Corundum Group Inc. Sells 2,334 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Corundum Group Inc. trimmed its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 55.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,888 shares of the business services provider’s stock after selling 2,334 shares during the quarter. Corundum Group Inc.’s holdings in Automatic Data Processing were worth $522,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. McClarren Financial Advisors Inc. increased its stake in shares of Automatic Data Processing by 86.1% in the third quarter. McClarren Financial Advisors Inc. now owns 443 shares of the business services provider’s stock worth $122,000 after purchasing an additional 205 shares in the last quarter. Vest Financial LLC increased its holdings in shares of Automatic Data Processing by 10.4% in the third quarter. Vest Financial LLC now owns 198,226 shares of the business services provider’s stock worth $54,855,000 after purchasing an additional 18,636 shares during the last quarter. OLD National Bancorp IN raised its holdings in shares of Automatic Data Processing by 4.7% during the 3rd quarter. OLD National Bancorp IN now owns 12,692 shares of the business services provider’s stock worth $3,512,000 after acquiring an additional 567 shares in the last quarter. Cyndeo Wealth Partners LLC lifted its position in Automatic Data Processing by 31.1% during the third quarter. Cyndeo Wealth Partners LLC now owns 27,397 shares of the business services provider’s stock valued at $7,582,000 after purchasing an additional 6,493 shares during the last quarter. Finally, Schaper Benz & Wise Investment Counsel Inc. WI raised its position in shares of Automatic Data Processing by 0.7% during the 3rd quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 84,114 shares of the business services provider’s stock valued at $23,277,000 after buying an additional 545 shares in the last quarter. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Automatic Data Processing news, VP Michael A. Bonarti sold 26,442 shares of Automatic Data Processing stock in a transaction dated 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 completion of the transaction, the vice president now directly owns 88,426 shares of the company’s stock, valued at $23,959,908.96. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, VP Michael A. Bonarti sold 26,442 shares of Automatic Data Processing stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $270.96, for a total value of $7,164,724.32. Following the completion of the transaction, the vice president now owns 88,426 shares in the company, valued at $23,959,908.96. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Maria Black sold 19,147 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $274.38, for a total transaction of $5,253,553.86. Following the transaction, the chief executive officer now owns 92,807 shares of the company’s stock, valued at approximately $25,464,384.66. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 58,817 shares of company stock valued at $15,999,208. Company insiders own 0.26% of the company’s stock.

Automatic Data Processing Stock Performance

NASDAQ:ADP opened at $292.29 on Monday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.66. The company’s 50-day moving average price is $276.64 and its 200-day moving average price is $256.99. Automatic Data Processing, Inc. has a twelve month low of $205.53 and a twelve month high of $294.18. The company has a market cap of $119.63 billion, a P/E ratio of 32.62, a P/E/G ratio of 3.13 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, July 31st. The business services provider reported $2.09 EPS for the quarter, topping analysts’ consensus estimates of $2.06 by $0.03. Automatic Data Processing had a net margin of 19.54% and a return on equity of 89.20%. The company had revenue of $4.80 billion for the quarter, compared to the consensus estimate of $4.74 billion. During the same period in the previous year, the firm earned $1.89 earnings per share. Automatic Data Processing’s quarterly revenue was up 7.2% compared to the same quarter last year. On average, sell-side analysts forecast that Automatic Data Processing, Inc. will post 10.04 earnings per share for the current fiscal year.

Automatic Data Processing Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were given a $1.40 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $5.60 dividend on an annualized basis and a yield of 1.92%. Automatic Data Processing’s payout ratio is currently 62.50%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ADP. Citigroup increased their price target on Automatic Data Processing from $260.00 to $295.00 and gave the company a “neutral” rating in a report on Wednesday, September 25th. Bank of America upped their target price on Automatic Data Processing from $250.00 to $267.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. StockNews.com lowered Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Thursday, September 19th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $267.00 price target on shares of Automatic Data Processing in a research report on Thursday, August 1st. Finally, Barclays lifted their price objective on Automatic Data Processing from $282.00 to $310.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $267.83.

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.