Putney Financial Group Reduces Stake in Automatic Data Processing

Putney Financial Group LLC has decreased its stake in Automatic Data Processing, Inc. (NASDAQ: ADP) by 3.8% during the second quarter of 2023, as reported by Holdings Channel.com. Following the sale of 55 shares, Putney now holds 1,410 shares of the business services provider, valued at approximately $435,000 based on its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also adjusted their holdings in Automatic Data Processing. Activest Wealth Management made a significant move, increasing its stake by an impressive 2,600% in the first quarter, now owning 81 shares worth around $25,000. Mid American Wealth Advisory Group Inc. and Harbor Asset Planning Inc. both acquired new stakes during the second quarter, each valued at $26,000. Additionally, Solstein Capital LLC invested $28,000 in the same period, while Clarity Asset Management Inc. purchased shares valued at $29,000 in the first quarter. Collectively, hedge funds and institutional investors hold 80.03% of the stock.

Recent Stock Performance and Dividend Announcement

On the trading front, Automatic Data Processing’s stock opened at $261.53 on Friday, reflecting a slight increase of 0.1%. The stock has seen a 50-day simple moving average of $290.57 and a 200-day simple moving average of $301.53. Over the past year, the stock’s value has fluctuated, with a low of $260.22 and a high of $329.93. The company boasts a market capitalization of $105.94 billion and maintains a price-to-earnings ratio of 25.82, alongside a price-to-earnings-growth ratio of 2.39. Its debt-to-equity ratio stands at 0.62, while both the quick and current ratios are 1.05.

In a recent announcement, Automatic Data Processing declared a quarterly dividend of $1.54, paid out on October 1, 2023. Shareholders of record as of September 12, 2023 received this dividend, indicating an annualized payout of $6.16 and a yield of 2.4%. The company’s payout ratio currently sits at 60.81%.

Analyst Ratings and Insider Transactions

Analysts have recently updated their price targets for Automatic Data Processing, reflecting varied outlooks. Stifel Nicolaus raised its price objective from $305.00 to $318.00 while maintaining a “hold” rating. Conversely, JPMorgan Chase & Co. reduced its target from $340.00 to $295.00, assigning an “underweight” rating. Morgan Stanley adjusted its target upward from $310.00 to $311.00, rating the stock as “equal weight.” Wells Fargo & Company, however, lowered its price objective from $288.00 to $272.00 and also issued an “underweight” rating. Currently, there are three “buy” ratings, ten “hold” ratings, and two “sell” ratings, with an average consensus target price of $310.54 according to MarketBeat.com.

In insider transactions, Vice President Christopher D’Ambrosio sold 597 shares on September 10, 2023, at an average price of $296.90, totaling approximately $177,249.30. After this sale, he holds 10,541 shares valued at around $3,129,622.90, marking a 5.36% decrease in his position. Another insider, Vice President Michael A. Bonarti, sold 8,728 shares for around $2,604,697.04, resulting in a 9.78% reduction of his holdings.

As of the last quarter, insiders have sold a total of 52,516 shares valued at $15,632,410, representing 0.20% of the company’s stock currently held by insiders.

Automatic Data Processing, Inc. continues to lead in providing cloud-based human capital management solutions globally, operating through its two main segments: Employer Services and Professional Employer Organization (PEO). The Employer Services segment focuses on strategic cloud-based platforms and human resources outsourcing solutions. For ongoing updates and analysis, stakeholders can refer to HoldingsChannel.com for the latest filings and insider trades related to Automatic Data Processing.