Contravisory Investment Management Inc. grew its position in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 58,970.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 24,219 shares of the business services provider's stock after purchasing an additional 24,178 shares during the quarter. Contravisory Investment Management Inc.'s holdings in Automatic Data Processing were worth $7,400,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in the company. GAMMA Investing LLC raised its holdings in shares of Automatic Data Processing by 34,655.1% during the 1st quarter. GAMMA Investing LLC now owns 2,901,007 shares of the business services provider's stock worth $886,345,000 after buying an additional 2,892,660 shares in the last quarter. Norges Bank acquired a new position in shares of Automatic Data Processing during the fourth quarter worth $455,993,000. Winslow Capital Management LLC acquired a new stake in shares of Automatic Data Processing in the fourth quarter valued at about $396,714,000. Capital Research Global Investors raised its holdings in 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 last quarter. Finally, Raymond James Financial Inc. acquired a new position in Automatic Data Processing in the fourth quarter valued at $342,942,000. Institutional investors own 80.03% of the company's stock.
Wall Street Analysts Forecast Growth
Several analysts have recently commented on ADP shares. TD Securities raised their price objective on shares of Automatic Data Processing from $298.00 to $321.00 and gave the stock a "hold" rating in a research report on Wednesday, May 21st. Stifel Nicolaus lifted their price target on Automatic Data Processing to $305.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. Royal Bank of Canada reiterated a "sector perform" rating and issued a $315.00 target price on shares of Automatic Data Processing in a research note on Thursday. Wall Street Zen downgraded Automatic Data Processing from a "buy" rating to a "hold" rating in a research note on Wednesday, February 5th. Finally, UBS Group increased their price target 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 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's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $305.64.
View Our Latest Research Report on Automatic Data Processing
Insider Transactions at Automatic Data Processing
In related news, VP Brian L. Michaud sold 1,500 shares of the stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $305.38, for a total transaction of $458,070.00. Following the completion of the sale, the vice president now directly owns 12,073 shares in the company, valued at $3,686,852.74. This represents a 11.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Christopher D'ambrosio sold 473 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $306.20, for a total value of $144,832.60. Following the transaction, the vice president now owns 7,244 shares in the company, valued at approximately $2,218,112.80. The trade was a 6.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,451 shares of company stock valued at $743,024 in the last quarter. Insiders own 0.21% of the company's stock.
Automatic Data Processing Stock Performance
ADP stock traded down $0.04 during midday trading on Thursday, reaching $326.17. 1,817,095 shares of the company's stock traded hands, compared to its average volume of 1,708,073. Automatic Data Processing, Inc. has a 52 week low of $231.27 and a 52 week high of $327.99. The company has a 50-day moving average price of $305.14 and a two-hundred day moving average price of $302.23. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market capitalization of $132.40 billion, a PE ratio of 34.01, a price-to-earnings-growth ratio of 3.62 and a beta of 0.76.
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 EPS for the quarter, beating the consensus estimate of $2.97 by $0.09. The firm 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 19.76% and a return on equity of 80.86%. The business's quarterly revenue was up 5.7% compared to the same quarter last year. During the same period last year, the firm earned $2.88 EPS. As a group, equities analysts anticipate 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. Stockholders of record on Friday, June 13th will be issued a dividend of $1.54 per share. This represents a $6.16 annualized dividend and a dividend yield of 1.89%. The ex-dividend date of this dividend is Friday, June 13th. Automatic Data Processing's payout ratio is 63.05%.
About Automatic Data Processing
(
Free Report)
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.
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