The Manufacturers Life Insurance Company Sells 2,131 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

The Manufacturers Life Insurance Company trimmed its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 0.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 247,290 shares of the business services provider's stock after selling 2,131 shares during the period. The Manufacturers Life Insurance Company owned about 0.06% of Automatic Data Processing worth $68,431,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Kiely Wealth Advisory Group Inc. purchased a new stake in Automatic Data Processing in the 2nd quarter worth approximately $27,000. Hexagon Capital Partners LLC lifted its stake in 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 during the period. Capital Performance Advisors LLP bought a new stake in Automatic Data Processing in the third quarter valued at $35,000. Pathway Financial Advisers LLC purchased a new position in Automatic Data Processing during the 1st quarter valued at $36,000. Finally, New Millennium Group LLC bought a new position in Automatic Data Processing in the 2nd quarter worth $40,000. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Maria Black sold 19,147 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $274.38, for a total value of $5,253,553.86. Following the transaction, the chief executive officer now owns 92,807 shares in the company, valued at $25,464,384.66. This represents a 17.10 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Don Mcguire sold 3,179 shares of the business's stock in a transaction that occurred 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 sale, the vice president now owns 41,696 shares of the company's stock, valued at $11,440,548.48. This trade represents a 7.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 70,504 shares of company stock worth $20,298,056. 0.21% of the stock is owned by insiders.

Automatic Data Processing Stock Performance

Shares of ADP stock opened at $306.92 on Thursday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market capitalization of $125.06 billion, a price-to-earnings ratio of 32.76, a price-to-earnings-growth ratio of 3.55 and a beta of 0.79. Automatic Data Processing, Inc. has a one year low of $227.12 and a one year high of $309.63. The company's 50-day moving average is $291.26 and its 200 day moving average is $267.31.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $4.83 billion during the quarter, compared to analysts' expectations of $4.77 billion. During the same quarter in the previous year, the business earned $2.08 earnings per share. The company's revenue was up 7.1% on a year-over-year basis. Sell-side analysts expect that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be given a dividend of $1.54 per share. This is an increase from Automatic Data Processing's previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Friday, December 13th. This represents a $6.16 dividend on an annualized basis and a yield of 2.01%. Automatic Data Processing's dividend payout ratio is 59.77%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Mizuho lifted their target price on shares of Automatic Data Processing from $281.00 to $310.00 and gave the company an "outperform" rating in a research note on Monday, November 4th. Jefferies Financial Group increased their target price on Automatic Data Processing from $260.00 to $290.00 and gave the stock a "hold" rating in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. raised their target price on Automatic Data Processing from $250.00 to $285.00 and gave the company an "underweight" rating in a research note on Tuesday, August 20th. StockNews.com downgraded Automatic Data Processing from a "buy" rating to a "hold" rating in a report on Thursday, September 19th. Finally, UBS Group boosted their target price on shares of Automatic Data Processing from $270.00 to $295.00 and gave the company a "neutral" rating in a report on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price 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.

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