Kingsview Wealth Management LLC Grows Stock Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Kingsview Wealth Management LLC boosted its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 3.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 28,865 shares of the business services provider’s stock after acquiring an additional 1,008 shares during the period. Kingsview Wealth Management LLC’s holdings in Automatic Data Processing were worth $7,988,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Lazard Asset Management LLC lifted its stake in shares of Automatic Data Processing by 13.6% during the first quarter. Lazard Asset Management LLC now owns 80,755 shares of the business services provider’s stock valued at $20,167,000 after buying an additional 9,653 shares during the period. Mount Yale Investment Advisors LLC raised its stake in Automatic Data Processing by 8.4% during the first quarter. Mount Yale Investment Advisors LLC now owns 7,445 shares of the business services provider’s stock worth $1,859,000 after purchasing an additional 576 shares during the period. Silvercrest Asset Management Group LLC raised its stake in Automatic Data Processing by 8.0% during the first quarter. Silvercrest Asset Management Group LLC now owns 40,303 shares of the business services provider’s stock worth $10,065,000 after purchasing an additional 2,989 shares during the period. Waverly Advisors LLC raised its stake in Automatic Data Processing by 19.0% during the first quarter. Waverly Advisors LLC now owns 5,288 shares of the business services provider’s stock worth $1,321,000 after purchasing an additional 844 shares during the period. Finally, BlueSpruce Investments LP purchased a new position in Automatic Data Processing during the first quarter worth approximately $365,757,000. Institutional investors and hedge funds own 80.03% of the company’s stock.

Analysts Set New Price Targets

ADP has been the topic of a number of recent analyst reports. Mizuho increased their price target on shares of Automatic Data Processing from $281.00 to $310.00 and gave the stock an “outperform” rating in a research note on Monday, November 4th. JPMorgan Chase & Co. increased their price target on shares of Automatic Data Processing from $250.00 to $285.00 and gave the stock an “underweight” rating in a research note on Tuesday, August 20th. Jefferies Financial Group increased 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. UBS Group increased their price target on shares of Automatic Data Processing from $270.00 to $295.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 22nd. Finally, Bank of America increased their price objective on shares of Automatic Data Processing from $250.00 to $267.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $289.91.

Automatic Data Processing Price Performance

ADP opened at $305.15 on Friday. The company has a fifty day simple moving average of $289.55 and a 200 day simple moving average of $266.02. The firm has a market cap of $124.34 billion, a price-to-earnings ratio of 32.57, a PEG ratio of 3.54 and a beta of 0.79. Automatic Data Processing, Inc. has a twelve month low of $227.12 and a twelve month high of $309.37. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.56.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share for the quarter, beating analysts’ consensus estimates of $2.21 by $0.12. The business had revenue of $4.83 billion during the quarter, compared to analyst estimates of $4.77 billion. Automatic Data Processing had a net margin of 19.72% and a return on equity of 82.36%. The business’s revenue was up 7.1% on a year-over-year basis. During the same period last year, the business earned $2.08 EPS. Equities research analysts expect that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be issued a dividend of $1.54 per share. This represents a $6.16 dividend on an annualized basis and a yield of 2.02%. This is a positive change from Automatic Data Processing’s previous quarterly dividend of $1.40. The ex-dividend date is Friday, December 13th. Automatic Data Processing’s dividend payout ratio (DPR) is presently 59.77%.

Insider Activity at Automatic Data Processing

In other Automatic Data Processing news, VP Don Mcguire sold 3,179 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $274.38, for a total transaction 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 trade represents a 7.08 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Sreenivasa Kutam sold 38,975 shares of Automatic Data Processing stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $300.00, for a total transaction of $11,692,500.00. Following the completion of the sale, the vice president now owns 32,604 shares in the company, valued at approximately $9,781,200. This represents a 54.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 96,946 shares of company stock valued at $27,462,781. Corporate insiders own 0.21% of the company’s stock.

Automatic Data Processing 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.