Inverness Counsel LLC NY Sells 950 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Inverness Counsel LLC NY cut its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 7.2% during the 2nd quarter, Holdings Channel reports. The firm owned 12,224 shares of the business services provider’s stock after selling 950 shares during the period. Inverness Counsel LLC NY’s holdings in Automatic Data Processing were worth $2,428,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Paragon Wealth Strategies LLC bought a new stake in shares of Automatic Data Processing in the second quarter worth about $26,000. Lake Point Wealth Management purchased a new stake in Automatic Data Processing in the second quarter worth about $27,000. Disciplined Investments LLC purchased a new stake in Automatic Data Processing in the second quarter worth about $31,000. Annapolis Financial Services LLC lifted its holdings in Automatic Data Processing by 232.0% in the second quarter. Annapolis Financial Services LLC now owns 166 shares of the business services provider’s stock worth $33,000 after buying an additional 116 shares during the period. Finally, Newton One Investments LLC purchased a new stake in Automatic Data Processing in the second quarter worth about $42,000. 78.39% of the stock is currently owned by institutional investors.

In related news, VP Deborah L. Dyson sold 2,428 shares of the stock in a transaction that occurred on Friday, July 9th. The shares were sold at an average price of $202.00, for a total transaction of $490,456.00. Following the completion of the sale, the vice president now owns 26,614 shares of the company’s stock, valued at $5,376,028. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Alexander Quevedo sold 950 shares of the firm’s stock in a transaction on Thursday, July 29th. The stock was sold at an average price of $209.25, for a total transaction of $198,787.50. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by corporate insiders.

Several brokerages have commented on ADP. Morgan Stanley raised their price objective on shares of Automatic Data Processing from $185.00 to $200.00 and gave the stock an “equal weight” rating in a report on Thursday, July 29th. Barclays lifted their target price on shares of Automatic Data Processing from $212.00 to $227.00 and gave the company an “overweight” rating in a report on Monday, August 2nd. Mizuho lifted their target price on shares of Automatic Data Processing from $220.00 to $230.00 and gave the company a “buy” rating in a report on Monday, August 2nd. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Automatic Data Processing from $192.00 to $210.00 and gave the stock a “hold” rating in a research report on Thursday, July 29th. Finally, Jefferies Financial Group lifted their target price on shares of Automatic Data Processing from $200.00 to $215.00 and gave the stock a “hold” rating in a research report on Wednesday, July 28th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Automatic Data Processing has a consensus rating of “Hold” and an average target price of $196.79.

ADP stock traded down $0.15 during mid-day trading on Wednesday, hitting $199.59. The company had a trading volume of 14,640 shares, compared to its average volume of 1,745,339. The company has a market capitalization of $84.44 billion, a price-to-earnings ratio of 32.91, a P/E/G ratio of 2.52 and a beta of 0.73. Automatic Data Processing, Inc. has a 12-month low of $127.31 and a 12-month high of $217.15. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.53. The company has a 50-day moving average price of $207.88 and a 200 day moving average price of $197.53.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings results on Tuesday, July 27th. The business services provider reported $1.20 EPS for the quarter, topping the consensus estimate of $1.14 by $0.06. The business had revenue of $3.74 billion for the quarter, compared to analysts’ expectations of $3.67 billion. Automatic Data Processing had a net margin of 17.32% and a return on equity of 44.73%. During the same quarter in the previous year, the company earned $1.14 EPS. As a group, analysts expect that Automatic Data Processing, Inc. will post 6.64 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 1st. Stockholders of record on Friday, September 10th will be given a dividend of $0.93 per share. This represents a $3.72 annualized dividend and a dividend yield of 1.86%. The ex-dividend date of this dividend is Thursday, September 9th. Automatic Data Processing’s dividend payout ratio is 61.79%.

About Automatic Data Processing

Automatic Data Processing, Inc engages in the provision of business outsourcing solutions specializes in cloud-based human capital management. It operates through the following business segments: Employer Services; and Professional Employer Organization Services; and Other. The Employer Services segment provides clients ranging from single-employee small businesses to large enterprises with tens of thousands of employees around the world, offering a range of human resources outsourcing and technology-based human capital management solutions, including strategic, cloud-based platforms.

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Institutional Ownership by Quarter for Automatic Data Processing (NASDAQ:ADP)

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