City National Bank of Florida MSD Acquires Shares of 788 Automatic Data Processing, Inc. (NASDAQ:ADP)

City National Bank of Florida MSD bought a new position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 788 shares of the business services provider's stock, valued at approximately $231,000.

Several other large investors also recently made changes to their positions in the business. Grassi Investment Management acquired a new position in Automatic Data Processing during the 4th quarter worth $227,000. Pure Financial Advisors LLC acquired a new stake in shares of Automatic Data Processing in the 4th quarter valued at $200,000. Beaumont Financial Advisors LLC raised its position in shares of Automatic Data Processing by 46.8% during the fourth quarter. Beaumont Financial Advisors LLC now owns 3,239 shares of the business services provider's stock worth $948,000 after acquiring an additional 1,032 shares during the last quarter. Sheets Smith Wealth Management lifted its stake in shares of Automatic Data Processing by 26.9% during the fourth quarter. Sheets Smith Wealth Management now owns 2,451 shares of the business services provider's stock valued at $717,000 after acquiring an additional 520 shares during the period. Finally, XML Financial LLC acquired a new position in shares of Automatic Data Processing during the fourth quarter valued at $205,000. Institutional investors own 80.03% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on ADP shares. TD Securities boosted their price objective on Automatic Data Processing from $298.00 to $321.00 and gave the stock a "hold" rating in a report on Wednesday. Wall Street Zen cut shares of Automatic Data Processing from a "buy" rating to a "hold" rating in a research report on Wednesday, February 5th. Stifel Nicolaus increased their price objective on shares of Automatic Data Processing to $305.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $315.00 price objective on shares of Automatic Data Processing in a research note on Thursday, May 1st. Finally, UBS Group upped their target price on shares of Automatic Data Processing from $318.00 to $324.00 and gave the company a "neutral" rating in a research report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, Automatic Data Processing presently has an average rating of "Hold" and a consensus target price of $305.64.

Automatic Data Processing Trading Down 0.3%

Shares of NASDAQ ADP opened at $321.65 on Friday. The company's fifty day moving average is $300.63 and its 200-day moving average is $300.90. The stock has a market cap of $130.57 billion, a price-to-earnings ratio of 33.54, a P/E/G ratio of 3.62 and a beta of 0.76. Automatic Data Processing, Inc. has a twelve month low of $231.27 and a twelve month high of $323.66. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.59.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The business services provider reported $3.06 EPS for the quarter, topping the consensus estimate of $2.97 by $0.09. The business had revenue of $5.55 billion for the quarter, compared to the consensus estimate of $5.49 billion. Automatic Data Processing had a return on equity of 80.86% and a net margin of 19.76%. The firm's revenue was up 5.7% compared to the same quarter last year. During the same quarter last year, the business posted $2.88 EPS. Equities research analysts predict that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Automatic Data Processing Announces Dividend

The firm also recently disclosed 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 of this dividend is Friday, June 13th. This represents a $6.16 annualized dividend and a dividend yield of 1.92%. Automatic Data Processing's dividend payout ratio is presently 63.05%.

Insider Buying and Selling

In other news, VP Brian L. Michaud sold 1,500 shares of the business's stock in a transaction dated Tuesday, April 1st. The stock was 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Christopher D'ambrosio sold 478 shares of the company's stock in a transaction dated Thursday, April 10th. The stock was sold at an average price of $293.14, for a total value of $140,120.92. Following the transaction, the vice president now directly owns 7,364 shares of the company's stock, valued at $2,158,682.96. This represents a 6.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,451 shares of company stock valued at $743,024. 0.21% of the stock is owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.