Prana Capital Management LP Has $20.93 Million Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

Prana Capital Management LP reduced its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 42.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 75,635 shares of the business services provider’s stock after selling 56,513 shares during the quarter. Automatic Data Processing accounts for 1.0% of Prana Capital Management LP’s portfolio, making the stock its 26th largest position. Prana Capital Management LP’s holdings in Automatic Data Processing were worth $20,930,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. IHT Wealth Management LLC grew its position in Automatic Data Processing by 8.6% in the third quarter. IHT Wealth Management LLC now owns 7,327 shares of the business services provider’s stock valued at $2,030,000 after purchasing an additional 580 shares in the last quarter. Ingalls & Snyder LLC grew its holdings in shares of Automatic Data Processing by 1.3% in the 3rd quarter. Ingalls & Snyder LLC now owns 16,211 shares of the business services provider’s stock valued at $4,486,000 after acquiring an additional 215 shares in the last quarter. Integrated Wealth Concepts LLC raised its holdings in Automatic Data Processing by 16.6% during the third quarter. Integrated Wealth Concepts LLC now owns 10,826 shares of the business services provider’s stock worth $2,996,000 after acquiring an additional 1,545 shares in the last quarter. Investment Management Corp of Ontario boosted its position in Automatic Data Processing by 49.4% during the third quarter. Investment Management Corp of Ontario now owns 13,604 shares of the business services provider’s stock valued at $3,765,000 after purchasing an additional 4,500 shares during the last quarter. Finally, Itau Unibanco Holding S.A. bought a new position in Automatic Data Processing in the third quarter valued at approximately $26,000. 80.03% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on ADP shares. TD Cowen upped their price objective on Automatic Data Processing from $276.00 to $285.00 and gave the stock a “hold” rating in a research note on Friday, November 1st. JPMorgan Chase & Co. increased their price target on shares of Automatic Data Processing from $250.00 to $285.00 and gave the company an “underweight” rating in a research note on Tuesday, August 20th. Royal Bank of Canada boosted their price objective on shares of Automatic Data Processing from $267.00 to $315.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 31st. UBS Group lifted their price target on Automatic Data Processing from $270.00 to $295.00 and gave the stock a “neutral” rating in a report on Tuesday, October 22nd. Finally, Mizuho raised their price objective on Automatic Data Processing from $281.00 to $310.00 and gave the company an “outperform” rating in a research report on Monday, November 4th. 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 company’s stock. Based on data from MarketBeat, Automatic Data Processing presently has a consensus rating of “Hold” and a consensus target price of $289.91.

Automatic Data Processing Stock Down 0.8 %

ADP opened at $303.57 on Wednesday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a fifty day moving average of $293.56 and a 200-day moving average of $269.06. Automatic Data Processing, Inc. has a fifty-two week low of $227.12 and a fifty-two week high of $309.63. The company has a market capitalization of $123.69 billion, a P/E ratio of 32.40, a P/E/G ratio of 3.56 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings data on Wednesday, October 30th. The business services provider reported $2.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.21 by $0.12. Automatic Data Processing had a net margin of 19.72% and a return on equity of 82.36%. The firm had revenue of $4.83 billion during the quarter, compared to the consensus estimate of $4.77 billion. During the same quarter in the previous year, the firm posted $2.08 EPS. The business’s revenue for the quarter was up 7.1% compared to the same quarter last year. On average, equities analysts expect that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Automatic Data Processing Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be paid a dividend of $1.54 per share. This represents a $6.16 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Automatic Data Processing’s previous quarterly dividend of $1.40. Automatic Data Processing’s dividend payout ratio (DPR) is 59.77%.

Insider Buying and Selling at Automatic Data Processing

In related news, Director Carlos A. Rodriguez sold 9,203 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $269.45, for a total transaction of $2,479,748.35. Following the sale, the director now owns 36,741 shares in the company, valued at approximately $9,899,862.45. This trade represents a 20.03 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Sreenivasa Kutam sold 38,975 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $300.00, for a total transaction of $11,692,500.00. Following the transaction, the vice president now owns 32,604 shares of the company’s stock, valued at approximately $9,781,200. This represents a 54.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.21% of the company’s stock.

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.