Summit Global Investments Has $13.85 Million Stock Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Summit Global Investments reduced its position in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 14.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 47,314 shares of the business services provider's stock after selling 7,868 shares during the quarter. Automatic Data Processing makes up about 0.9% of Summit Global Investments' investment portfolio, making the stock its 20th biggest holding. Summit Global Investments' holdings in Automatic Data Processing were worth $13,850,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of ADP. Raymond James Financial Inc. acquired a new position in Automatic Data Processing in the fourth quarter valued at approximately $342,942,000. Proficio Capital Partners LLC lifted its holdings in shares of Automatic Data Processing by 41,710.7% in the 4th quarter. Proficio Capital Partners LLC now owns 1,090,422 shares of the business services provider's stock worth $319,199,000 after purchasing an additional 1,087,814 shares during the last quarter. Holocene Advisors LP bought a new stake in shares of Automatic Data Processing in the 3rd quarter worth approximately $160,920,000. Healthcare of Ontario Pension Plan Trust Fund boosted its position in Automatic Data Processing by 332.3% during 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 purchasing an additional 479,145 shares during the period. Finally, Amundi grew its stake in Automatic Data Processing by 16.8% during the 4th quarter. Amundi now owns 3,120,039 shares of the business services provider's stock worth $910,972,000 after buying an additional 449,431 shares during the last quarter. Institutional investors and hedge funds own 80.03% of the company's stock.

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Insider Buying and Selling

In other Automatic Data Processing news, VP David Foskett sold 1,004 shares of the business's stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $289.29, for a total transaction of $290,447.16. Following the sale, the vice president now owns 5,958 shares in the company, valued at approximately $1,723,589.82. The trade was a 14.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Brian L. Michaud sold 362 shares of the firm's stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $293.83, for a total transaction of $106,366.46. Following the completion of the transaction, the vice president now owns 13,706 shares of the company's stock, valued at approximately $4,027,233.98. The trade was a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,951 shares of company stock worth $1,762,074. Corporate insiders own 0.21% of the company's stock.

Automatic Data Processing Price Performance

Shares of ADP traded up $3.03 during midday trading on Wednesday, reaching $302.41. The stock had a trading volume of 1,851,076 shares, compared to its average volume of 1,462,604. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.00 and a quick ratio of 1.00. The company has a market capitalization of $123.22 billion, a P/E ratio of 31.53, a P/E/G ratio of 3.62 and a beta of 0.76. The firm's 50 day moving average price is $303.41 and its 200-day moving average price is $295.91. Automatic Data Processing, Inc. has a 52 week low of $231.27 and a 52 week high of $322.84.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last issued its quarterly earnings results on Wednesday, January 29th. The business services provider reported $2.35 EPS for the quarter, topping the consensus estimate of $2.30 by $0.05. Automatic Data Processing had a net margin of 19.76% and a return on equity of 80.86%. On average, analysts forecast 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 announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors 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 yield of 2.04%. The ex-dividend date of this dividend is Friday, March 14th. Automatic Data Processing's payout ratio is 64.23%.

Analysts Set New Price Targets

ADP has been the subject of several analyst reports. UBS Group boosted their price target on shares of Automatic Data Processing from $318.00 to $324.00 and gave the company a "neutral" rating in a report on Tuesday, March 4th. Royal Bank of Canada reissued a "sector perform" rating and set a $315.00 target price on shares of Automatic Data Processing in a research note on Thursday, January 30th. Jefferies Financial Group raised their price target on shares of Automatic Data Processing from $290.00 to $305.00 and gave the company a "hold" rating in a research note on Thursday, January 30th. StockNews.com cut Automatic Data Processing from a "buy" rating to a "hold" rating in a report on Wednesday, February 5th. Finally, Barclays increased their price objective on Automatic Data Processing from $325.00 to $350.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average 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.