Parsons Capital Management Inc. RI Trims Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

Parsons Capital Management Inc. RI reduced its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,612 shares of the business services provider’s stock after selling 416 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Automatic Data Processing were worth $5,159,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Keener Financial Planning LLC raised its position in Automatic Data Processing by 230.3% in the 1st quarter. Keener Financial Planning LLC now owns 109 shares of the business services provider’s stock worth $28,000 after purchasing an additional 76 shares during the period. Crewe Advisors LLC purchased a new position in shares of Automatic Data Processing during the first quarter worth approximately $33,000. Pathway Financial Advisers LLC purchased a new position in shares of Automatic Data Processing during the first quarter worth approximately $36,000. Pineridge Advisors LLC purchased a new position in shares of Automatic Data Processing during the fourth quarter worth approximately $39,000. Finally, Evolution Advisers Inc. purchased a new position in shares of Automatic Data Processing during the fourth quarter worth approximately $41,000. 80.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on ADP shares. TD Cowen reduced their target price 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. Stifel Nicolaus raised their target price on shares of Automatic Data Processing from $271.00 to $287.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. Jefferies Financial Group raised 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. 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 note on Thursday, August 1st. Finally, Barclays increased their price objective on shares of 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 investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Automatic Data Processing presently has a consensus rating of “Hold” and a consensus price target of $262.18.

Automatic Data Processing Stock Up 0.2 %

ADP traded up $0.56 during trading on Monday, hitting $264.65. The stock had a trading volume of 924,566 shares, compared to its average volume of 1,671,793. The company has a market capitalization of $108.32 billion, a PE ratio of 29.54, a PEG ratio of 2.72 and a beta of 0.78. Automatic Data Processing, Inc. has a twelve month low of $205.53 and a twelve month high of $269.49. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a 50 day simple moving average of $248.65 and a two-hundred day simple moving average of $247.63.

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

Automatic Data Processing Dividend Announcement

The business also recently declared 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 is Friday, September 13th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.12%. Automatic Data Processing’s dividend payout ratio is currently 62.50%.

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.