Miracle Mile Advisors LLC Reduces Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Miracle Mile Advisors LLC cut its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADPFree Report) by 20.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,796 shares of the business services provider’s stock after selling 470 shares during the period. Miracle Mile Advisors LLC’s holdings in Automatic Data Processing were worth $418,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of ADP. OFI Invest Asset Management purchased a new stake in shares of Automatic Data Processing during the third quarter valued at $25,000. Coppell Advisory Solutions LLC purchased a new position in Automatic Data Processing in the second quarter worth about $30,000. Strategic Investment Solutions Inc. IL purchased a new position in Automatic Data Processing in the first quarter worth about $31,000. Coppell Advisory Solutions Corp. purchased a new position in Automatic Data Processing in the fourth quarter worth about $33,000. Finally, DHJJ Financial Advisors Ltd. purchased a new position in Automatic Data Processing in the third quarter worth about $34,000. 80.03% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Automatic Data Processing

In other news, VP John Ayala sold 1,500 shares of Automatic Data Processing stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $235.13, for a total value of $352,695.00. Following the completion of the transaction, the vice president now owns 19,183 shares in the company, valued at approximately $4,510,498.79. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, VP John Ayala sold 1,500 shares of Automatic Data Processing stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $235.13, for a total value of $352,695.00. Following the completion of the transaction, the vice president now owns 19,183 shares in the company, valued at approximately $4,510,498.79. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Sreenivasa Kutam sold 368 shares of the business’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $247.01, for a total value of $90,899.68. Following the transaction, the vice president now owns 20,319 shares of the company’s stock, valued at approximately $5,018,996.19. The disclosure for this sale can be found here. In the last 90 days, insiders sold 16,662 shares of company stock worth $4,094,554. 0.26% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

ADP has been the topic of several research reports. StockNews.com cut Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Tuesday, March 19th. Evercore ISI raised their target price on Automatic Data Processing from $227.00 to $235.00 and gave the stock an “underperform” rating in a research report on Tuesday, March 26th. Wolfe Research raised Automatic Data Processing from an “underperform” rating to a “peer perform” rating in a research report on Thursday, January 4th. Mizuho lifted their price objective on Automatic Data Processing from $265.00 to $272.00 and gave the company a “buy” rating in a research report on Monday, March 11th. Finally, Bank of America raised Automatic Data Processing from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $217.00 to $243.00 in a research report on Wednesday, January 17th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Automatic Data Processing presently has an average rating of “Hold” and an average price target of $254.58.

Read Our Latest Report on Automatic Data Processing

Automatic Data Processing Stock Up 1.0 %

Shares of ADP opened at $247.66 on Wednesday. The business’s 50 day moving average is $247.10 and its 200 day moving average is $238.92. The company has a market capitalization of $101.74 billion, a PE ratio of 28.83, a price-to-earnings-growth ratio of 2.35 and a beta of 0.78. Automatic Data Processing, Inc. has a 12-month low of $201.46 and a 12-month high of $256.84. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.69.

Automatic Data Processing (NASDAQ:ADPGet Free Report) last released its quarterly earnings data on Wednesday, January 31st. The business services provider reported $2.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.10 by $0.03. Automatic Data Processing had a return on equity of 95.22% and a net margin of 19.14%. The business had revenue of $4.67 billion for the quarter, compared to the consensus estimate of $4.65 billion. During the same quarter in the previous year, the company posted $1.96 EPS. The company’s revenue was up 6.3% compared to the same quarter last year. Research analysts expect that Automatic Data Processing, Inc. will post 9.14 earnings per share for the current fiscal year.

Automatic Data Processing Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 8th were paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend was Thursday, March 7th. Automatic Data Processing’s payout ratio is 65.19%.

Automatic Data Processing Profile

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

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