Allspring Global Investments Holdings LLC Sells 4,673 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Allspring Global Investments Holdings LLC cut its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 8.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 52,246 shares of the business services provider’s stock after selling 4,673 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Automatic Data Processing were worth $12,172,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Strategic Blueprint LLC lifted its holdings in Automatic Data Processing by 8.3% during the 4th quarter. Strategic Blueprint LLC now owns 4,153 shares of the business services provider’s stock valued at $968,000 after purchasing an additional 318 shares during the last quarter. Bleakley Financial Group LLC raised its stake in shares of Automatic Data Processing by 5.8% in the fourth quarter. Bleakley Financial Group LLC now owns 15,771 shares of the business services provider’s stock valued at $3,674,000 after acquiring an additional 863 shares during the last quarter. Investment Partners Asset Management Inc. acquired a new position in shares of Automatic Data Processing in the 4th quarter worth approximately $478,000. Meeder Advisory Services Inc. boosted its holdings in shares of Automatic Data Processing by 40.9% in the 4th quarter. Meeder Advisory Services Inc. now owns 9,908 shares of the business services provider’s stock worth $2,308,000 after acquiring an additional 2,878 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its position in Automatic Data Processing by 3.5% during the 4th quarter. Nisa Investment Advisors LLC now owns 174,433 shares of the business services provider’s stock worth $40,638,000 after acquiring an additional 5,952 shares during the last quarter. Institutional investors and hedge funds own 80.03% of the company’s stock.

Insider Buying and Selling

In other news, VP David Kwon sold 863 shares of Automatic Data Processing stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $250.00, for a total transaction of $215,750.00. Following the transaction, the vice president now directly owns 8,285 shares of the company’s stock, valued at $2,071,250. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, VP Joseph Desilva sold 1,904 shares of the firm’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $255.00, for a total transaction of $485,520.00. Following the sale, the vice president now directly owns 17,179 shares in the company, valued at $4,380,645. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP David Kwon sold 863 shares of the business’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $250.00, for a total value of $215,750.00. Following the completion of the sale, the vice president now owns 8,285 shares in the company, valued at $2,071,250. The disclosure for this sale can be found here. Insiders have sold 15,162 shares of company stock valued at $3,741,859 in the last 90 days. 0.26% of the stock is owned by insiders.

Automatic Data Processing Stock Performance

Shares of Automatic Data Processing stock opened at $244.08 on Tuesday. The firm has a fifty day moving average of $247.82 and a two-hundred day moving average of $239.13. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a market capitalization of $100.27 billion, a price-to-earnings ratio of 28.41, a PEG ratio of 2.29 and a beta of 0.78. Automatic Data Processing, Inc. has a 52 week low of $201.46 and a 52 week high of $256.84.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings data on Wednesday, January 31st. The business services provider reported $2.13 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $4.65 billion. During the same quarter in the prior year, the company posted $1.96 earnings per share. The firm’s revenue was up 6.3% on a year-over-year basis. As a group, equities research analysts predict that Automatic Data Processing, Inc. will post 9.14 EPS for the current year.

Automatic Data Processing Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be given a $1.40 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.29%. Automatic Data Processing’s dividend payout ratio is 65.19%.

Analysts Set New Price Targets

ADP has been the topic of a number of recent analyst reports. Evercore ISI boosted their price objective on Automatic Data Processing from $227.00 to $235.00 and gave the stock an “underperform” rating in a research note on Tuesday, March 26th. StockNews.com lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Tuesday, March 19th. Mizuho raised their price objective on shares of Automatic Data Processing from $265.00 to $272.00 and gave the company a “buy” rating in a research report on Monday, March 11th. Bank of America upgraded shares of Automatic Data Processing from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $217.00 to $243.00 in a research report on Wednesday, January 17th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $267.00 price target on shares of Automatic Data Processing in a report on Thursday, February 1st. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $254.58.

Automatic Data Processing 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.