Mutual of America Capital Management LLC Sells 2,238 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Mutual of America Capital Management LLC lessened its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 4.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 51,638 shares of the business services provider's stock after selling 2,238 shares during the quarter. Mutual of America Capital Management LLC's holdings in Automatic Data Processing were worth $12,325,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. TD Asset Management Inc raised its position in shares of Automatic Data Processing by 14.2% during the 1st quarter. TD Asset Management Inc now owns 801,857 shares of the business services provider's stock valued at $200,256,000 after acquiring an additional 99,515 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in Automatic Data Processing by 70.7% in the second quarter. Assenagon Asset Management S.A. now owns 638,507 shares of the business services provider's stock valued at $152,405,000 after purchasing an additional 264,466 shares during the last quarter. SG Americas Securities LLC lifted its stake in Automatic Data Processing by 195.1% in the first quarter. SG Americas Securities LLC now owns 51,607 shares of the business services provider's stock valued at $12,888,000 after buying an additional 34,118 shares during the period. Cornerstone Wealth Group LLC bought a new position in Automatic Data Processing during the first quarter worth about $2,924,000. Finally, LVW Advisors LLC boosted its holdings in Automatic Data Processing by 23.8% during the first quarter. LVW Advisors LLC now owns 3,854 shares of the business services provider's stock worth $962,000 after buying an additional 740 shares during the last quarter. Institutional investors own 80.03% of the company's stock.

Insiders Place Their Bets

In related news, VP David Kwon sold 846 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $270.60, for a total value of $228,927.60. Following the sale, the vice president now owns 10,410 shares in the company, valued at approximately $2,816,946. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Automatic Data Processing news, VP David Kwon sold 846 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $270.60, for a total value of $228,927.60. Following the transaction, the vice president now directly owns 10,410 shares of the company's stock, valued at approximately $2,816,946. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Don Mcguire sold 3,179 shares of the firm's stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $274.38, for a total transaction of $872,254.02. Following the sale, the vice president now owns 41,696 shares of the company's stock, valued at $11,440,548.48. The disclosure for this sale can be found here. Insiders have sold a total of 58,817 shares of company stock valued at $15,999,208 over the last 90 days. 0.26% of the stock is currently owned by insiders.

Automatic Data Processing Stock Up 0.6 %

ADP traded up $1.78 on Thursday, hitting $277.69. 1,559,304 shares of the company were exchanged, compared to its average volume of 1,646,781. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.01 and a current ratio of 1.01. The stock's fifty day moving average is $263.99 and its 200-day moving average is $251.30. The company has a market cap of $113.66 billion, a PE ratio of 30.99, a PEG ratio of 3.02 and a beta of 0.79. Automatic Data Processing, Inc. has a 12 month low of $205.53 and a 12 month high of $281.54.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last released its earnings results on Wednesday, July 31st. The business services provider reported $2.09 earnings per share for the quarter, beating the consensus estimate of $2.06 by $0.03. The business had revenue of $4.80 billion during the quarter, compared to analysts' expectations of $4.74 billion. Automatic Data Processing had a net margin of 19.54% and a return on equity of 89.20%. The firm's revenue was up 7.2% on a year-over-year basis. During the same period last year, the business earned $1.89 earnings per share. Equities research analysts predict that Automatic Data Processing, Inc. will post 10.04 EPS for the current fiscal year.

Automatic Data Processing Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date of this dividend is Friday, September 13th. Automatic Data Processing's payout ratio is currently 62.50%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on ADP shares. Royal Bank of Canada reiterated a "sector perform" rating and issued a $267.00 price target on shares of Automatic Data Processing in a research report on Thursday, August 1st. Bank of America increased their target price on shares of Automatic Data Processing from $250.00 to $267.00 and gave the stock a "neutral" rating in a report on Thursday, August 1st. Barclays boosted their price target on shares of Automatic Data Processing from $282.00 to $310.00 and gave the company an "overweight" rating in a report on Monday, August 5th. Jefferies Financial Group raised their price objective on Automatic Data Processing from $250.00 to $260.00 and gave the stock a "hold" rating in a research note on Thursday, August 1st. Finally, StockNews.com raised Automatic Data Processing from a "hold" rating to a "buy" rating in a research note on Monday, September 9th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $265.36.

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.