Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Bought by Concord Asset Management LLC VA

Concord Asset Management LLC VA grew its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 14.2% during the 3rd quarter, Holdings Channel reports. The firm owned 7,782 shares of the business services provider’s stock after buying an additional 967 shares during the period. Concord Asset Management LLC VA’s holdings in Automatic Data Processing were worth $2,153,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Accredited Investors Inc. grew its holdings in Automatic Data Processing by 4,431.5% during the 3rd quarter. Accredited Investors Inc. now owns 2,315,295 shares of the business services provider’s stock valued at $640,712,000 after buying an additional 2,264,202 shares during the last quarter. BlueSpruce Investments LP purchased a new stake in shares of Automatic Data Processing in the first quarter valued at $365,757,000. International Assets Investment Management LLC boosted its stake in shares of Automatic Data Processing by 28,478.6% during the third quarter. International Assets Investment Management LLC now owns 1,194,587 shares of the business services provider’s stock valued at $3,305,780,000 after acquiring an additional 1,190,407 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its position in Automatic Data Processing by 238.1% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 784,003 shares of the business services provider’s stock worth $195,797,000 after purchasing an additional 552,096 shares in the last quarter. Finally, Mackenzie Financial Corp raised its stake in Automatic Data Processing by 242.4% in the 2nd quarter. Mackenzie Financial Corp now owns 644,135 shares of the business services provider’s stock valued at $153,749,000 after purchasing an additional 456,027 shares during the last quarter. 80.03% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Automatic Data Processing

In other Automatic Data Processing news, VP Don Mcguire sold 3,179 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $274.38, for a total value of $872,254.02. Following the completion of the transaction, the vice president now directly owns 41,696 shares of the company’s stock, valued at $11,440,548.48. This represents a 7.08 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP David Kwon sold 846 shares of Automatic Data Processing stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $270.60, for a total value of $228,927.60. Following the sale, the vice president now directly owns 10,410 shares in the company, valued at approximately $2,816,946. The trade was a 7.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 97,792 shares of company stock valued at $27,691,708 over the last quarter. Company insiders own 0.21% of the company’s stock.

Automatic Data Processing Stock Down 1.4 %

Shares of NASDAQ:ADP opened at $297.64 on Friday. The stock has a 50-day simple moving average of $287.23 and a 200-day simple moving average of $264.02. The stock has a market capitalization of $121.28 billion, a P/E ratio of 31.77, a PEG ratio of 3.46 and a beta of 0.79. Automatic Data Processing, Inc. has a 1 year low of $227.12 and a 1 year high of $309.37. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.01 and a current ratio of 1.01.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings data on Wednesday, October 30th. The business services provider reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.12. Automatic Data Processing had a net margin of 19.72% and a return on equity of 82.36%. The company had revenue of $4.83 billion during the quarter, compared to the consensus estimate of $4.77 billion. During the same period in the previous year, the firm earned $2.08 earnings per share. Automatic Data Processing’s revenue for the quarter was up 7.1% on a year-over-year basis. Equities analysts forecast that Automatic Data Processing, Inc. will post 9.94 earnings per share for the current year.

Automatic Data Processing Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be paid a dividend of $1.54 per share. This represents a $6.16 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend is Friday, December 13th. This is a boost from Automatic Data Processing’s previous quarterly dividend of $1.40. Automatic Data Processing’s payout ratio is currently 59.77%.

Wall Street Analyst Weigh In

ADP has been the topic of several analyst reports. Jefferies Financial Group raised their price target on shares of Automatic Data Processing from $260.00 to $290.00 and gave the stock a “hold” rating in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. raised their target price on shares of Automatic Data Processing from $250.00 to $285.00 and gave the stock an “underweight” rating in a research report on Tuesday, August 20th. Mizuho boosted their price target on Automatic Data Processing from $281.00 to $310.00 and gave the company an “outperform” rating in a report on Monday, November 4th. Barclays increased their price target on Automatic Data Processing from $310.00 to $325.00 and gave the stock an “overweight” rating in a research note on Monday, November 4th. Finally, Citigroup lifted their price objective on Automatic Data Processing from $260.00 to $295.00 and gave the company a “neutral” rating in a research report on Wednesday, September 25th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $289.91.

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.