Bruderman Asset Management LLC Decreases Holdings in Automatic Data Processing, Inc. (NYSE:ADP)

Bruderman Asset Management LLC cut its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 44.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,089 shares of the business services provider’s stock after selling 4,904 shares during the quarter. Bruderman Asset Management LLC’s holdings in Automatic Data Processing were worth $624,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Proficio Capital Partners LLC raised its holdings in Automatic Data Processing by 1.8% during the second quarter. Proficio Capital Partners LLC now owns 964 shares of the business services provider’s stock worth $111,000 after purchasing an additional 17 shares during the last quarter. Edmond DE Rothschild Holding S.A. acquired a new position in Automatic Data Processing during the first quarter worth $113,000. Grove Bank & Trust raised its holdings in Automatic Data Processing by 16.4% during the second quarter. Grove Bank & Trust now owns 1,208 shares of the business services provider’s stock worth $124,000 after purchasing an additional 170 shares during the last quarter. Armbruster Capital Management Inc. raised its holdings in shares of Automatic Data Processing by 2.5% in the second quarter. Armbruster Capital Management Inc. now owns 1,322 shares of the business services provider’s stock worth $135,000 after acquiring an additional 32 shares during the last quarter. Finally, Harbour Capital Advisors LLC acquired a new position in shares of Automatic Data Processing in the first quarter worth $176,000. Hedge funds and other institutional investors own 79.74% of the company’s stock.

In other news, VP Maria Black sold 631 shares of the stock in a transaction that occurred on Saturday, September 2nd. The stock was sold at an average price of $106.64, for a total transaction of $67,289.84. Following the sale, the vice president now directly owns 10,550 shares in the company, valued at approximately $1,125,052. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Brock Albinson sold 3,663 shares of the stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $106.54, for a total value of $390,256.02. Following the sale, the vice president now owns 6,287 shares in the company, valued at $669,816.98. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.

Automatic Data Processing, Inc. (ADP) opened at $112.08 on Wednesday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.51. Automatic Data Processing, Inc. has a one year low of $91.60 and a one year high of $121.77. The company has a market capitalization of $49,462.40, a PE ratio of 29.82, a P/E/G ratio of 2.86 and a beta of 0.87.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings results on Thursday, November 2nd. The business services provider reported $0.91 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.85 by $0.06. Automatic Data Processing had a return on equity of 42.34% and a net margin of 14.08%. The business had revenue of $3.08 billion for the quarter, compared to analysts’ expectations of $3.06 billion. During the same quarter in the previous year, the firm posted $0.86 earnings per share. The company’s revenue was up 5.6% compared to the same quarter last year. analysts forecast that Automatic Data Processing, Inc. will post 3.91 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 1st. Shareholders of record on Friday, December 8th will be paid a dividend of $0.63 per share. The ex-dividend date of this dividend is Thursday, December 7th. This represents a $2.52 annualized dividend and a yield of 2.25%. This is a boost from Automatic Data Processing’s previous quarterly dividend of $0.57. Automatic Data Processing’s dividend payout ratio is presently 58.02%.

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ADP has been the subject of a number of analyst reports. BidaskClub cut Automatic Data Processing from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 2nd. Deutsche Bank AG reissued a “hold” rating and issued a $102.00 price target on shares of Automatic Data Processing in a report on Monday, August 21st. Evercore ISI reiterated an “in-line” rating and issued a $115.00 target price on shares of Automatic Data Processing in a research note on Sunday, August 20th. Bank of America Corporation upped their target price on Automatic Data Processing from $111.00 to $114.00 and gave the company a “neutral” rating in a research note on Friday, October 13th. Finally, Royal Bank Of Canada lowered their price target on Automatic Data Processing from $100.00 to $95.00 and set a “sector perform” rating for the company in a research report on Monday, November 6th. Twelve equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $112.37.

About Automatic Data Processing

Automatic Data Processing, Inc (ADP) is a provider of human capital management (HCM) solutions to employers, offering solutions to businesses of various sizes. The Company also provides business process outsourcing solutions. Its segments include Employer Services and Professional Employer Organization (PEO) Services.

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

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