Burney Co. Sells 101 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Burney Co. decreased its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.0% during the second quarter, HoldingsChannel reports. The fund owned 9,664 shares of the business services provider’s stock after selling 101 shares during the quarter. Burney Co.’s holdings in Automatic Data Processing were worth $2,307,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. BlueSpruce Investments LP purchased a new stake in Automatic Data Processing in the 1st quarter worth approximately $365,757,000. Norges Bank purchased a new stake in shares of Automatic Data Processing in the fourth quarter worth $308,321,000. Capital Research Global Investors raised its position in shares of Automatic Data Processing by 22.5% in the fourth quarter. Capital Research Global Investors now owns 3,543,317 shares of the business services provider’s stock worth $825,487,000 after buying an additional 649,791 shares in the last quarter. Nordea Investment Management AB boosted its stake in Automatic Data Processing by 27.7% during the first quarter. Nordea Investment Management AB now owns 2,715,382 shares of the business services provider’s stock valued at $678,601,000 after buying an additional 589,831 shares during the period. Finally, Jacobs Levy Equity Management Inc. grew its position in Automatic Data Processing by 238.1% during the first quarter. Jacobs Levy Equity Management Inc. now owns 784,003 shares of the business services provider’s stock worth $195,797,000 after buying an additional 552,096 shares in the last quarter. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Trading Up 0.5 %

Shares of NASDAQ ADP traded up $1.24 during midday trading on Thursday, reaching $273.92. The company had a trading volume of 502,932 shares, compared to its average volume of 1,642,473. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.66. The firm’s fifty day moving average price is $251.62 and its 200-day moving average price is $248.46. The stock has a market cap of $112.11 billion, a PE ratio of 30.43, a price-to-earnings-growth ratio of 2.72 and a beta of 0.78. Automatic Data Processing, Inc. has a one year low of $205.53 and a one year high of $276.77.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings results on Wednesday, July 31st. The business services provider reported $2.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.06 by $0.03. The business had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.74 billion. Automatic Data Processing had a net margin of 19.54% and a return on equity of 89.20%. The company’s revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.89 EPS. On average, equities research analysts anticipate that Automatic Data Processing, Inc. will post 10.01 earnings per share for the current year.

Automatic Data Processing Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a $1.40 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $5.60 annualized dividend and a yield of 2.04%. Automatic Data Processing’s dividend payout ratio (DPR) is presently 62.50%.

Insider Buying and Selling

In related news, VP Michael A. Bonarti sold 26,442 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $270.96, for a total transaction of $7,164,724.32. Following the completion of the sale, the vice president now owns 88,426 shares of the company’s stock, valued at $23,959,908.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, VP Michael A. Bonarti sold 26,442 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $270.96, for a total value of $7,164,724.32. Following the transaction, the vice president now directly owns 88,426 shares of the company’s stock, valued at approximately $23,959,908.96. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP David Kwon sold 846 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $270.60, for a total transaction of $228,927.60. Following the completion of the sale, the vice president now directly owns 10,410 shares of the company’s stock, valued at $2,816,946. The disclosure for this sale can be found here. 0.26% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have weighed in on ADP. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $267.00 price target on shares of Automatic Data Processing in a report on Thursday, August 1st. Stifel Nicolaus lifted their target price on shares of Automatic Data Processing from $271.00 to $287.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. StockNews.com cut shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Thursday. TD Cowen lowered their price objective on shares of Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating on the stock in a research report on Thursday, May 2nd. Finally, Jefferies Financial Group upped their target price on shares of Automatic Data Processing from $250.00 to $260.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $265.36.

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.