Rhumbline Advisers Has $262.97 Million Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Rhumbline Advisers grew its position in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 2.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 860,695 shares of the business services provider's stock after purchasing an additional 17,297 shares during the period. Rhumbline Advisers owned approximately 0.21% of Automatic Data Processing worth $262,968,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Brighton Jones LLC raised its holdings in Automatic Data Processing by 92.1% during the fourth quarter. Brighton Jones LLC now owns 10,026 shares of the business services provider's stock worth $2,935,000 after acquiring an additional 4,808 shares in the last quarter. Institute for Wealth Management LLC. raised its stake in shares of Automatic Data Processing by 6.2% during the 4th quarter. Institute for Wealth Management LLC. now owns 2,487 shares of the business services provider's stock worth $728,000 after purchasing an additional 146 shares in the last quarter. Caprock Group LLC raised its stake in shares of Automatic Data Processing by 8.7% during the 4th quarter. Caprock Group LLC now owns 23,307 shares of the business services provider's stock worth $6,858,000 after purchasing an additional 1,857 shares in the last quarter. Austin Private Wealth LLC boosted its holdings in shares of Automatic Data Processing by 12.9% in the 4th quarter. Austin Private Wealth LLC now owns 1,042 shares of the business services provider's stock valued at $305,000 after buying an additional 119 shares during the last quarter. Finally, Scharf Investments LLC grew its stake in shares of Automatic Data Processing by 7.9% in the fourth quarter. Scharf Investments LLC now owns 6,765 shares of the business services provider's stock valued at $1,980,000 after buying an additional 495 shares in the last quarter. 80.03% of the stock is owned by institutional investors and hedge funds.

Automatic Data Processing Price Performance

ADP traded up $0.73 on Tuesday, hitting $326.53. 2,155,834 shares of the stock were exchanged, compared to its average volume of 1,704,001. The firm has a market capitalization of $132.55 billion, a price-to-earnings ratio of 34.05, a PEG ratio of 3.62 and a beta of 0.76. 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, Inc. has a 12 month low of $231.27 and a 12 month high of $327.99. The business has a 50-day moving average of $304.21 and a two-hundred day moving average of $301.89.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last issued its earnings results on Wednesday, April 30th. The business services provider reported $3.06 EPS for the quarter, beating the consensus estimate of $2.97 by $0.09. The company had revenue of $5.55 billion during the quarter, compared to analysts' expectations of $5.49 billion. Automatic Data Processing had a net margin of 19.76% and a return on equity of 80.86%. The business's revenue for the quarter was up 5.7% compared to the same quarter last year. During the same period in the previous year, the company earned $2.88 EPS. Sell-side analysts forecast that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Announces Dividend

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

Insiders Place Their Bets

In related news, VP Christopher D'ambrosio sold 478 shares of the firm's 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 of the company's stock, valued at $2,158,682.96. This trade represents a 6.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Brian L. Michaud sold 1,500 shares of Automatic Data Processing stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $305.38, for a total value of $458,070.00. Following the sale, the vice president now directly owns 12,073 shares in the company, valued at $3,686,852.74. The trade was a 11.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,451 shares of company stock valued at $743,024. 0.21% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts recently commented on ADP shares. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $315.00 target price on shares of Automatic Data Processing in a report on Thursday, May 1st. Stifel Nicolaus boosted their price objective on Automatic Data Processing to $305.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Wall Street Zen lowered Automatic Data Processing from a "buy" rating to a "hold" rating in a research note on Wednesday, February 5th. Barclays lifted their price target on Automatic Data Processing from $325.00 to $350.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. Finally, TD Securities increased their price objective on Automatic Data Processing from $298.00 to $321.00 and gave the stock a "hold" rating in a research report on Wednesday, May 21st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $305.64.

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.