Concord Wealth Partners Acquires 1,916 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Concord Wealth Partners grew its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 36.8% in the 4th quarter, HoldingsChannel reports. The fund owned 7,123 shares of the business services provider’s stock after purchasing an additional 1,916 shares during the quarter. Concord Wealth Partners’ holdings in Automatic Data Processing were worth $1,659,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the stock. OFI Invest Asset Management acquired a new position in shares of Automatic Data Processing during the third quarter worth $25,000. Fortitude Family Office LLC bought a new position in Automatic Data Processing in the 4th quarter valued at about $35,000. Raleigh Capital Management Inc. lifted its position in Automatic Data Processing by 106.0% in the 3rd quarter. Raleigh Capital Management Inc. now owns 173 shares of the business services provider’s stock valued at $42,000 after acquiring an additional 89 shares in the last quarter. Evolution Advisers Inc. bought a new position in Automatic Data Processing in the 4th quarter valued at about $41,000. Finally, Bfsg LLC bought a new position in Automatic Data Processing in the 4th quarter valued at about $42,000. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Automatic Data Processing Stock Performance

Shares of NASDAQ:ADP traded up $9.24 during trading on Wednesday, hitting $251.13. 1,695,420 shares of the stock traded hands, compared to its average volume of 1,786,138. The company has a market cap of $103.16 billion, a price-to-earnings ratio of 28.16, a P/E/G ratio of 2.29 and a beta of 0.78. The company has a fifty day moving average price of $246.29 and a two-hundred day moving average price of $239.06. 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, Inc. has a 52-week low of $205.53 and a 52-week high of $256.84.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly 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. Automatic Data Processing had a net margin of 19.14% and a return on equity of 95.22%. The firm had revenue of $4.67 billion for the quarter, compared to analysts’ expectations of $4.65 billion. During the same quarter in the previous year, the company posted $1.96 EPS. The company’s revenue was up 6.3% compared to the same quarter last year. As a group, equities analysts predict that Automatic Data Processing, Inc. will post 9.14 EPS for the current year.

Automatic Data Processing Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a dividend of $1.40 per share. The ex-dividend date is Friday, June 14th. This represents a $5.60 annualized dividend and a dividend yield of 2.23%. Automatic Data Processing’s dividend payout ratio is presently 65.19%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on ADP shares. StockNews.com lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Tuesday, March 19th. Mizuho raised their price target on shares of Automatic Data Processing from $265.00 to $272.00 and gave the company a “buy” rating in a report on Monday, March 11th. Wolfe Research raised shares of Automatic Data Processing from an “underperform” rating to a “peer perform” rating in a report on Thursday, January 4th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $267.00 target price on shares of Automatic Data Processing in a research report on Thursday, February 1st. Finally, Bank of America raised shares of Automatic Data Processing from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $217.00 to $243.00 in a research note on Wednesday, January 17th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Automatic Data Processing presently has an average rating of “Hold” and a consensus target price of $258.36.

Insider Activity at Automatic Data Processing

In other news, VP Don Mcguire sold 11,333 shares of Automatic Data Processing stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $245.00, for a total value of $2,776,585.00. Following the transaction, the vice president now directly owns 19,906 shares of the company’s stock, valued at approximately $4,876,970. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Joseph Desilva sold 1,904 shares of the business’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $255.00, for a total value of $485,520.00. Following the completion of the transaction, the vice president now owns 17,179 shares of the company’s stock, valued at approximately $4,380,645. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Don Mcguire sold 11,333 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $245.00, for a total transaction of $2,776,585.00. Following the transaction, the vice president now directly owns 19,906 shares of the company’s stock, valued at approximately $4,876,970. The disclosure for this sale can be found here. Insiders have sold a total of 15,162 shares of company stock valued at $3,741,859 over the last 90 days. 0.26% of the stock is owned by corporate insiders.

About Automatic Data Processing

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.