Teacher Retirement System of Texas Cuts Stock Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

by · The Cerbat Gem

Teacher Retirement System of Texas lessened its position in Automatic Data Processing, Inc. (NASDAQ:ADP – Free Report) by 40.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 237,568 shares of the business services provider’s stock after selling 160,304 shares during the quarter. Teacher Retirement System of Texas owned about 0.06% of Automatic Data Processing worth $72,584,000 as of its most recent SEC filing.

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

Insider Activity at Automatic Data Processing

In other Automatic Data Processing news, VP Christopher D’ambrosio sold 478 shares of the business’s stock in a transaction 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 transaction, the vice president directly owned 7,364 shares of the company’s stock, valued at approximately $2,158,682.96. The trade was a 6.10% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.21% of the stock is owned by company insiders.

Automatic Data Processing Trading Down 1.6%

ADP opened at $305.05 on Thursday. The firm has a market cap of $123.83 billion, a price-to-earnings ratio of 31.22, a price-to-earnings-growth ratio of 2.88 and a beta of 0.76. Automatic Data Processing, Inc. has a 52 week low of $231.27 and a 52 week high of $329.93. The business’s 50 day moving average is $311.57 and its two-hundred day moving average is $303.25. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.51.

Automatic Data Processing (NASDAQ:ADP – Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The business services provider reported $3.06 EPS for the quarter, beating analysts’ consensus estimates of $2.97 by $0.09. Automatic Data Processing had a net margin of 19.79% and a return on equity of 77.33%. The company had revenue of $5.55 billion for the quarter, compared to analyst estimates of $5.49 billion. During the same period in the previous year, the business posted $2.88 earnings per share. Automatic Data Processing’s quarterly revenue was up 5.7% on a year-over-year basis. On average, research analysts predict that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Automatic Data Processing Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th were issued a $1.54 dividend. This represents a $6.16 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date was Friday, June 13th. Automatic Data Processing’s payout ratio is currently 63.05%.

Wall Street Analysts Forecast Growth

ADP has been the topic of a number of research analyst reports. Mizuho boosted their price target on shares of Automatic Data Processing from $321.00 to $332.00 and gave the company an “outperform” rating in a research note on Friday, June 13th. Royal Bank Of Canada restated a “sector perform” rating and set a $315.00 price target on shares of Automatic Data Processing in a research report on Thursday, June 5th. Stifel Nicolaus lifted their price objective on Automatic Data Processing to $305.00 and gave the company a “buy” rating in a research note on Friday, May 2nd. UBS Group decreased their target price on Automatic Data Processing from $323.00 to $315.00 and set a “neutral” rating on the stock in a research note on Friday, June 13th. Finally, Morgan Stanley raised their target price on Automatic Data Processing from $305.00 to $310.00 and gave the company an “equal weight” rating in a report on Tuesday, June 17th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $307.08.

Get Our Latest Stock Report on Automatic Data Processing

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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