Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Purchased by Connecticut Wealth Management LLC

Connecticut Wealth Management LLC raised its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 11.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 7,721 shares of the business services provider's stock after acquiring an additional 816 shares during the period. Connecticut Wealth Management LLC's holdings in Automatic Data Processing were worth $2,260,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of ADP. Vanguard Group Inc. boosted its position in shares of Automatic Data Processing by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 40,731,270 shares of the business services provider's stock worth $11,923,265,000 after purchasing an additional 277,324 shares during the period. Geode Capital Management LLC boosted its position in shares of Automatic Data Processing by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 10,583,607 shares of the business services provider's stock worth $3,098,305,000 after purchasing an additional 65,965 shares during the period. Northern Trust Corp boosted its position in shares of Automatic Data Processing by 17.1% during the 4th quarter. Northern Trust Corp now owns 6,174,419 shares of the business services provider's stock worth $1,807,438,000 after purchasing an additional 902,354 shares during the period. Capital Research Global Investors boosted its position in shares of Automatic Data Processing by 26.9% during the 4th quarter. Capital Research Global Investors now owns 6,136,763 shares of the business services provider's stock worth $1,796,415,000 after purchasing an additional 1,299,390 shares during the period. Finally, Invesco Ltd. boosted its position in shares of Automatic Data Processing by 6.0% during the 4th quarter. Invesco Ltd. now owns 3,886,552 shares of the business services provider's stock worth $1,137,710,000 after purchasing an additional 219,032 shares during the period. Institutional investors and hedge funds own 80.03% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on ADP. Barclays raised their price target 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. Wall Street Zen lowered shares of Automatic Data Processing from a "buy" rating to a "hold" rating in a research note on Wednesday, February 5th. Stifel Nicolaus lifted 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. Royal Bank of Canada reissued a "sector perform" rating and set a $315.00 price objective on shares of Automatic Data Processing in a research report on Thursday, May 1st. Finally, TD Securities lifted their target price on shares of Automatic Data Processing from $298.00 to $321.00 and gave the company a "hold" rating in a report on Wednesday, May 21st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $305.64.

Automatic Data Processing Price Performance

ADP traded up $4.21 during midday trading on Tuesday, reaching $325.30. 440,566 shares of the company's stock were exchanged, compared to its average volume of 1,700,364. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a market capitalization of $132.04 billion, a PE ratio of 33.90, a P/E/G ratio of 3.62 and a beta of 0.76. The business's 50-day moving average price is $301.58 and its 200 day moving average price is $301.17. Automatic Data Processing, Inc. has a 1-year low of $231.27 and a 1-year high of $325.76.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The business services provider reported $3.06 earnings per share 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 analyst estimates of $5.49 billion. Automatic Data Processing had a net margin of 19.76% and a return on equity of 80.86%. The company's revenue was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.88 earnings per share. As a group, equities analysts anticipate that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be issued a $1.54 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $6.16 dividend on an annualized basis and a yield of 1.89%. Automatic Data Processing's payout ratio is 63.05%.

Insider Activity at Automatic Data Processing

In other Automatic Data Processing news, VP Christopher D'ambrosio sold 478 shares of the business's stock in a transaction that occurred on Thursday, April 10th. The shares were sold at an average price of $293.14, for a total transaction of $140,120.92. Following the completion of the sale, the vice president now directly owns 7,364 shares in the company, valued at $2,158,682.96. The trade was a 6.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Brian L. Michaud sold 1,500 shares of the business's stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $305.38, for a total transaction of $458,070.00. Following the sale, the vice president now owns 12,073 shares of the company's stock, valued at approximately $3,686,852.74. This represents a 11.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,451 shares of company stock worth $743,024. 0.21% of the stock is owned by company 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.