Tanager Wealth Management LLP Lowers Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Tanager Wealth Management LLP trimmed its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 5.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,032 shares of the business services provider’s stock after selling 58 shares during the quarter. Tanager Wealth Management LLP’s holdings in Automatic Data Processing were worth $287,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of ADP. International Assets Investment Management LLC increased its stake in Automatic Data Processing by 28,478.6% during the 3rd quarter. International Assets Investment Management LLC now owns 1,194,587 shares of the business services provider’s stock valued at $3,305,780,000 after purchasing an additional 1,190,407 shares in the last quarter. McAdam LLC grew its holdings in shares of Automatic Data Processing by 6.7% during the third quarter. McAdam LLC now owns 1,794 shares of the business services provider’s stock valued at $496,000 after buying an additional 112 shares during the last quarter. Monte Financial Group LLC grew its holdings in shares of Automatic Data Processing by 1.1% during the third quarter. Monte Financial Group LLC now owns 16,634 shares of the business services provider’s stock valued at $4,603,000 after buying an additional 173 shares during the last quarter. Litman Gregory Wealth Management LLC increased its position in shares of Automatic Data Processing by 279.3% during the third quarter. Litman Gregory Wealth Management LLC now owns 4,332 shares of the business services provider’s stock valued at $1,199,000 after acquiring an additional 3,190 shares in the last quarter. Finally, Syntegra Private Wealth Group LLC purchased a new position in Automatic Data Processing in the 3rd quarter worth approximately $206,000. 80.03% of the stock is owned by hedge funds and other institutional investors.

Automatic Data Processing Price Performance

NASDAQ ADP opened at $290.04 on Thursday. The business’s fifty day moving average is $278.40 and its 200 day moving average is $257.89. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.01 and a current ratio of 1.01. Automatic Data Processing, Inc. has a fifty-two week low of $205.53 and a fifty-two week high of $294.18. The company has a market capitalization of $118.71 billion, a PE ratio of 32.37, a price-to-earnings-growth ratio of 3.13 and a beta of 0.79.

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

Automatic Data Processing Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were given a dividend of $1.40 per share. The ex-dividend date was Friday, September 13th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 1.93%. Automatic Data Processing’s dividend payout ratio is 62.50%.

Wall Street Analyst Weigh In

Several analysts have commented on ADP shares. Stifel Nicolaus increased 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 boosted their target price on Automatic Data Processing from $282.00 to $310.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. Jefferies Financial Group raised their price target on shares of Automatic Data Processing from $260.00 to $290.00 and gave the company a “hold” rating in a report on Tuesday. UBS Group boosted their price objective on shares of Automatic Data Processing from $270.00 to $295.00 and gave the company a “neutral” rating in a report on Tuesday. Finally, Bank of America increased their price objective on shares of Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Automatic Data Processing has a consensus rating of “Hold” and a consensus target price of $275.33.

Insider Activity at Automatic Data Processing

In other Automatic Data Processing news, VP Don Mcguire sold 3,179 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $274.38, for a total transaction of $872,254.02. Following the completion of the transaction, the vice president now owns 41,696 shares of the company’s stock, valued at $11,440,548.48. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Maria Black sold 19,147 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $274.38, for a total value of $5,253,553.86. Following the completion of the transaction, the chief executive officer now directly owns 92,807 shares of the company’s stock, valued at approximately $25,464,384.66. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Don Mcguire sold 3,179 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $274.38, for a total transaction of $872,254.02. Following the sale, the vice president now directly owns 41,696 shares in the company, valued at approximately $11,440,548.48. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 58,817 shares of company stock valued at $15,999,208. Corporate insiders own 0.26% of the company’s stock.

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.