DAVENPORT & Co LLC Increases Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

DAVENPORT & Co LLC grew its stake in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 8.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 71,577 shares of the business services provider's stock after buying an additional 5,815 shares during the period. DAVENPORT & Co LLC's holdings in Automatic Data Processing were worth $21,869,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of ADP. AMG National Trust Bank boosted its stake in Automatic Data Processing by 0.3% during the 4th quarter. AMG National Trust Bank now owns 11,334 shares of the business services provider's stock worth $3,318,000 after purchasing an additional 33 shares during the period. Sentinus LLC boosted its stake in Automatic Data Processing by 2.3% during the 4th quarter. Sentinus LLC now owns 1,548 shares of the business services provider's stock worth $453,000 after purchasing an additional 35 shares during the period. Rehmann Capital Advisory Group boosted its stake in Automatic Data Processing by 1.0% during the 4th quarter. Rehmann Capital Advisory Group now owns 3,686 shares of the business services provider's stock worth $1,079,000 after purchasing an additional 36 shares during the period. Main Street Group LTD boosted its stake in Automatic Data Processing by 50.7% during the 4th quarter. Main Street Group LTD now owns 113 shares of the business services provider's stock worth $33,000 after purchasing an additional 38 shares during the period. Finally, Howard Financial Services LTD. boosted its stake in Automatic Data Processing by 2.2% during the 1st quarter. Howard Financial Services LTD. now owns 1,735 shares of the business services provider's stock worth $530,000 after purchasing an additional 38 shares during the period. Institutional investors and hedge funds own 80.03% of the company's stock.

Automatic Data Processing Stock Performance

Automatic Data Processing stock traded up $3.91 during trading hours on Thursday, reaching $308.96. 1,393,190 shares of the stock were exchanged, compared to its average volume of 1,714,041. The stock has a market cap of $125.41 billion, a P/E ratio of 31.62, a P/E/G ratio of 2.84 and a beta of 0.76. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.02 and a current ratio of 1.02. Automatic Data Processing, Inc. has a 52-week low of $231.27 and a 52-week high of $329.93. The firm's 50 day moving average is $311.86 and its 200 day moving average is $303.33.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The business services provider reported $3.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.97 by $0.09. The business had revenue of $5.55 billion during the quarter, compared to the consensus estimate of $5.49 billion. Automatic Data Processing had a net margin of 19.79% and a return on equity of 77.33%. The business's revenue was up 5.7% compared to the same quarter last year. During the same quarter last year, the firm posted $2.88 EPS. Analysts predict that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th were issued a $1.54 dividend. The ex-dividend date was Friday, June 13th. This represents a $6.16 dividend on an annualized basis and a dividend yield of 1.99%. Automatic Data Processing's dividend payout ratio is presently 63.05%.

Analyst Ratings Changes

ADP has been the subject of a number of recent research reports. Royal Bank Of Canada reiterated a "sector perform" rating and set a $315.00 price target on shares of Automatic Data Processing in a research note on Thursday, June 5th. UBS Group decreased their price target on shares of Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating for the company in a research note on Friday, June 13th. TD Securities increased their price target on shares of Automatic Data Processing from $298.00 to $321.00 and gave the stock a "hold" rating in a research note on Wednesday, May 21st. Stifel Nicolaus increased their price target on shares of Automatic Data Processing to $305.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Finally, Morgan Stanley increased their price target on shares of Automatic Data Processing from $305.00 to $310.00 and gave the stock an "equal weight" rating in a research note on Tuesday, June 17th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $307.08.

Insider Activity

In other news, VP Christopher D'ambrosio sold 478 shares of the stock in a transaction dated Thursday, April 10th. The shares were sold at an average price of $293.14, for a total value of $140,120.92. Following the completion of the transaction, the vice president owned 7,364 shares in the company, valued at $2,158,682.96. This trade represents a 6.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.21% of the stock is owned by corporate insiders.

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.