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

Moran Wealth Management LLC increased its stake in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 435.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 13,271 shares of the business services provider's stock after acquiring an additional 10,794 shares during the quarter. Moran Wealth Management LLC's holdings in Automatic Data Processing were worth $4,055,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Main Street Group LTD increased its position in Automatic Data Processing by 50.7% during the fourth quarter. Main Street Group LTD now owns 113 shares of the business services provider's stock worth $33,000 after acquiring an additional 38 shares during the period. Cyrus J. Lawrence LLC grew its holdings in Automatic Data Processing by 121.8% during the 4th quarter. Cyrus J. Lawrence LLC now owns 122 shares of the business services provider's stock worth $35,000 after acquiring an additional 67 shares during the last quarter. Abound Wealth Management increased its stake in shares of Automatic Data Processing by 58.1% in the 1st quarter. Abound Wealth Management now owns 117 shares of the business services provider's stock valued at $36,000 after buying an additional 43 shares during the period. Banque de Luxembourg S.A. bought a new position in shares of Automatic Data Processing in the 4th quarter valued at about $37,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Automatic Data Processing in the fourth quarter valued at about $37,000. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Automatic Data Processing news, VP Christopher D'ambrosio sold 478 shares of the stock in a transaction on Thursday, April 10th. The stock was sold at an average price of $293.14, for a total transaction of $140,120.92. Following the sale, the vice president now owns 7,364 shares in the company, valued at approximately $2,158,682.96. This represents a 6.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Brian L. Michaud sold 1,500 shares of the business's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $305.38, for a total transaction of $458,070.00. Following the completion of the transaction, the vice president now directly owns 12,073 shares of the company's stock, valued at $3,686,852.74. The trade was a 11.05% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ADP. UBS Group cut their price objective on Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating for the company in a research report on Friday, June 13th. TD Securities raised their target price on shares of Automatic Data Processing from $298.00 to $321.00 and gave the company a "hold" rating in a research report on Wednesday, May 21st. Morgan Stanley raised their price objective on Automatic Data Processing from $305.00 to $310.00 and gave the company an "equal weight" rating in a report on Tuesday, June 17th. Mizuho upped their price target on shares of Automatic Data Processing from $321.00 to $332.00 and gave the company an "outperform" rating in a research report on Friday, June 13th. Finally, Royal Bank Of Canada reiterated a "sector perform" rating and set a $315.00 target price on shares of Automatic Data Processing in a research report on Thursday, June 5th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, Automatic Data Processing currently has a consensus rating of "Hold" and a consensus price target of $307.08.

Automatic Data Processing Stock Up 0.2%

Shares of Automatic Data Processing stock traded up $0.47 during trading hours on Friday, reaching $303.45. 1,931,112 shares of the company were exchanged, compared to its average volume of 1,714,766. The firm has a market cap of $123.18 billion, a PE ratio of 31.06, a PEG ratio of 3.14 and a beta of 0.79. The stock's fifty day moving average is $310.33 and its 200 day moving average is $303.05. Automatic Data Processing, Inc. has a 1 year low of $231.27 and a 1 year high of $329.93. 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 (NASDAQ:ADP - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The business services provider reported $3.06 EPS for the quarter, beating analysts' consensus estimates of $2.97 by $0.09. Automatic Data Processing had a net margin of 19.79% and a return on equity of 77.33%. The company had revenue of $5.55 billion for the quarter, compared to the consensus estimate of $5.49 billion. During the same period in the prior year, the firm posted $2.88 EPS. The company's quarterly revenue was up 5.7% compared to the same quarter last year. As a group, equities research analysts forecast that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.

Automatic Data Processing Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be given a $1.54 dividend. The ex-dividend date is Friday, June 13th. This represents a $6.16 annualized dividend and a yield of 2.03%. Automatic Data Processing's dividend payout ratio (DPR) is 63.05%.

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.