Veritas Asset Management LLP Sells 45,309 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Veritas Asset Management LLP lessened its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 3.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,347,058 shares of the business services provider’s stock after selling 45,309 shares during the quarter. Automatic Data Processing accounts for 2.8% of Veritas Asset Management LLP’s portfolio, making the stock its 16th largest position. Veritas Asset Management LLP’s holdings in Automatic Data Processing were worth $372,771,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Tokio Marine Asset Management Co. Ltd. boosted its holdings in Automatic Data Processing by 4.6% during the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 9,725 shares of the business services provider’s stock valued at $2,429,000 after acquiring an additional 432 shares during the period. Goelzer Investment Management Inc. increased its position in Automatic Data Processing by 32.1% during the 1st quarter. Goelzer Investment Management Inc. now owns 4,962 shares of the business services provider’s stock valued at $1,239,000 after purchasing an additional 1,205 shares during the period. Bryn Mawr Capital Management LLC raised its holdings in shares of Automatic Data Processing by 72.5% in the 1st quarter. Bryn Mawr Capital Management LLC now owns 5,907 shares of the business services provider’s stock valued at $1,475,000 after purchasing an additional 2,482 shares in the last quarter. Graypoint LLC lifted its position in shares of Automatic Data Processing by 1.5% in the 1st quarter. Graypoint LLC now owns 5,625 shares of the business services provider’s stock worth $1,405,000 after purchasing an additional 83 shares during the period. Finally, FinTrust Capital Advisors LLC boosted its stake in shares of Automatic Data Processing by 10.4% during the first quarter. FinTrust Capital Advisors LLC now owns 522 shares of the business services provider’s stock valued at $130,000 after purchasing an additional 49 shares in the last quarter. 80.03% of the stock is owned by hedge funds and other institutional investors.

Automatic Data Processing Stock Performance

ADP traded down $1.06 on Friday, reaching $288.18. 2,037,049 shares of the stock were exchanged, compared to its average volume of 1,637,382. The company’s 50-day moving average price is $281.57 and its 200 day moving average price is $260.01. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a market capitalization of $117.53 billion, a PE ratio of 30.76, a PEG ratio of 3.21 and a beta of 0.79. Automatic Data Processing, Inc. has a fifty-two week low of $211.52 and a fifty-two week high of $294.18.

Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, October 30th. The business services provider reported $2.33 EPS for the quarter, beating 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 firm had revenue of $4.83 billion for the quarter, compared to analyst estimates of $4.77 billion. During the same quarter in the prior year, the firm earned $2.08 earnings per share. Automatic Data Processing’s revenue for the quarter was up 7.1% on a year-over-year basis. As a group, sell-side analysts forecast that Automatic Data Processing, Inc. will post 9.98 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were issued a dividend of $1.40 per share. The ex-dividend date was Friday, September 13th. This represents a $5.60 annualized dividend and a dividend yield of 1.94%. Automatic Data Processing’s dividend payout ratio (DPR) is presently 59.77%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on ADP shares. Royal Bank of Canada upped their target price on Automatic Data Processing from $267.00 to $315.00 and gave the stock a “sector perform” rating in a report on Thursday. Stifel Nicolaus lifted their target price on Automatic Data Processing from $271.00 to $287.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Barclays raised their price target on shares of Automatic Data Processing from $282.00 to $310.00 and gave the company an “overweight” rating in a report on Monday, August 5th. TD Cowen lifted their price target on shares of Automatic Data Processing from $276.00 to $285.00 and gave the stock a “hold” rating in a report on Friday. Finally, Jefferies Financial Group increased their price objective on Automatic Data Processing from $260.00 to $290.00 and gave the company a “hold” rating in a report on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $285.09.

Insider Activity at Automatic Data Processing

In other Automatic Data Processing news, VP Don Mcguire sold 3,179 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $274.38, for a total value of $872,254.02. Following the completion of the transaction, the vice president now owns 41,696 shares in the company, valued at approximately $11,440,548.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, VP Don Mcguire sold 3,179 shares of Automatic Data Processing stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $274.38, for a total value of $872,254.02. Following the sale, the vice president now owns 41,696 shares of the company’s stock, valued at approximately $11,440,548.48. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Carlos A. Rodriguez sold 9,203 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $269.45, for a total transaction of $2,479,748.35. Following the transaction, the director now owns 36,741 shares of the company’s stock, valued at $9,899,862.45. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 58,817 shares of company stock worth $15,999,208 over the last three months. Company insiders own 0.21% of the company’s stock.

Automatic Data Processing 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.