Automatic Data Processing (ADP) Shares Sold by State Board of Administration of Florida Retirement S

State Board of Administration of Florida Retirement System cut its stake in Automatic Data Processing (NASDAQ:ADP) by 0.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 598,057 shares of the business services provider’s stock after selling 1,372 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Automatic Data Processing were worth $78,417,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ADP. Cerebellum GP LLC boosted its stake in shares of Automatic Data Processing by 1,376.9% during the 4th quarter. Cerebellum GP LLC now owns 192 shares of the business services provider’s stock worth $25,000 after buying an additional 179 shares during the last quarter. Tributary Capital Management LLC acquired a new position in shares of Automatic Data Processing during the 4th quarter worth about $26,000. Horan Securities Inc. acquired a new position in shares of Automatic Data Processing during the 4th quarter worth about $31,000. Moody National Bank Trust Division acquired a new position in shares of Automatic Data Processing during the 4th quarter worth about $37,000. Finally, Intercontinental Wealth Advisors LLC acquired a new position in shares of Automatic Data Processing during the 4th quarter worth about $46,000. 77.89% of the stock is owned by hedge funds and other institutional investors.

Get Automatic Data Processing alerts:

In related news, Director John P. Jones III sold 5,688 shares of the firm’s stock in a transaction dated Wednesday, January 2nd. The shares were sold at an average price of $129.45, for a total value of $736,311.60. Following the completion of the sale, the director now directly owns 57,430 shares in the company, valued at approximately $7,434,313.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Carlos A. Rodriguez sold 62,228 shares of the firm’s stock in a transaction dated Friday, November 16th. The shares were sold at an average price of $145.59, for a total transaction of $9,059,774.52. Following the completion of the sale, the chief executive officer now owns 137,177 shares of the company’s stock, valued at $19,971,599.43. The disclosure for this sale can be found here. Insiders sold a total of 142,655 shares of company stock valued at $20,193,990 over the last quarter. 0.33% of the stock is currently owned by company insiders.

A number of research firms have recently commented on ADP. Zacks Investment Research restated a “hold” rating on shares of Automatic Data Processing in a research note on Monday, November 12th. Barclays began coverage on shares of Automatic Data Processing in a research note on Wednesday, November 14th. They set an “overweight” rating and a $168.00 price objective for the company. Citigroup increased their price objective on shares of Automatic Data Processing from $137.00 to $147.00 and gave the stock a “neutral” rating in a research note on Thursday, November 1st. BMO Capital Markets reduced their price objective on shares of Automatic Data Processing from $155.00 to $150.00 and set a “market perform” rating for the company in a research note on Thursday, November 1st. Finally, Jefferies Financial Group increased their price objective on shares of Automatic Data Processing to $167.00 and gave the stock a “hold” rating in a research note on Thursday, November 1st. Eight analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $151.87.

Shares of NASDAQ:ADP opened at $146.81 on Friday. Automatic Data Processing has a 52-week low of $107.61 and a 52-week high of $153.51. The stock has a market capitalization of $63.95 billion, a P/E ratio of 33.75, a PEG ratio of 2.14 and a beta of 0.91. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.05 and a quick ratio of 1.05.

Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, January 30th. The business services provider reported $1.34 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.18 by $0.16. Automatic Data Processing had a net margin of 13.12% and a return on equity of 51.92%. The business had revenue of $3.51 billion during the quarter, compared to the consensus estimate of $3.43 billion. During the same period last year, the business posted $1.03 EPS. Automatic Data Processing’s revenue was up 8.3% on a year-over-year basis. On average, sell-side analysts expect that Automatic Data Processing will post 5.37 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Friday, March 8th will be paid a $0.79 dividend. The ex-dividend date of this dividend is Thursday, March 7th. This represents a $3.16 annualized dividend and a yield of 2.15%. Automatic Data Processing’s dividend payout ratio (DPR) is currently 72.64%.

ILLEGAL ACTIVITY NOTICE: This report was first posted by Ticker Report and is owned by of Ticker Report. If you are accessing this report on another website, it was stolen and reposted in violation of U.S. and international trademark & copyright legislation. The legal version of this report can be accessed at https://www.tickerreport.com/banking-finance/4140824/automatic-data-processing-adp-shares-sold-by-state-board-of-administration-of-florida-retirement-system.html.

Automatic Data Processing Company Profile

Automatic Data Processing, Inc provides business process outsourcing services worldwide. It operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) outsourcing and technology-based human capital management solutions.

Read More: What is insider trading?

Want to see what other hedge funds are holding ADP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Automatic Data Processing (NASDAQ:ADP).