Texas Capital Bank Wealth Management Services Inc Sells 229 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Texas Capital Bank Wealth Management Services Inc cut its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 12.1% during the third quarter, HoldingsChannel reports. The firm owned 1,666 shares of the business services provider’s stock after selling 229 shares during the period. Texas Capital Bank Wealth Management Services Inc’s holdings in Automatic Data Processing were worth $461,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Assenagon Asset Management S.A. grew its holdings in Automatic Data Processing by 70.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 638,507 shares of the business services provider’s stock worth $152,405,000 after acquiring an additional 264,466 shares in the last quarter. Plato Investment Management Ltd lifted its position in shares of Automatic Data Processing by 23.8% during the second quarter. Plato Investment Management Ltd now owns 26,610 shares of the business services provider’s stock valued at $6,352,000 after buying an additional 5,114 shares during the last quarter. Moloney Securities Asset Management LLC purchased a new position in shares of Automatic Data Processing in the 3rd quarter valued at approximately $209,000. ORG Partners LLC raised its position in shares of Automatic Data Processing by 2,917.1% in the 2nd quarter. ORG Partners LLC now owns 4,224 shares of the business services provider’s stock valued at $997,000 after purchasing an additional 4,084 shares during the last quarter. Finally, RIA Advisory Group LLC purchased a new position in shares of Automatic Data Processing in the 3rd quarter valued at approximately $470,000. 80.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on ADP shares. Mizuho increased their price objective on shares of Automatic Data Processing from $281.00 to $310.00 and gave the company an “outperform” rating in a research report on Monday, November 4th. JPMorgan Chase & Co. raised their price target on shares of Automatic Data Processing from $250.00 to $285.00 and gave the stock an “underweight” rating in a research report on Tuesday, August 20th. Barclays raised their price target on shares of Automatic Data Processing from $310.00 to $325.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. Jefferies Financial Group raised their price target on shares of Automatic Data Processing from $260.00 to $290.00 and gave the stock a “hold” rating in a research report on Tuesday, October 22nd. Finally, Royal Bank of Canada raised 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. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $289.91.

Insider Transactions at Automatic Data Processing

In related news, VP Sreenivasa Kutam sold 38,975 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $300.00, for a total value of $11,692,500.00. Following the sale, the vice president now directly owns 32,604 shares in the company, valued at approximately $9,781,200. The trade was a 54.45 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.21% of the company’s stock.

Automatic Data Processing Trading Down 0.6 %

Shares of ADP stock opened at $301.80 on Friday. The stock’s fifty day moving average is $294.67 and its two-hundred day moving average is $269.52. 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 firm has a market capitalization of $122.97 billion, a P/E ratio of 32.21, a PEG ratio of 3.53 and a beta of 0.79. Automatic Data Processing, Inc. has a fifty-two week low of $227.12 and a fifty-two week high of $309.63.

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

Automatic Data Processing Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be issued a dividend of $1.54 per share. This represents a $6.16 annualized dividend and a dividend yield of 2.04%. The ex-dividend date is Friday, December 13th. This is a positive change from Automatic Data Processing’s previous quarterly dividend of $1.40. Automatic Data Processing’s payout ratio is currently 59.77%.

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.