Golden State Wealth Management LLC Increases Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Golden State Wealth Management LLC increased its stake in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 212.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,361 shares of the business services provider's stock after purchasing an additional 925 shares during the quarter. Golden State Wealth Management LLC's holdings in Automatic Data Processing were worth $416,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its position 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 valued at $886,345,000 after acquiring an additional 2,892,660 shares during the period. Norges Bank bought a new stake in shares of Automatic Data Processing during the 4th quarter valued at $455,993,000. Winslow Capital Management LLC bought a new stake in shares of Automatic Data Processing during the 4th quarter valued at $396,714,000. Capital Research Global Investors grew 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 valued at $1,796,415,000 after acquiring an additional 1,299,390 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Automatic Data Processing during the 4th quarter valued at $342,942,000. Hedge funds and other institutional investors own 80.03% of the company's stock.

Automatic Data Processing Price Performance

Shares of ADP traded up $1.73 during midday trading on Tuesday, hitting $310.13. 1,496,554 shares of the company traded hands, compared to its average volume of 1,711,533. The firm has a 50 day moving average of $311.35 and a 200-day moving average of $303.23. Automatic Data Processing, Inc. has a 52 week low of $231.27 and a 52 week high of $329.93. The stock has a market cap of $125.89 billion, a price-to-earnings ratio of 31.74, a PEG ratio of 3.20 and a beta of 0.76. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.02 and a current ratio of 1.02.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last released its quarterly earnings data 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. Automatic Data Processing had a net margin of 19.79% and a return on equity of 77.33%. The business had revenue of $5.55 billion during the quarter, compared to the consensus estimate of $5.49 billion. During the same quarter in the prior year, the firm earned $2.88 EPS. The business's revenue was up 5.7% on a year-over-year basis. On average, analysts forecast that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be given a dividend of $1.54 per share. This represents a $6.16 annualized dividend and a dividend yield of 1.99%. The ex-dividend date is Friday, June 13th. Automatic Data Processing's dividend payout ratio is 63.05%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ADP. TD Securities boosted their price objective on shares of Automatic Data Processing from $298.00 to $321.00 and gave the company a "hold" rating in a research report on Wednesday, May 21st. Mizuho boosted their price objective on shares of Automatic Data Processing from $321.00 to $332.00 and gave the company an "outperform" rating in a research report on Friday, June 13th. Stifel Nicolaus boosted their price objective on shares of Automatic Data Processing to $305.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. UBS Group lowered their target price on shares of Automatic Data Processing from $323.00 to $315.00 and set a "neutral" rating on the stock in a research note on Friday, June 13th. Finally, Morgan Stanley lifted 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, June 17th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Automatic Data Processing has a consensus rating of "Hold" and a consensus target price of $307.08.

Insider Activity

In other news, VP Christopher D'ambrosio sold 478 shares of the company's stock in a transaction dated Thursday, April 10th. The shares were sold at an average price of $293.14, for a total transaction of $140,120.92. Following the sale, the vice president directly owned 7,364 shares in the company, valued at approximately $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 can be accessed through the SEC website. Corporate insiders own 0.21% of the company's stock.

About Automatic Data Processing

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.