Coerente Capital Management Sells 710 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Coerente Capital Management lowered its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 0.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 101,733 shares of the business services provider’s stock after selling 710 shares during the period. Automatic Data Processing comprises approximately 5.6% of Coerente Capital Management’s investment portfolio, making the stock its 4th biggest position. Coerente Capital Management’s holdings in Automatic Data Processing were worth $29,780,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Tower Wealth Partners Inc. raised its holdings in shares of Automatic Data Processing by 3.4% during the third quarter. Tower Wealth Partners Inc. now owns 1,054 shares of the business services provider’s stock valued at $292,000 after acquiring an additional 35 shares during the period. Harbour Investments Inc. lifted its holdings in shares of Automatic Data Processing by 2.1% in the third quarter. Harbour Investments Inc. now owns 1,742 shares of the business services provider’s stock valued at $482,000 after purchasing an additional 36 shares in the last quarter. Aspiriant LLC boosted its position in shares of Automatic Data Processing by 1.5% in the fourth quarter. Aspiriant LLC now owns 2,372 shares of the business services provider’s stock worth $694,000 after buying an additional 36 shares during the period. Precedent Wealth Partners LLC grew its holdings in shares of Automatic Data Processing by 0.7% during the fourth quarter. Precedent Wealth Partners LLC now owns 5,009 shares of the business services provider’s stock valued at $1,466,000 after buying an additional 36 shares in the last quarter. Finally, Petredis Investment Advisors LLC raised its position in Automatic Data Processing by 0.4% during the third quarter. Petredis Investment Advisors LLC now owns 10,485 shares of the business services provider’s stock valued at $2,902,000 after buying an additional 37 shares during the period. 80.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $315.00 target price on shares of Automatic Data Processing in a research note on Thursday. Jefferies Financial Group raised their price target on Automatic Data Processing from $290.00 to $305.00 and gave the stock a “hold” rating in a research note on Thursday. TD Cowen upped their price objective on shares of Automatic Data Processing from $276.00 to $285.00 and gave the stock a “hold” rating in a report on Friday, November 1st. Barclays boosted their price target on Automatic Data Processing from $310.00 to $325.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. Finally, Mizuho boosted their target price on Automatic Data Processing from $281.00 to $310.00 and gave the stock an “outperform” rating in a report on Monday, November 4th. Two investment analysts have rated the stock with a sell rating, eight have given 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 a consensus price target of $291.27.

Automatic Data Processing Price Performance

Shares of Automatic Data Processing stock opened at $303.01 on Friday. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market cap of $123.46 billion, a PE ratio of 31.60, a price-to-earnings-growth ratio of 3.50 and a beta of 0.79. The firm has a fifty day moving average price of $297.16 and a two-hundred day moving average price of $284.32. Automatic Data Processing, Inc. has a fifty-two week low of $231.27 and a fifty-two week high of $311.67.

Automatic Data Processing (NASDAQ:ADP) last released its earnings results on Wednesday, January 29th. The business services provider reported $2.35 earnings per share for the quarter, topping analysts’ consensus estimates of $2.30 by $0.05. Automatic Data Processing had a return on equity of 81.85% and a net margin of 19.76%. Analysts expect that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Automatic Data Processing Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a $1.54 dividend. This represents a $6.16 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date of this dividend is Friday, March 14th. Automatic Data Processing’s dividend payout ratio is 64.23%.

Insider Transactions at Automatic Data Processing

In related news, VP David Foskett sold 1,067 shares of Automatic Data Processing stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $286.15, for a total transaction of $305,322.05. Following the completion of the transaction, the vice president now directly owns 6,140 shares of the company’s stock, valued at $1,756,961. This trade represents a 14.81 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Brian L. Michaud sold 362 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $293.83, for a total transaction of $106,366.46. Following the completion of the transaction, the vice president now owns 13,706 shares in the company, valued at approximately $4,027,233.98. This trade represents a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 42,129 shares of company stock valued at $12,604,872. Company insiders own 0.21% of the company’s stock.

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.