Truist Financial Corp Cuts Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

Truist Financial Corp lessened its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 9.1% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 341,468 shares of the business services provider's stock after selling 34,324 shares during the quarter. Truist Financial Corp owned approximately 0.08% of Automatic Data Processing worth $99,958,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ADP. Itau Unibanco Holding S.A. acquired a new stake in shares of Automatic Data Processing in the third quarter valued at about $26,000. Dunhill Financial LLC grew its position in shares of Automatic Data Processing by 346.5% in the third quarter. Dunhill Financial LLC now owns 106 shares of the business services provider's stock valued at $29,000 after purchasing an additional 149 shares during the period. Capital Performance Advisors LLP acquired a new stake in shares of Automatic Data Processing in the third quarter valued at about $35,000. Sugar Maple Asset Management LLC purchased a new position in shares of Automatic Data Processing in the fourth quarter worth about $37,000. Finally, Wingate Wealth Advisors Inc. purchased a new position in shares of Automatic Data Processing in the fourth quarter worth about $37,000. Institutional investors and hedge funds own 80.03% of the company's stock.

Insiders Place Their Bets

In other news, VP Jonathan S. Lehberger sold 2,324 shares of the company's stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $303.30, for a total value of $704,869.20. Following the completion of the transaction, the vice president now owns 3,063 shares in the company, valued at approximately $929,007.90. This represents a 43.14 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP David Foskett sold 1,067 shares of the company's stock in a transaction on Monday, January 13th. The shares were sold at an average price of $286.15, for a total transaction of $305,322.05. Following the completion of the transaction, the vice president now owns 6,140 shares of the company's stock, valued at approximately $1,756,961. The trade was a 14.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,478 shares of company stock worth $1,617,241 in the last 90 days. Corporate insiders own 0.21% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ADP. Royal Bank of Canada reaffirmed 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. TD Cowen lifted their target price on shares of Automatic Data Processing from $276.00 to $285.00 and gave the stock a "hold" rating in a research note on Friday, November 1st. StockNews.com downgraded shares of Automatic Data Processing from a "buy" rating to a "hold" rating in a research note on Wednesday, February 5th. Jefferies Financial Group boosted 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. Finally, Barclays boosted their price target on shares of Automatic Data Processing from $325.00 to $350.00 and gave the company an "overweight" rating in a research note on Monday, February 3rd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Automatic Data Processing presently has a consensus rating of "Hold" and an average price target of $293.55.

Automatic Data Processing Stock Down 0.4 %

Shares of ADP stock traded down $1.25 during trading on Thursday, reaching $311.97. The company's stock had a trading volume of 1,304,464 shares, compared to its average volume of 1,606,496. 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 $127.12 billion, a price-to-earnings ratio of 32.53, a P/E/G ratio of 3.61 and a beta of 0.79. The stock's 50-day moving average price is $298.18 and its 200 day moving average price is $289.59. Automatic Data Processing, Inc. has a 1-year low of $231.27 and a 1-year high of $313.72.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The business services provider reported $2.35 earnings per share for the quarter, beating analysts' consensus estimates 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, research analysts anticipate that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Automatic Data Processing Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a dividend of $1.54 per share. This represents a $6.16 annualized dividend and a yield of 1.97%. The ex-dividend date of this dividend is Friday, March 14th. Automatic Data Processing's dividend payout ratio (DPR) is presently 64.23%.

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.