dividend payout ratio is presently 64.23%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. StockNews.com downgraded shares of Automatic Data Processing from a "buy" rating to a "hold" rating in a research report on Wednesday, February 5th. Jefferies Financial Group raised their price target on Automatic Data Processing from $290.00 to $305.00 and gave the stock a "hold" rating in a research note on Thursday, January 30th. UBS Group upped their price objective on Automatic Data Processing from $318.00 to $324.00 and gave the company a "neutral" rating in a research report on Tuesday, March 4th. Barclays raised their target price on Automatic Data Processing from $325.00 to $350.00 and gave the stock an "overweight" rating in a research report on Monday, February 3rd. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and set a $315.00 price target on shares of Automatic Data Processing in a research report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $302.30.

Insider Activity

In other Automatic Data Processing news, VP Brian L. Michaud sold 362 shares of Automatic Data Processing stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $293.83, for a total value of $106,366.46. Following the sale, the vice president now directly owns 13,706 shares in the company, valued at approximately $4,027,233.98. The trade was a 2.57 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Maria Black sold 721 shares of the business's stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $291.59, for a total transaction of $210,236.39. Following the completion of the sale, the chief executive officer now owns 68,856 shares in the company, valued at approximately $20,077,721.04. The trade was a 1.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,951 shares of company stock worth $1,762,074 over the last ninety days. Corporate insiders own 0.21% of the company's stock.

Automatic Data Processing 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.