Overbrook Management Corp Sells 658 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Overbrook Management Corp decreased its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 10.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,555 shares of the business services provider’s stock after selling 658 shares during the quarter. Overbrook Management Corp’s holdings in Automatic Data Processing were worth $1,537,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in ADP. Kiely Wealth Advisory Group Inc. bought a new position in Automatic Data Processing in the second quarter worth $27,000. Hexagon Capital Partners LLC raised its holdings in Automatic Data Processing by 78.5% in the third quarter. Hexagon Capital Partners LLC now owns 116 shares of the business services provider’s stock worth $32,000 after purchasing an additional 51 shares in the last quarter. Crewe Advisors LLC bought a new position in Automatic Data Processing in the first quarter worth $33,000. Capital Performance Advisors LLP bought a new position in Automatic Data Processing in the third quarter worth $35,000. Finally, Pathway Financial Advisers LLC bought a new position in Automatic Data Processing in the first quarter worth $36,000. Institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Price Performance

Automatic Data Processing stock opened at $298.59 on Thursday. The firm has a market capitalization of $121.66 billion, a PE ratio of 31.87, a price-to-earnings-growth ratio of 3.46 and a beta of 0.79. Automatic Data Processing, Inc. has a 12-month low of $227.12 and a 12-month high of $309.37. The firm has a 50-day moving average price of $288.47 and a 200-day moving average price of $265.16. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.56.

Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.21 by $0.12. The firm had revenue of $4.83 billion during the quarter, compared to analyst estimates of $4.77 billion. Automatic Data Processing had a net margin of 19.72% and a return on equity of 82.36%. The business’s revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the firm earned $2.08 earnings per share. As a group, equities research analysts forecast that Automatic Data Processing, Inc. will post 9.94 EPS for the current year.

Automatic Data Processing Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be paid a dividend of $1.54 per share. The ex-dividend date is Friday, December 13th. This is an increase from Automatic Data Processing’s previous quarterly dividend of $1.40. This represents a $6.16 dividend on an annualized basis and a dividend yield of 2.06%. Automatic Data Processing’s dividend payout ratio (DPR) is currently 59.77%.

Insider Activity

In other news, VP Michael A. Bonarti sold 26,442 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $270.96, for a total transaction of $7,164,724.32. Following the transaction, the vice president now directly owns 88,426 shares in the company, valued at approximately $23,959,908.96. This trade represents a 23.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Sreenivasa Kutam sold 38,975 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $300.00, for a total transaction of $11,692,500.00. Following the transaction, the vice president now owns 32,604 shares in the company, valued at approximately $9,781,200. This represents a 54.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 97,792 shares of company stock worth $27,691,708. Corporate insiders own 0.21% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Bank of America raised their price target on Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Mizuho raised their price target on Automatic Data Processing from $281.00 to $310.00 and gave the company an “outperform” rating in a report on Monday, November 4th. JPMorgan Chase & Co. raised their price target on Automatic Data Processing from $250.00 to $285.00 and gave the company an “underweight” rating in a report on Tuesday, August 20th. StockNews.com downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Thursday, September 19th. Finally, Barclays lifted their price objective on Automatic Data Processing from $310.00 to $325.00 and gave the stock an “overweight” rating in a report on Monday, November 4th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $289.91.

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.