SVB Wealth LLC Buys Shares of 44,057 Automatic Data Processing, Inc. (NASDAQ:ADP)

SVB Wealth LLC purchased a new position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 44,057 shares of the business services provider’s stock, valued at approximately $12,897,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp raised its position in Automatic Data Processing by 2.4% in the third quarter. State Street Corp now owns 18,334,580 shares of the business services provider’s stock valued at $5,098,541,000 after purchasing an additional 424,328 shares during the period. Geode Capital Management LLC raised its holdings in shares of Automatic Data Processing by 2.8% in the 3rd quarter. Geode Capital Management LLC now owns 10,517,642 shares of the business services provider’s stock valued at $2,906,257,000 after buying an additional 286,080 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Automatic Data Processing by 1.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,238,526 shares of the business services provider’s stock valued at $896,197,000 after buying an additional 41,709 shares during the period. Accredited Investors Inc. lifted its stake 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 worth $640,712,000 after acquiring an additional 2,264,202 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Automatic Data Processing by 0.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,252,807 shares of the business services provider’s stock valued at $623,419,000 after acquiring an additional 17,717 shares during the period. 80.03% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on ADP shares. StockNews.com lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Wednesday, February 5th. Royal Bank of Canada reiterated a “sector perform” rating and set a $315.00 target price on shares of Automatic Data Processing in a report on Thursday, January 30th. TD Cowen boosted their price target 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. Barclays upped their price objective on Automatic Data Processing from $325.00 to $350.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Finally, Jefferies Financial Group lifted their target price on Automatic Data Processing from $290.00 to $305.00 and gave the company a “hold” rating in a report on Thursday, January 30th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $293.55.

Insider Activity at Automatic Data Processing

In other news, VP Brian L. Michaud sold 362 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $293.83, for a total value of $106,366.46. Following the completion of the sale, the vice president now directly owns 13,706 shares of the company’s stock, valued at approximately $4,027,233.98. This represents a 2.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP David Foskett sold 1,004 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $289.29, for a total transaction of $290,447.16. Following the transaction, the vice president now owns 5,958 shares in the company, valued at approximately $1,723,589.82. This trade represents a 14.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,478 shares of company stock valued at $1,617,241 over the last ninety days. Insiders own 0.21% of the company’s stock.

Automatic Data Processing Stock Up 1.2 %

Shares of NASDAQ ADP opened at $315.18 on Friday. The business has a 50-day moving average of $300.66 and a two-hundred day moving average of $291.92. The company has a market capitalization of $128.42 billion, a price-to-earnings ratio of 32.87, a price-to-earnings-growth ratio of 3.62 and a beta of 0.79. Automatic Data Processing, Inc. has a 1 year low of $231.27 and a 1 year high of $316.46. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.00 and a quick ratio of 1.00.

Automatic Data Processing (NASDAQ:ADP) last posted its 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%. On average, analysts forecast that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Automatic Data Processing Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a dividend of $1.54 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $6.16 annualized dividend and a yield of 1.95%. Automatic Data Processing’s dividend payout ratio is currently 64.23%.

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.