Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Acquired by Summit Financial LLC

Summit Financial LLC boosted its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 4.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 10,994 shares of the business services provider’s stock after purchasing an additional 483 shares during the quarter. Summit Financial LLC’s holdings in Automatic Data Processing were worth $2,577,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the stock. International Assets Investment Management LLC grew its holdings in shares of Automatic Data Processing by 22,539.4% during the 4th quarter. International Assets Investment Management LLC now owns 934,326 shares of the business services provider’s stock worth $217,670,000 after purchasing an additional 930,199 shares during the period. Invesco Ltd. grew its holdings in shares of Automatic Data Processing by 40.7% during the 3rd quarter. Invesco Ltd. now owns 3,128,701 shares of the business services provider’s stock worth $752,703,000 after purchasing an additional 905,043 shares during the period. Envestnet Asset Management Inc. grew its holdings in shares of Automatic Data Processing by 65.5% during the 3rd quarter. Envestnet Asset Management Inc. now owns 1,402,511 shares of the business services provider’s stock worth $337,416,000 after purchasing an additional 555,184 shares during the period. Ameriprise Financial Inc. grew its holdings in shares of Automatic Data Processing by 18.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 3,576,575 shares of the business services provider’s stock worth $855,287,000 after purchasing an additional 553,946 shares during the period. Finally, J.P. Morgan Private Wealth Advisors LLC purchased a new position in shares of Automatic Data Processing during the 3rd quarter worth $107,401,000. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Automatic Data Processing Price Performance

ADP stock traded up $5.44 on Wednesday, reaching $247.33. 2,782,113 shares of the company’s stock were exchanged, compared to its average volume of 1,799,652. The stock has a fifty day moving average of $246.29 and a 200-day moving average of $239.06. Automatic Data Processing, Inc. has a twelve month low of $205.53 and a twelve month high of $256.84. The firm has a market cap of $101.60 billion, a PE ratio of 28.16, a P/E/G ratio of 2.29 and a beta of 0.78. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.69.

Automatic Data Processing (NASDAQ:ADP) last posted its earnings results on Wednesday, January 31st. The business services provider reported $2.13 earnings per share for the quarter, beating the consensus estimate of $2.10 by $0.03. The company had revenue of $4.67 billion for the quarter, compared to analyst estimates of $4.65 billion. Automatic Data Processing had a return on equity of 95.22% and a net margin of 19.14%. Automatic Data Processing’s revenue was up 6.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.96 earnings per share. As a group, equities analysts predict that Automatic Data Processing, Inc. will post 9.14 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 2.26%. The ex-dividend date is Friday, June 14th. Automatic Data Processing’s dividend payout ratio (DPR) is 65.19%.

Insider Buying and Selling at Automatic Data Processing

In other Automatic Data Processing news, VP Sreenivasa Kutam sold 368 shares of the company’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $247.01, for a total value of $90,899.68. Following the sale, the vice president now owns 20,319 shares of the company’s stock, valued at $5,018,996.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP David Kwon sold 863 shares of the company’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $250.00, for a total value of $215,750.00. Following the sale, the vice president now directly owns 8,285 shares in the company, valued at $2,071,250. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Sreenivasa Kutam sold 368 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $247.01, for a total value of $90,899.68. Following the completion of the sale, the vice president now owns 20,319 shares in the company, valued at $5,018,996.19. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,162 shares of company stock valued at $3,741,859. Insiders own 0.26% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ADP. Wolfe Research upgraded Automatic Data Processing from an “underperform” rating to a “peer perform” rating in a report on Thursday, January 4th. Evercore ISI raised their target price on Automatic Data Processing from $227.00 to $235.00 and gave the company an “underperform” rating in a report on Tuesday, March 26th. Royal Bank of Canada restated a “sector perform” rating and set a $267.00 target price on shares of Automatic Data Processing in a report on Thursday, February 1st. Mizuho raised their target price on Automatic Data Processing from $265.00 to $272.00 and gave the company a “buy” rating in a report on Monday, March 11th. Finally, StockNews.com cut Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Tuesday, March 19th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $258.36.

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.