MGB Wealth Management LLC Has $1.05 Million Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

MGB Wealth Management LLC grew its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 2.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,573 shares of the business services provider’s stock after purchasing an additional 98 shares during the period. MGB Wealth Management LLC’s holdings in Automatic Data Processing were worth $1,046,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in ADP. Hemington Wealth Management boosted its stake in shares of Automatic Data Processing by 2.4% in the fourth quarter. Hemington Wealth Management now owns 1,738 shares of the business services provider’s stock valued at $508,000 after buying an additional 40 shares during the period. Ingalls & Snyder LLC lifted its position in shares of Automatic Data Processing by 0.4% during the 4th quarter. Ingalls & Snyder LLC now owns 16,280 shares of the business services provider’s stock valued at $4,766,000 after acquiring an additional 69 shares during the period. Warren Street Wealth Advisors LLC grew its holdings in shares of Automatic Data Processing by 4.4% during the 4th quarter. Warren Street Wealth Advisors LLC now owns 1,297 shares of the business services provider’s stock worth $380,000 after purchasing an additional 55 shares in the last quarter. Van ECK Associates Corp increased its position in shares of Automatic Data Processing by 2.2% in the fourth quarter. Van ECK Associates Corp now owns 133,816 shares of the business services provider’s stock worth $39,172,000 after purchasing an additional 2,862 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its stake in Automatic Data Processing by 16.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 41,150 shares of the business services provider’s stock valued at $11,919,000 after purchasing an additional 5,803 shares in the last quarter. 80.03% of the stock is owned by institutional investors.

Insider Activity

In related news, VP Jonathan S. Lehberger sold 2,324 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $303.30, for a total value of $704,869.20. Following the sale, the vice president now directly owns 3,063 shares in the company, valued at $929,007.90. This represents a 43.14 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Brian L. Michaud sold 362 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $293.83, for a total transaction of $106,366.46. Following the sale, the vice president now owns 13,706 shares of the company’s stock, valued at approximately $4,027,233.98. This trade represents a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,478 shares of company stock valued at $1,617,241. Insiders own 0.21% of the company’s stock.

Automatic Data Processing Trading Up 0.3 %

Shares of ADP stock opened at $306.65 on Thursday. Automatic Data Processing, Inc. has a twelve month low of $231.27 and a twelve month high of $311.67. The stock’s fifty day simple moving average is $297.26 and its 200 day simple moving average is $287.71. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $124.95 billion, a P/E ratio of 31.98, a P/E/G ratio of 3.60 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings results on Wednesday, January 29th. The business services provider reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.30 by $0.05. Automatic Data Processing had a return on equity of 80.86% and a net margin of 19.76%. As a group, sell-side analysts predict that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be given a $1.54 dividend. This represents a $6.16 annualized dividend and a yield of 2.01%. The ex-dividend date is Friday, March 14th. Automatic Data Processing’s dividend payout ratio (DPR) is currently 64.23%.

Wall Street Analyst Weigh In

ADP has been the topic of a number of analyst reports. TD Cowen increased their price objective on shares of Automatic Data Processing from $276.00 to $285.00 and gave the stock a “hold” rating in a research note on Friday, November 1st. Jefferies Financial Group lifted their price objective on shares of Automatic Data Processing from $290.00 to $305.00 and gave the company a “hold” rating in a research note on Thursday, January 30th. Barclays boosted their price objective on shares of Automatic Data Processing from $325.00 to $350.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $315.00 target price on shares of Automatic Data Processing in a report on Thursday, January 30th. Finally, Mizuho boosted their price target on Automatic Data Processing from $281.00 to $310.00 and gave the stock an “outperform” rating in a report on Monday, November 4th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $293.55.

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.