OLD National Bancorp IN Reduces Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

OLD National Bancorp IN reduced its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 2.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,726 shares of the business services provider’s stock after selling 257 shares during the period. OLD National Bancorp IN’s holdings in Automatic Data Processing were worth $2,965,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Brendel Financial Advisors LLC purchased a new position in Automatic Data Processing in the 4th quarter valued at approximately $263,000. Commerzbank Aktiengesellschaft FI purchased a new position in Automatic Data Processing during the fourth quarter worth $340,000. Heritage Investment Group Inc. increased its position in Automatic Data Processing by 1.9% during the fourth quarter. Heritage Investment Group Inc. now owns 2,201 shares of the business services provider’s stock worth $513,000 after buying an additional 41 shares in the last quarter. Handelsbanken Fonder AB increased its position in Automatic Data Processing by 0.4% during the fourth quarter. Handelsbanken Fonder AB now owns 190,843 shares of the business services provider’s stock worth $44,461,000 after buying an additional 671 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its position in Automatic Data Processing by 0.6% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 47,926 shares of the business services provider’s stock worth $11,165,000 after buying an additional 281 shares in the last quarter. 80.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Automatic Data Processing

In related news, VP Don Mcguire sold 11,333 shares of Automatic Data Processing stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $245.00, for a total value of $2,776,585.00. Following the transaction, the vice president now owns 19,906 shares in the company, valued at $4,876,970. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Automatic Data Processing news, VP Don Mcguire sold 11,333 shares of the business’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $245.00, for a total transaction of $2,776,585.00. Following the transaction, the vice president now owns 19,906 shares in the company, valued at $4,876,970. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Joseph Desilva sold 1,904 shares of the business’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $255.00, for a total value of $485,520.00. Following the transaction, the vice president now owns 17,179 shares in the company, valued at approximately $4,380,645. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,162 shares of company stock worth $3,741,859. 0.26% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

ADP has been the subject of several recent research reports. Wolfe Research raised Automatic Data Processing from an “underperform” rating to a “peer perform” rating in a research report on Thursday, January 4th. Bank of America raised Automatic Data Processing from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $217.00 to $243.00 in a research report on Wednesday, January 17th. Royal Bank of Canada reissued a “sector perform” rating and set a $267.00 price target on shares of Automatic Data Processing in a research report on Thursday, February 1st. Evercore ISI raised their price objective on Automatic Data Processing from $227.00 to $235.00 and gave the stock an “underperform” rating in a report on Tuesday, March 26th. Finally, StockNews.com cut Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Tuesday, March 19th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Automatic Data Processing presently has an average rating of “Hold” and a consensus target price of $254.58.

Automatic Data Processing Price Performance

Shares of Automatic Data Processing stock opened at $246.31 on Tuesday. Automatic Data Processing, Inc. has a twelve month low of $201.46 and a twelve month high of $256.84. The stock has a market capitalization of $101.18 billion, a P/E ratio of 28.67, a PEG ratio of 2.29 and a beta of 0.78. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.69. The business’s fifty day moving average price is $247.15 and its 200 day moving average price is $239.21.

Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, January 31st. The business services provider reported $2.13 earnings per share for the quarter, beating analysts’ consensus estimates of $2.10 by $0.03. Automatic Data Processing had a return on equity of 95.22% and a net margin of 19.14%. The firm had revenue of $4.67 billion for the quarter, compared to analysts’ expectations of $4.65 billion. During the same quarter last year, the firm earned $1.96 earnings per share. The firm’s revenue for the quarter was up 6.3% compared to the same quarter last year. As a group, research analysts anticipate that Automatic Data Processing, Inc. will post 9.14 earnings per share for the current year.

Automatic Data Processing Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date of this dividend is Friday, June 14th. Automatic Data Processing’s payout ratio is currently 65.19%.

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.