Truist Financial Corp Sells 34,324 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Truist Financial Corp cut its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 9.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 341,468 shares of the business services provider’s stock after selling 34,324 shares during the period. Truist Financial Corp owned 0.08% of Automatic Data Processing worth $99,958,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of ADP. Itau Unibanco Holding S.A. bought a new position in shares of Automatic Data Processing in the third quarter worth about $26,000. Dunhill Financial LLC raised its stake in shares of Automatic Data Processing by 346.5% in the third quarter. Dunhill Financial LLC now owns 106 shares of the business services provider’s stock worth $29,000 after acquiring an additional 149 shares during the last quarter. Capital Performance Advisors LLP bought a new position in shares of Automatic Data Processing in the third quarter worth about $35,000. Sugar Maple Asset Management LLC bought a new stake in shares of Automatic Data Processing during the fourth quarter worth approximately $37,000. Finally, Wingate Wealth Advisors Inc. bought a new stake in shares of Automatic Data Processing during the fourth quarter worth approximately $37,000. 80.03% of the stock is owned by institutional investors.

Automatic Data Processing Stock Down 0.7 %

Shares of NASDAQ ADP opened at $308.15 on Monday. The stock has a market cap of $125.56 billion, a P/E ratio of 32.13, a P/E/G ratio of 3.60 and a beta of 0.79. The firm has a 50 day moving average price of $297.56 and a 200 day moving average price of $288.77. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.00 and a current ratio of 1.00. Automatic Data Processing, Inc. has a 52-week low of $231.27 and a 52-week high of $311.67.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, January 29th. The business services provider reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.30 by $0.05. Automatic Data Processing had a net margin of 19.76% and a return on equity of 80.86%. Analysts expect that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Automatic Data Processing Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a $1.54 dividend. This represents a $6.16 annualized dividend and a dividend yield of 2.00%. The ex-dividend date is Friday, March 14th. Automatic Data Processing’s dividend payout ratio (DPR) is presently 64.23%.

Analysts Set New Price Targets

ADP has been the subject of a number of recent research reports. Royal Bank of Canada reissued a “sector perform” rating and set a $315.00 price target on shares of Automatic Data Processing in a research note on Thursday, January 30th. TD Cowen boosted their price target on shares of Automatic Data Processing from $276.00 to $285.00 and gave the stock a “hold” rating in a research note on Friday, November 1st. Mizuho boosted their price target on shares of Automatic Data Processing from $281.00 to $310.00 and gave the stock an “outperform” rating in a research note on Monday, November 4th. UBS Group boosted their price target on shares of Automatic Data Processing from $270.00 to $295.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 22nd. Finally, StockNews.com downgraded shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Wednesday, February 5th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Automatic Data Processing has an average rating of “Hold” and a consensus target price of $293.55.

Insider Activity

In other news, VP Brian L. Michaud sold 362 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $293.83, for a total value of $106,366.46. Following the sale, the vice president now owns 13,706 shares of the company’s stock, valued at $4,027,233.98. The trade was a 2.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Jonathan S. Lehberger sold 2,324 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $303.30, for a total transaction of $704,869.20. Following the completion of the sale, the vice president now directly owns 3,063 shares in the company, valued at approximately $929,007.90. This represents a 43.14 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,478 shares of company stock worth $1,617,241 over the last quarter. 0.21% of the stock is currently owned by company insiders.

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.