Corebridge Financial Inc. Sells 1,901 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Corebridge Financial Inc. decreased its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.3% during the fourth quarter, HoldingsChannel.com reports. The fund owned 147,598 shares of the business services provider’s stock after selling 1,901 shares during the quarter. Corebridge Financial Inc.’s holdings in Automatic Data Processing were worth $43,206,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Littlejohn Financial Services Inc. bought a new stake in Automatic Data Processing in the fourth quarter worth $708,000. Nomura Asset Management Co. Ltd. increased its holdings in shares of Automatic Data Processing by 5.8% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 280,961 shares of the business services provider’s stock worth $77,750,000 after buying an additional 15,340 shares during the last quarter. DRW Securities LLC bought a new stake in shares of Automatic Data Processing in the 3rd quarter worth about $951,000. Harvest Fund Management Co. Ltd raised its position in shares of Automatic Data Processing by 51.1% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 18,925 shares of the business services provider’s stock valued at $5,236,000 after buying an additional 6,399 shares in the last quarter. Finally, Daiwa Securities Group Inc. lifted its holdings in shares of Automatic Data Processing by 12.0% in the 3rd quarter. Daiwa Securities Group Inc. now owns 82,736 shares of the business services provider’s stock valued at $22,896,000 after acquiring an additional 8,846 shares during the last quarter. 80.03% of the stock is owned by hedge funds and other institutional investors.

Automatic Data Processing Trading Down 0.7 %

Shares of ADP opened at $295.32 on Monday. The firm has a market capitalization of $120.33 billion, a price-to-earnings ratio of 30.79, a PEG ratio of 3.62 and a beta of 0.76. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.00 and a quick ratio of 1.00. Automatic Data Processing, Inc. has a 1-year low of $231.27 and a 1-year high of $322.84. The company has a 50-day moving average of $303.08 and a 200 day moving average of $295.50.

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

Automatic Data Processing Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders 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 2.09%. The ex-dividend date is Friday, March 14th. Automatic Data Processing’s dividend payout ratio is 64.23%.

Analyst Ratings Changes

Several brokerages have weighed in on ADP. StockNews.com cut Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Wednesday, February 5th. Barclays boosted their target price on Automatic Data Processing from $325.00 to $350.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Royal Bank of Canada restated a “sector perform” rating and issued a $315.00 price target on shares of Automatic Data Processing in a research report on Thursday, January 30th. Jefferies Financial Group boosted their price objective on shares of Automatic Data Processing from $290.00 to $305.00 and gave the company a “hold” rating in a research report on Thursday, January 30th. Finally, UBS Group raised their target price on shares of Automatic Data Processing from $318.00 to $324.00 and gave the stock a “neutral” rating in a report on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Automatic Data Processing presently has an average rating of “Hold” and an average target price of $296.18.

Insider Transactions at Automatic Data Processing

In related news, CEO Maria Black sold 721 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $291.59, for a total value of $210,236.39. Following the completion of the transaction, the chief executive officer now owns 68,856 shares of the company’s stock, valued at $20,077,721.04. The trade was a 1.04 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Christopher D’ambrosio sold 473 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $306.20, for a total value of $144,832.60. Following the sale, the vice president now directly owns 7,244 shares in the company, valued at $2,218,112.80. This trade represents a 6.13 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,951 shares of company stock valued at $1,762,074. 0.21% of the stock is currently owned by corporate insiders.

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.