Axxcess Wealth Management LLC Sells 7,864 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Axxcess Wealth Management LLC reduced its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 19.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,768 shares of the business services provider’s stock after selling 7,864 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Automatic Data Processing were worth $7,822,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Keener Financial Planning LLC boosted its holdings in Automatic Data Processing by 230.3% during the first 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 last quarter. Crewe Advisors LLC acquired a new position in shares of Automatic Data Processing during the 1st quarter worth about $33,000. Pathway Financial Advisers LLC acquired a new position in shares of Automatic Data Processing during the 1st quarter worth about $36,000. Pineridge Advisors LLC bought a new position in shares of Automatic Data Processing in the 4th quarter valued at about $39,000. Finally, MFA Wealth Advisors LLC acquired a new stake in shares of Automatic Data Processing in the second quarter valued at about $40,000. 80.03% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, VP Michael A. Bonarti sold 26,442 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $270.96, for a total transaction of $7,164,724.32. Following the sale, the vice president now owns 88,426 shares of the company’s stock, valued at $23,959,908.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Maria Black sold 19,147 shares of Automatic Data Processing stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $274.38, for a total transaction of $5,253,553.86. Following the sale, the chief executive officer now directly owns 92,807 shares of the company’s stock, valued at approximately $25,464,384.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael A. Bonarti sold 26,442 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $270.96, for a total transaction of $7,164,724.32. Following the sale, the vice president now directly owns 88,426 shares in the company, valued at approximately $23,959,908.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 58,817 shares of company stock worth $15,999,208. Corporate insiders own 0.26% of the company’s stock.

Automatic Data Processing Stock Up 0.4 %

Shares of ADP opened at $278.60 on Tuesday. Automatic Data Processing, Inc. has a 52 week low of $205.53 and a 52 week high of $279.78. The firm has a market cap of $114.03 billion, a P/E ratio of 31.09, a price-to-earnings-growth ratio of 3.02 and a beta of 0.79. The firm’s 50-day simple moving average is $261.42 and its 200 day simple moving average is $250.73. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.01 and a current ratio of 1.01.

Automatic Data Processing (NASDAQ:ADP) last announced its earnings results on Wednesday, July 31st. The business services provider reported $2.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.06 by $0.03. Automatic Data Processing had a net margin of 19.54% and a return on equity of 89.20%. The company had revenue of $4.80 billion during the quarter, compared to analysts’ expectations of $4.74 billion. During the same quarter in the previous year, the business posted $1.89 earnings per share. Automatic Data Processing’s quarterly revenue was up 7.2% on a year-over-year basis. On average, analysts forecast that Automatic Data Processing, Inc. will post 10.04 earnings per share for the current year.

Automatic Data Processing Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a dividend of $1.40 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $5.60 annualized dividend and a dividend yield of 2.01%. Automatic Data Processing’s dividend payout ratio is presently 62.50%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on ADP shares. JPMorgan Chase & Co. increased their price target on Automatic Data Processing from $250.00 to $285.00 and gave the company an “underweight” rating in a research report on Tuesday, August 20th. Bank of America increased their price objective on Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Royal Bank of Canada restated a “sector perform” rating and set a $267.00 target price on shares of Automatic Data Processing in a report on Thursday, August 1st. Stifel Nicolaus upped their price target 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. Finally, Jefferies Financial Group increased their price target on shares of Automatic Data Processing from $250.00 to $260.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $265.36.

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.