Mitchell Mcleod Pugh & Williams Inc. Sells 305 Shares of Automatic Data Processing (NASDAQ:ADP)

Mitchell Mcleod Pugh & Williams Inc. lowered its stake in Automatic Data Processing (NASDAQ:ADP) by 3.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,564 shares of the business services provider’s stock after selling 305 shares during the quarter. Automatic Data Processing makes up 0.9% of Mitchell Mcleod Pugh & Williams Inc.’s investment portfolio, making the stock its 26th largest position. Mitchell Mcleod Pugh & Williams Inc.’s holdings in Automatic Data Processing were worth $1,460,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Moors & Cabot Inc. raised its holdings in shares of Automatic Data Processing by 0.9% during the 3rd quarter. Moors & Cabot Inc. now owns 7,192 shares of the business services provider’s stock valued at $1,161,000 after buying an additional 63 shares in the last quarter. Cleararc Capital Inc. raised its holdings in shares of Automatic Data Processing by 1.0% during the 3rd quarter. Cleararc Capital Inc. now owns 6,539 shares of the business services provider’s stock valued at $1,056,000 after buying an additional 64 shares in the last quarter. We Are One Seven LLC raised its holdings in shares of Automatic Data Processing by 2.9% during the 3rd quarter. We Are One Seven LLC now owns 2,592 shares of the business services provider’s stock valued at $418,000 after buying an additional 74 shares in the last quarter. Sheets Smith Wealth Management raised its holdings in shares of Automatic Data Processing by 1.1% during the 3rd quarter. Sheets Smith Wealth Management now owns 7,245 shares of the business services provider’s stock valued at $1,169,000 after buying an additional 78 shares in the last quarter. Finally, Prospera Financial Services Inc raised its holdings in shares of Automatic Data Processing by 1.6% during the 3rd quarter. Prospera Financial Services Inc now owns 4,948 shares of the business services provider’s stock valued at $799,000 after buying an additional 79 shares in the last quarter. Institutional investors and hedge funds own 80.03% of the company’s stock.

A number of brokerages recently weighed in on ADP. Moffett Nathanson cut Automatic Data Processing from a “buy” rating to a “neutral” rating in a report on Tuesday. BidaskClub cut Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Thursday, December 5th. Bank of America cut Automatic Data Processing from a “buy” rating to a “neutral” rating in a report on Wednesday, September 11th. Wolfe Research cut Automatic Data Processing from an “outperform” rating to a “market perform” rating in a report on Thursday, October 31st. Finally, Cowen started coverage on Automatic Data Processing in a research note on Wednesday, September 11th. They issued an “outperform” rating and a $195.00 price target on the stock. Eleven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $179.56.

In related news, CEO Carlos A. Rodriguez sold 48,571 shares of Automatic Data Processing stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $168.51, for a total transaction of $8,184,699.21. Following the sale, the chief executive officer now directly owns 144,899 shares in the company, valued at $24,416,930.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Donald Weinstein sold 2,000 shares of Automatic Data Processing stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $170.08, for a total value of $340,160.00. Following the sale, the vice president now owns 25,710 shares in the company, valued at $4,372,756.80. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by company insiders.

Shares of ADP stock traded up $1.58 during trading hours on Wednesday, reaching $169.71. The company’s stock had a trading volume of 1,582,708 shares, compared to its average volume of 1,380,995. The stock has a market capitalization of $73.64 billion, a P/E ratio of 31.14, a P/E/G ratio of 2.13 and a beta of 0.86. Automatic Data Processing has a one year low of $129.06 and a one year high of $174.50. The firm’s fifty day simple moving average is $169.71 and its 200 day simple moving average is $165.87. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.19.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, October 30th. The business services provider reported $1.34 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.33 by $0.01. The firm had revenue of $3.50 billion for the quarter, compared to analyst estimates of $3.52 billion. Automatic Data Processing had a return on equity of 46.94% and a net margin of 16.52%. The business’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same period last year, the company earned $1.20 EPS. As a group, equities research analysts forecast that Automatic Data Processing will post 6.16 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th were given a $0.91 dividend. This is a positive change from Automatic Data Processing’s previous quarterly dividend of $0.79. This represents a $3.64 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date of this dividend was Thursday, December 12th. Automatic Data Processing’s dividend payout ratio (DPR) is currently 66.79%.

Automatic Data Processing declared that its Board of Directors has initiated a share buyback plan on Tuesday, November 12th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the business services provider to reacquire up to 6.8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

About Automatic Data Processing

Automatic Data Processing, Inc provides business process outsourcing services worldwide. It operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) outsourcing and technology-based human capital management solutions.

Read More: What is a dividend reinvestment plan?

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Institutional Ownership by Quarter for Automatic Data Processing (NASDAQ:ADP)

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