Prestige Wealth Management Group LLC Increases Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Prestige Wealth Management Group LLC lifted its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,646 shares of the business services provider’s stock after purchasing an additional 65 shares during the period. Prestige Wealth Management Group LLC’s holdings in Automatic Data Processing were worth $1,356,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of ADP. BlueSpruce Investments LP purchased a new stake in Automatic Data Processing in the 1st quarter worth approximately $365,757,000. Norges Bank acquired a new stake in shares of Automatic Data Processing during the fourth quarter worth $308,321,000. Capital Research Global Investors grew its position in shares of Automatic Data Processing by 22.5% in the fourth quarter. Capital Research Global Investors now owns 3,543,317 shares of the business services provider’s stock valued at $825,487,000 after purchasing an additional 649,791 shares during the period. Nordea Investment Management AB increased its stake in Automatic Data Processing by 27.7% in the first quarter. Nordea Investment Management AB now owns 2,715,382 shares of the business services provider’s stock valued at $678,601,000 after purchasing an additional 589,831 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its position in Automatic Data Processing by 238.1% during the first quarter. Jacobs Levy Equity Management Inc. now owns 784,003 shares of the business services provider’s stock worth $195,797,000 after buying an additional 552,096 shares during the period. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ADP. Barclays boosted their price target on Automatic Data Processing from $282.00 to $310.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. Jefferies Financial Group raised their price target on shares of Automatic Data Processing from $250.00 to $260.00 and gave the company a “hold” rating in a report on Thursday, August 1st. JPMorgan Chase & Co. lifted their price target on shares of Automatic Data Processing from $250.00 to $285.00 and gave the company an “underweight” rating in a research report on Tuesday, August 20th. StockNews.com lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Thursday, August 29th. Finally, Bank of America lifted their target price on shares of Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $265.36.

Automatic Data Processing Stock Performance

ADP traded down $0.61 during trading on Friday, reaching $269.56. 2,814,514 shares of the company were exchanged, compared to its average volume of 1,648,719. Automatic Data Processing, Inc. has a 52 week low of $205.53 and a 52 week high of $278.24. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.66. The firm has a 50 day moving average of $256.39 and a 200 day moving average of $249.71. The stock has a market cap of $110.33 billion, a P/E ratio of 30.08, a PEG ratio of 3.00 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, July 31st. The business services provider reported $2.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.06 by $0.03. The business had revenue of $4.80 billion during the quarter, compared to the consensus estimate of $4.74 billion. Automatic Data Processing had a return on equity of 89.20% and a net margin of 19.54%. The business’s revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.89 earnings per share. On average, sell-side analysts forecast that Automatic Data Processing, Inc. will post 10.04 EPS for the current fiscal year.

Automatic Data Processing Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a $1.40 dividend. The ex-dividend date is Friday, September 13th. This represents a $5.60 dividend on an annualized basis and a yield of 2.08%. Automatic Data Processing’s dividend payout ratio (DPR) is 62.50%.

Insider Buying and Selling at Automatic Data Processing

In other Automatic Data Processing news, VP David Kwon sold 846 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were 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 $2,816,946. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Automatic Data Processing news, VP Don Mcguire sold 3,179 shares of Automatic Data Processing stock in a transaction that occurred 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 transaction, the vice president now directly owns 41,696 shares in the company, valued at approximately $11,440,548.48. 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 the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $270.60, for a total value of $228,927.60. Following the completion of the sale, the vice president now owns 10,410 shares of the company’s stock, valued at approximately $2,816,946. The disclosure for this sale can be found here. In the last ninety days, insiders sold 49,614 shares of company stock valued at $13,519,460. 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.