Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Sold by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. trimmed its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 7.3% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 23,725 shares of the business services provider’s stock after selling 1,863 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Automatic Data Processing were worth $6,945,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. one8zero8 LLC purchased a new position in shares of Automatic Data Processing during the fourth quarter valued at $966,000. Choate Investment Advisors grew its holdings in shares of Automatic Data Processing by 13.8% during the fourth quarter. Choate Investment Advisors now owns 43,536 shares of the business services provider’s stock valued at $12,745,000 after buying an additional 5,291 shares in the last quarter. Diversified Enterprises LLC grew its holdings in shares of Automatic Data Processing by 7.5% during the fourth quarter. Diversified Enterprises LLC now owns 1,200 shares of the business services provider’s stock valued at $351,000 after buying an additional 84 shares in the last quarter. Natixis Advisors LLC grew its holdings in shares of Automatic Data Processing by 5.5% during the fourth quarter. Natixis Advisors LLC now owns 298,206 shares of the business services provider’s stock valued at $87,294,000 after buying an additional 15,567 shares in the last quarter. Finally, Frank Rimerman Advisors LLC grew its holdings in shares of Automatic Data Processing by 9.1% during the fourth quarter. Frank Rimerman Advisors LLC now owns 6,935 shares of the business services provider’s stock valued at $2,030,000 after buying an additional 579 shares in the last quarter. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Automatic Data Processing Price Performance

Shares of NASDAQ:ADP opened at $296.58 on Tuesday. Automatic Data Processing, Inc. has a fifty-two week low of $231.27 and a fifty-two week high of $322.84. The business has a 50-day moving average of $302.51 and a two-hundred day moving average of $294.90. The stock has a market capitalization of $120.84 billion, a P/E ratio of 30.93, a P/E/G 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 (NASDAQ:ADP) last posted its quarterly earnings data on Wednesday, January 29th. The business services provider reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.30 by $0.05. Automatic Data Processing had a return on equity of 80.86% and a net margin of 19.76%. On average, equities research analysts predict that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a dividend of $1.54 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $6.16 annualized dividend and a dividend yield of 2.08%. Automatic Data Processing’s dividend payout ratio is presently 64.23%.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other Automatic Data Processing news, VP Christopher D’ambrosio sold 473 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $306.20, for a total value of $144,832.60. Following the completion of the transaction, the vice president now owns 7,244 shares of the company’s stock, valued at $2,218,112.80. This represents a 6.13 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Brian L. Michaud sold 362 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $293.83, for a total value of $106,366.46. Following the completion of the transaction, the vice president now directly owns 13,706 shares of the company’s stock, valued at approximately $4,027,233.98. This trade represents a 2.57 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,951 shares of company stock valued at $1,762,074. Insiders own 0.21% 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.