6,428 Automatic Data Processing, Inc. $ADP Shares Sold by King Luther Capital Management Corp

King Luther Capital Management Corp cut its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 10.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 54,592 shares of the business services provider’s stock after selling 6,428 shares during the quarter. King Luther Capital Management Corp’s holdings in Automatic Data Processing were worth $14,088,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new stake in Automatic Data Processing during the 2nd quarter worth approximately $8,097,229,000. Bank of America Corp DE acquired a new position in Automatic Data Processing during the second quarter valued at approximately $1,231,175,000. Deutsche Bank AG acquired a new position in Automatic Data Processing during the second quarter valued at approximately $994,937,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Automatic Data Processing by 3.1% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,251,447 shares of the business services provider’s stock valued at $952,112,000 after buying an additional 129,376 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in Automatic Data Processing during the second quarter worth approximately $725,513,000. 80.03% of the stock is owned by institutional investors and hedge funds.

Automatic Data Processing Price Performance

ADP opened at $307.92 on Friday. The company has a fifty day simple moving average of $280.85 and a 200 day simple moving average of $242.86. The firm has a market cap of $121.55 billion, a price-to-earnings ratio of 27.30, a PEG ratio of 2.75 and a beta of 0.77. Automatic Data Processing, Inc. has a twelve month low of $188.16 and a twelve month high of $311.89. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.98.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, October 28th. The business services provider reported $2.82 EPS for the quarter, topping analysts’ consensus estimates of $2.77 by $0.05. The firm had revenue of $5.49 billion for the quarter, compared to analyst estimates of $5.48 billion. Automatic Data Processing had a net margin of 20.33% and a return on equity of 77.01%. The firm’s revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.49 EPS. Equities research analysts expect that Automatic Data Processing, Inc. will post 12.38 EPS for the current fiscal year.

Automatic Data Processing Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 1st. Stockholders of record on Friday, December 11th will be given a dividend of $1.90 per share. The ex-dividend date of this dividend is Friday, December 11th. This is a positive change from Automatic Data Processing’s previous quarterly dividend of $1.70. This represents a $7.60 dividend on an annualized basis and a dividend yield of 2.5%. Automatic Data Processing’s dividend payout ratio is presently 60.28%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on ADP shares. Guggenheim reissued a “buy” rating and issued a $340.00 price objective on shares of Automatic Data Processing in a research report on Thursday, October 29th. Stifel Nicolaus lifted their target price on shares of Automatic Data Processing from $285.00 to $305.00 and gave the company a “hold” rating in a report on Thursday, October 29th. Weiss Ratings raised shares of Automatic Data Processing from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, September 22nd. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $290.00 price target on shares of Automatic Data Processing in a report on Thursday, October 29th. Finally, BMO Capital Markets raised their price objective on Automatic Data Processing from $248.00 to $305.00 and gave the company a “market perform” rating in a research report on Wednesday, July 29th. Three equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $285.00.

Insider Buying and Selling at Automatic Data Processing

In other Automatic Data Processing news, VP Virginia Magliulo sold 852 shares of Automatic Data Processing stock in a transaction that occurred on Thursday, November 5th. The stock was sold at an average price of $310.01, for a total transaction of $264,128.52. Following the sale, the vice president directly owned 14,865 shares in the company, valued at $4,608,298.65. The trade was a 5.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Michael Bonarti sold 6,812 shares of the company’s stock in a transaction on Thursday, November 5th. The shares were sold at an average price of $310.00, for a total transaction of $2,111,720.00. Following the completion of the sale, the vice president directly owned 81,849 shares in the company, valued at $25,373,190. This represents a 7.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 50,207 shares of company stock valued at $14,522,300. Company insiders own 0.15% of the company’s stock.

Automatic Data Processing Profile

Automatic Data Processing, Inc. (ADP) provides payroll processing and human resources technology and services to businesses of varying sizes. Its offerings include payroll administration, tax filing, benefits administration, workforce management, talent management, and human capital management software. ADP also provides services such as compliance support and professional employer organization solutions, which help businesses manage employment responsibilities. Its products combine software with payroll and HR services to support organizations’ workforce operations.