Elevate Capital Advisors LLC Has $1.35 Million Stock Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

by · The Cerbat Gem

Elevate Capital Advisors LLC lowered its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report) by 5.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,411 shares of the business services provider’s stock after selling 243 shares during the period. Elevate Capital Advisors LLC’s holdings in Automatic Data Processing were worth $1,348,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the company. Main Street Group LTD raised its position in shares of Automatic Data Processing by 50.7% in the fourth quarter. Main Street Group LTD now owns 113 shares of the business services provider’s stock valued at $33,000 after buying an additional 38 shares in the last quarter. Cyrus J. Lawrence LLC raised its holdings in Automatic Data Processing by 121.8% in the 4th quarter. Cyrus J. Lawrence LLC now owns 122 shares of the business services provider’s stock valued at $35,000 after acquiring an additional 67 shares in the last quarter. Abound Wealth Management lifted its position in shares of Automatic Data Processing by 58.1% during the 1st quarter. Abound Wealth Management now owns 117 shares of the business services provider’s stock valued at $36,000 after acquiring an additional 43 shares during the period. Banque de Luxembourg S.A. acquired a new stake in shares of Automatic Data Processing during the 4th quarter worth $37,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Automatic Data Processing during the 4th quarter worth $37,000. Institutional investors and hedge funds own 80.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on ADP. TD Securities boosted their price target on Automatic Data Processing from $298.00 to $321.00 and gave the company a “hold” rating in a research note on Wednesday, May 21st. UBS Group decreased their target price on shares of Automatic Data Processing from $323.00 to $315.00 and set a “neutral” rating on the stock in a report on Friday, June 13th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $315.00 price target on shares of Automatic Data Processing in a report on Thursday, June 5th. Mizuho increased their price target on shares of Automatic Data Processing from $321.00 to $332.00 and gave the stock an “outperform” rating in a research report on Friday, June 13th. Finally, Stifel Nicolaus boosted their price objective on shares of Automatic Data Processing to $305.00 and gave the company a “buy” rating in a research report on Friday, May 2nd. One analyst has rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $307.08.

View Our Latest Stock Analysis on ADP

Automatic Data Processing Trading Up 1.6%

NASDAQ ADP opened at $308.40 on Tuesday. The company has a market cap of $125.19 billion, a price-to-earnings ratio of 31.57, a price-to-earnings-growth ratio of 3.15 and a beta of 0.79. Automatic Data Processing, Inc. has a twelve month low of $231.27 and a twelve month high of $329.93. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.51. The business’s fifty day moving average is $311.00 and its 200 day moving average is $303.19.

Automatic Data Processing (NASDAQ:ADP – Get Free Report) last posted its earnings results on Wednesday, April 30th. The business services provider reported $3.06 EPS for the quarter, beating the consensus estimate of $2.97 by $0.09. The firm had revenue of $5.55 billion during the quarter, compared to the consensus estimate of $5.49 billion. Automatic Data Processing had a return on equity of 77.33% and a net margin of 19.79%. The business’s quarterly revenue was up 5.7% on a year-over-year basis. During the same period last year, the company earned $2.88 earnings per share. As a group, sell-side analysts expect 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, July 1st. Investors of record on Friday, June 13th will be issued a $1.54 dividend. The ex-dividend date is Friday, June 13th. This represents a $6.16 dividend on an annualized basis and a yield of 2.00%. Automatic Data Processing’s dividend payout ratio (DPR) is presently 63.05%.

Insider Buying and Selling

In other Automatic Data Processing news, VP Christopher D’ambrosio sold 478 shares of the company’s stock in a transaction that occurred on Thursday, April 10th. The shares were sold at an average price of $293.14, for a total value of $140,120.92. Following the completion of the transaction, the vice president directly owned 7,364 shares in the company, valued at approximately $2,158,682.96. This represents a 6.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.21% of the stock is currently owned by corporate insiders.

About Automatic Data Processing

(Free Report)

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.

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