Automatic Data Processing, Inc. (NASDAQ:ADP) is Peninsula Asset Management Inc.’s 10th Largest Position

Peninsula Asset Management Inc. cut its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 0.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 22,663 shares of the business services provider’s stock after selling 115 shares during the quarter. Automatic Data Processing comprises approximately 3.5% of Peninsula Asset Management Inc.’s investment portfolio, making the stock its 10th biggest position. Peninsula Asset Management Inc.’s holdings in Automatic Data Processing were worth $6,634,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Frank Rimerman Advisors LLC lifted its stake in Automatic Data Processing by 9.1% in the fourth quarter. Frank Rimerman Advisors LLC now owns 6,935 shares of the business services provider’s stock valued at $2,030,000 after buying an additional 579 shares during the last quarter. Harbour Investment Management LLC grew its holdings in Automatic Data Processing by 0.3% during the fourth quarter. Harbour Investment Management LLC now owns 17,074 shares of the business services provider’s stock worth $5,024,000 after acquiring an additional 52 shares during the period. Ironwood Investment Management LLC grew its holdings in Automatic Data Processing by 0.8% during the fourth quarter. Ironwood Investment Management LLC now owns 5,438 shares of the business services provider’s stock worth $1,592,000 after acquiring an additional 44 shares during the period. Campbell Capital Management Inc. acquired a new position in Automatic Data Processing during the fourth quarter worth $206,000. Finally, Zevin Asset Management LLC boosted its position in Automatic Data Processing by 6.0% during the fourth quarter. Zevin Asset Management LLC now owns 105,591 shares of the business services provider’s stock worth $30,910,000 after purchasing an additional 5,964 shares in the last quarter. Institutional investors and hedge funds own 80.03% of the company’s stock.

Insider Transactions at Automatic Data Processing

In other news, CEO Maria Black sold 721 shares of the firm’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $291.59, for a total value of $210,236.39. Following the completion of the sale, the chief executive officer now directly owns 68,856 shares in the company, valued at $20,077,721.04. This trade represents a 1.04 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Brian L. Michaud sold 362 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $293.83, for a total value of $106,366.46. Following the completion of the sale, the vice president now owns 13,706 shares of the company’s stock, valued at approximately $4,027,233.98. This represents a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,951 shares of company stock worth $1,762,074 over the last quarter. Company insiders own 0.21% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on ADP shares. Jefferies Financial Group upped their price objective on Automatic Data Processing from $290.00 to $305.00 and gave the company a “hold” rating in a research report on Thursday, January 30th. 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 note on Thursday, January 30th. StockNews.com lowered Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Wednesday, February 5th. Barclays increased their target price on Automatic Data Processing from $325.00 to $350.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Finally, UBS Group increased their price target on Automatic Data Processing from $318.00 to $324.00 and gave the company a “neutral” rating in a report on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Automatic Data Processing presently has a consensus rating of “Hold” and an average target price of $296.18.

Automatic Data Processing Stock Up 0.4 %

Shares of ADP opened at $291.76 on Friday. The firm has a market capitalization of $118.88 billion, a price-to-earnings ratio of 30.42, a PEG ratio of 3.62 and a beta of 0.76. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.00 and a current ratio of 1.00. The business’s fifty day moving average price is $302.32 and its two-hundred day moving average price is $294.44. Automatic Data Processing, Inc. has a 52 week low of $231.27 and a 52 week high of $322.84.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings results on Wednesday, January 29th. The business services provider reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.30 by $0.05. Automatic Data Processing had a return on equity of 80.86% and a net margin of 19.76%. On average, analysts predict that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.

Automatic Data Processing Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a dividend of $1.54 per share. This represents a $6.16 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date is Friday, March 14th. Automatic Data Processing’s payout ratio is currently 64.23%.

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.