Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Sold by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. trimmed its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 7.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 985,692 shares of the business services provider’s stock after selling 78,444 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.24% of Automatic Data Processing worth $235,275,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Tennessee Valley Asset Management Partners acquired a new stake in shares of Automatic Data Processing in the fourth quarter worth $150,000. Desjardins Global Asset Management Inc. raised its position in Automatic Data Processing by 4.3% in the fourth quarter. Desjardins Global Asset Management Inc. now owns 2,239 shares of the business services provider’s stock valued at $522,000 after purchasing an additional 93 shares during the period. TRUE Private Wealth Advisors lifted its stake in shares of Automatic Data Processing by 25.5% during the fourth quarter. TRUE Private Wealth Advisors now owns 2,197 shares of the business services provider’s stock worth $512,000 after purchasing an additional 447 shares in the last quarter. Telos Capital Management Inc. purchased a new stake in shares of Automatic Data Processing in the fourth quarter worth about $201,000. Finally, Livforsakringsbolaget Skandia Omsesidigt grew its stake in shares of Automatic Data Processing by 69.3% in the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,033 shares of the business services provider’s stock valued at $241,000 after buying an additional 423 shares in the last quarter. 80.03% of the stock is owned by hedge funds and other institutional investors.

Automatic Data Processing Stock Performance

NASDAQ:ADP traded up $0.43 during trading hours on Friday, reaching $264.09. 1,013,231 shares of the stock were exchanged, compared to its average volume of 1,676,058. The stock has a market capitalization of $108.09 billion, a P/E ratio of 29.47, a P/E/G ratio of 2.72 and a beta of 0.78. The firm has a 50 day simple moving average of $248.30 and a 200-day simple moving average of $247.49. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.66. Automatic Data Processing, Inc. has a 52 week low of $205.53 and a 52 week high of $269.49.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings data on Wednesday, July 31st. The business services provider reported $2.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.06 by $0.03. Automatic Data Processing had a return on equity of 89.20% and a net margin of 19.54%. The firm had revenue of $4.80 billion for the quarter, compared to analysts’ expectations of $4.74 billion. During the same period last year, the business posted $1.89 earnings per share. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. As a group, sell-side analysts forecast that Automatic Data Processing, Inc. will post 10.01 earnings per share for the current fiscal year.

Automatic Data Processing Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date of this dividend is Friday, September 13th. Automatic Data Processing’s dividend payout ratio is presently 62.50%.

Wall Street Analysts Forecast Growth

ADP has been the topic of several recent research reports. Jefferies Financial Group boosted their price target on Automatic Data Processing from $250.00 to $260.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. Bank of America upped their target price on shares of Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. JPMorgan Chase & Co. dropped their price target on shares of Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating on the stock in a research note on Thursday, May 2nd. Royal Bank of Canada reissued a “sector perform” rating and issued a $267.00 price objective on shares of Automatic Data Processing in a research report on Thursday, August 1st. Finally, Barclays lifted their target price on Automatic Data Processing from $282.00 to $310.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $262.18.

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.