Exchange Traded Concepts LLC Has $1.96 Million Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Exchange Traded Concepts LLC increased its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 33.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,407 shares of the business services provider's stock after purchasing an additional 1,606 shares during the period. Exchange Traded Concepts LLC's holdings in Automatic Data Processing were worth $1,958,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of ADP. Vanguard Group Inc. raised its holdings in shares of Automatic Data Processing by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 40,731,270 shares of the business services provider's stock valued at $11,923,265,000 after purchasing an additional 277,324 shares during the last quarter. Geode Capital Management LLC grew its position in Automatic Data Processing by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 10,583,607 shares of the business services provider's stock valued at $3,098,305,000 after purchasing an additional 65,965 shares in the last quarter. Northern Trust Corp increased its stake in Automatic Data Processing by 17.1% in the 4th quarter. Northern Trust Corp now owns 6,174,419 shares of the business services provider's stock valued at $1,807,438,000 after buying an additional 902,354 shares during the last quarter. Capital Research Global Investors lifted its position 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 buying an additional 1,299,390 shares in the last quarter. Finally, Invesco Ltd. boosted its stake 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 buying an additional 219,032 shares during the last quarter. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In related news, VP Christopher D'ambrosio sold 478 shares of the company'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 completion of the sale, the vice president now directly owns 7,364 shares in the company, valued at $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 is available through this link. Also, 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 transaction, the vice president now directly owns 12,073 shares of the company's stock, valued at $3,686,852.74. This trade represents a 11.05% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.21% of the company's stock.

Automatic Data Processing Stock Performance

Shares of NASDAQ:ADP traded down $0.85 on Wednesday, reaching $306.77. 1,427,194 shares of the company's stock were exchanged, compared to its average volume of 1,710,825. Automatic Data Processing, Inc. has a twelve month low of $231.27 and a twelve month high of $329.93. The company has a fifty day moving average of $308.94 and a 200-day moving average of $302.89. The company has a market capitalization of $124.52 billion, a price-to-earnings ratio of 31.40, a PEG ratio of 3.20 and a beta of 0.79. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.51.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The business services provider reported $3.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 77.33% and a net margin of 19.79%. The firm's quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.88 earnings per share. On average, research analysts predict that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

The company 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 dividend of $1.54 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $6.16 annualized dividend and a yield of 2.01%. Automatic Data Processing's dividend payout ratio 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.