Amalgamated Bank Reduces Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Amalgamated Bank trimmed its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 5.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 102,609 shares of the business services provider’s stock after selling 5,565 shares during the quarter. Amalgamated Bank’s holdings in Automatic Data Processing were worth $23,905,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the business. Ardent Capital Management Inc. acquired a new position in Automatic Data Processing during the 3rd quarter worth $392,000. Americana Partners LLC raised its stake in Automatic Data Processing by 3.1% during the third quarter. Americana Partners LLC now owns 22,228 shares of the business services provider’s stock valued at $5,330,000 after buying an additional 660 shares in the last quarter. Everence Capital Management Inc. lifted its holdings in Automatic Data Processing by 28.5% during the 4th quarter. Everence Capital Management Inc. now owns 17,150 shares of the business services provider’s stock worth $3,995,000 after buying an additional 3,800 shares during the last quarter. Cyndeo Wealth Partners LLC increased its holdings in shares of Automatic Data Processing by 36.7% in the 4th quarter. Cyndeo Wealth Partners LLC now owns 19,800 shares of the business services provider’s stock valued at $4,613,000 after acquiring an additional 5,318 shares during the last quarter. Finally, BKM Wealth Management LLC acquired a new stake in shares of Automatic Data Processing during the 4th quarter valued at approximately $1,635,000. Institutional investors and hedge funds own 80.03% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on ADP shares. Evercore ISI increased their price objective on shares of Automatic Data Processing from $227.00 to $235.00 and gave the stock an “underperform” rating in a research note on Tuesday, March 26th. Mizuho upped their price objective on Automatic Data Processing from $265.00 to $272.00 and gave the stock a “buy” rating in a research note on Monday, March 11th. Bank of America raised Automatic Data Processing from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $217.00 to $243.00 in a research report on Wednesday, January 17th. JPMorgan Chase & Co. reduced their price target on shares of Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating for the company in a report on Thursday. Finally, Barclays upped their price target on shares of Automatic Data Processing from $280.00 to $282.00 and gave the stock an “overweight” rating in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Automatic Data Processing presently has a consensus rating of “Hold” and a consensus target price of $255.42.

Insider Activity

In related news, VP Joseph Desilva sold 1,904 shares of Automatic Data Processing stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $255.00, for a total value of $485,520.00. Following the transaction, the vice president now directly owns 17,179 shares in the company, valued at approximately $4,380,645. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, VP Sreenivasa Kutam sold 368 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $247.01, for a total transaction of $90,899.68. Following the sale, the vice president now owns 20,319 shares in the company, valued at $5,018,996.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Joseph Desilva sold 1,904 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $255.00, for a total transaction of $485,520.00. Following the completion of the transaction, the vice president now directly owns 17,179 shares of the company’s stock, valued at approximately $4,380,645. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,829 shares of company stock worth $965,274. Corporate insiders own 0.26% of the company’s stock.

Automatic Data Processing Price Performance

Shares of Automatic Data Processing stock traded down $0.14 on Friday, hitting $241.89. The company had a trading volume of 1,491,532 shares, compared to its average volume of 1,795,993. Automatic Data Processing, Inc. has a 52 week low of $205.53 and a 52 week high of $256.84. The company has a market cap of $99.37 billion, a PE ratio of 27.00, a PEG ratio of 2.32 and a beta of 0.78. The business has a 50-day simple moving average of $245.91 and a 200-day simple moving average of $239.13. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.01 and a quick ratio of 1.01.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings results on Wednesday, May 1st. The business services provider reported $2.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.79 by $0.09. The company had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.22 billion. Automatic Data Processing had a return on equity of 93.09% and a net margin of 19.56%. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same period last year, the firm earned $2.52 EPS. Research analysts expect that Automatic Data Processing, Inc. will post 9.15 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date is Friday, June 14th. Automatic Data Processing’s payout ratio is 62.50%.

Automatic Data Processing Company Profile

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.