Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Sold by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. cut its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 23.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,885 shares of the business services provider's stock after selling 3,541 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Automatic Data Processing were worth $3,289,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ADP. Kiely Wealth Advisory Group Inc. purchased a new stake in shares of Automatic Data Processing during the 2nd quarter worth approximately $27,000. Hexagon Capital Partners LLC boosted its position in Automatic Data Processing by 78.5% during the third quarter. Hexagon Capital Partners LLC now owns 116 shares of the business services provider's stock worth $32,000 after purchasing an additional 51 shares in the last quarter. Crewe Advisors LLC purchased a new stake in Automatic Data Processing during the first quarter worth $33,000. Capital Performance Advisors LLP acquired a new stake in Automatic Data Processing in the third quarter valued at $35,000. Finally, Pathway Financial Advisers LLC purchased a new position in shares of Automatic Data Processing in the first quarter valued at $36,000. Institutional investors and hedge funds own 80.03% of the company's stock.

Insider Buying and Selling at Automatic Data Processing

In other Automatic Data Processing news, VP Don Mcguire sold 3,179 shares of the firm's stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $274.38, for a total transaction of $872,254.02. Following the completion of the transaction, the vice president now directly owns 41,696 shares of the company's stock, valued at $11,440,548.48. This trade represents a 7.08 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael A. Bonarti sold 26,442 shares of the business's stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $270.96, for a total transaction of $7,164,724.32. Following the completion of the sale, the vice president now directly owns 88,426 shares of the company's stock, valued at $23,959,908.96. The trade was a 23.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 97,792 shares of company stock valued at $27,691,708 in the last ninety days. Insiders own 0.21% of the company's stock.

Automatic Data Processing Stock Down 1.4 %

NASDAQ ADP traded down $4.35 during trading hours on Friday, hitting $297.64. The company had a trading volume of 1,457,744 shares, compared to its average volume of 1,633,247. The firm's 50 day moving average is $287.23 and its 200 day moving average is $263.87. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.01 and a quick ratio of 1.01. Automatic Data Processing, Inc. has a fifty-two week low of $227.12 and a fifty-two week high of $309.37. The company has a market capitalization of $121.28 billion, a price-to-earnings ratio of 31.77, a P/E/G ratio of 3.58 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last posted its earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.21 by $0.12. The business had revenue of $4.83 billion during the quarter, compared to analyst estimates of $4.77 billion. Automatic Data Processing had a return on equity of 82.36% and a net margin of 19.72%. The company's revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter last year, the firm earned $2.08 earnings per share. Sell-side analysts anticipate that Automatic Data Processing, Inc. will post 9.94 earnings per share for the current fiscal year.

Automatic Data Processing Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be issued a $1.54 dividend. The ex-dividend date is Friday, December 13th. This represents a $6.16 dividend on an annualized basis and a yield of 2.07%. This is a positive change from Automatic Data Processing's previous quarterly dividend of $1.40. Automatic Data Processing's payout ratio is currently 59.77%.

Wall Street Analyst Weigh In

Several research firms recently commented on ADP. UBS Group boosted their price objective on shares of Automatic Data Processing from $270.00 to $295.00 and gave the stock a "neutral" rating in a research report on Tuesday, October 22nd. Jefferies Financial Group increased their price target on shares of Automatic Data Processing from $260.00 to $290.00 and gave the company a "hold" rating in a research report on Tuesday, October 22nd. StockNews.com lowered Automatic Data Processing from a "buy" rating to a "hold" rating in a research note on Thursday, September 19th. JPMorgan Chase & Co. boosted their target price on shares of Automatic Data Processing from $250.00 to $285.00 and gave the company an "underweight" rating in a research note on Tuesday, August 20th. Finally, Stifel Nicolaus raised their price target on shares of Automatic Data Processing from $271.00 to $287.00 and gave the stock a "hold" rating in a research note on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Automatic Data Processing has an average rating of "Hold" and an average price target of $289.91.

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.