Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Sold by Synovus Financial Corp

Synovus Financial Corp lessened its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 6.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 60,746 shares of the business services provider's stock after selling 4,223 shares during the quarter. Synovus Financial Corp's holdings in Automatic Data Processing were worth $16,810,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Itau Unibanco Holding S.A. acquired a new position in Automatic Data Processing in the 3rd quarter worth $26,000. Kiely Wealth Advisory Group Inc. purchased a new stake in shares of Automatic Data Processing during the second quarter worth about $27,000. Dunhill Financial LLC increased its position in shares of Automatic Data Processing by 346.5% during the third quarter. Dunhill Financial LLC now owns 106 shares of the business services provider's stock worth $29,000 after acquiring an additional 149 shares during the last quarter. Hexagon Capital Partners LLC lifted its stake in shares of Automatic Data Processing by 78.5% in the third quarter. Hexagon Capital Partners LLC now owns 116 shares of the business services provider's stock worth $32,000 after acquiring an additional 51 shares in the last quarter. Finally, Capital Performance Advisors LLP purchased a new position in Automatic Data Processing in the third quarter valued at about $35,000. Hedge funds and other institutional investors own 80.03% of the company's stock.

Insider Buying and Selling

In related news, VP Sreenivasa Kutam sold 38,975 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $300.00, for a total value of $11,692,500.00. Following the completion of the transaction, the vice president now owns 32,604 shares in the company, valued at $9,781,200. This represents a 54.45 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.21% of the company's stock.

Automatic Data Processing Stock Performance

NASDAQ ADP traded down $0.65 during trading hours on Friday, reaching $296.56. The company's stock had a trading volume of 592,953 shares, compared to its average volume of 1,639,879. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.56. The business has a 50-day simple moving average of $296.79 and a 200 day simple moving average of $271.23. Automatic Data Processing, Inc. has a 52 week low of $227.12 and a 52 week high of $309.63. The stock has a market cap of $120.84 billion, a PE ratio of 31.88, a PEG ratio of 3.50 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share for the quarter, topping analysts' consensus estimates of $2.21 by $0.12. Automatic Data Processing had a return on equity of 82.36% and a net margin of 19.72%. The business had revenue of $4.83 billion for the quarter, compared to analysts' expectations of $4.77 billion. During the same period in the prior year, the firm earned $2.08 EPS. The business's quarterly revenue was up 7.1% on a year-over-year basis. Equities research analysts predict that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Automatic Data Processing Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be given a dividend of $1.54 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $6.16 annualized dividend and a dividend yield of 2.08%. This is a positive change from Automatic Data Processing's previous quarterly dividend of $1.40. Automatic Data Processing's dividend payout ratio is currently 59.77%.

Wall Street Analyst Weigh In

Several research firms have issued reports on ADP. Jefferies Financial Group lifted their price objective on Automatic Data Processing from $260.00 to $290.00 and gave the stock a "hold" rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. upped their price target on shares of Automatic Data Processing from $250.00 to $285.00 and gave the company an "underweight" rating in a report on Tuesday, August 20th. Royal Bank of Canada increased their price objective on shares of Automatic Data Processing from $267.00 to $315.00 and gave the company a "sector perform" rating in a research note on Thursday, October 31st. Citigroup boosted their target price on shares of Automatic Data Processing from $260.00 to $295.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 25th. Finally, StockNews.com cut shares of Automatic Data Processing from a "buy" rating to a "hold" rating in a research report on Thursday, September 19th. Two investment 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's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $289.91.

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.