Parr Mcknight Wealth Management Group LLC Acquires Shares of 17,032 Automatic Data Processing, Inc. (NASDAQ:ADP)

Parr Mcknight Wealth Management Group LLC purchased a new position in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 17,032 shares of the business services provider's stock, valued at approximately $4,986,000.

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

Insider Transactions at Automatic Data Processing

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 completion of the sale, the vice president now owns 7,364 shares of the company's stock, valued at $2,158,682.96. This represents a 6.10% decrease in their position. The transaction was disclosed in a document filed 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 on 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 of the company's stock, valued at approximately $3,686,852.74. This trade represents a 11.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,451 shares of company stock valued at $743,024 in the last quarter. 0.21% of the stock is owned by insiders.

Wall Street Analyst Weigh In

ADP has been the topic of several analyst reports. UBS Group lifted their target price on shares of Automatic Data Processing from $318.00 to $324.00 and gave the stock a "neutral" rating in a research note on Tuesday, March 4th. TD Securities raised their price target on shares of Automatic Data Processing from $298.00 to $321.00 and gave the stock a "hold" rating in a report on Wednesday, May 21st. Jefferies Financial Group boosted their price objective on shares of Automatic Data Processing from $290.00 to $305.00 and gave the company a "hold" rating in a research report on Thursday, January 30th. Royal Bank of Canada reissued a "sector perform" rating and issued a $315.00 target price on shares of Automatic Data Processing in a research note on Thursday, May 1st. Finally, Barclays boosted their price target on Automatic Data Processing from $325.00 to $350.00 and gave the company an "overweight" rating in a report on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $305.64.

Automatic Data Processing Trading Down 0.1%

ADP stock traded down $0.28 during trading on Wednesday, reaching $325.43. The company had a trading volume of 394,539 shares, compared to its average volume of 1,700,400. Automatic Data Processing, Inc. has a 52 week low of $231.27 and a 52 week high of $329.12. The company has a market cap of $132.10 billion, a P/E ratio of 33.94, a PEG ratio of 3.62 and a beta of 0.76. The business has a 50 day moving average of $302.14 and a 200 day moving average of $301.34. 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 (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 for the quarter, topping the consensus estimate of $2.97 by $0.09. Automatic Data Processing had a return on equity of 80.86% and a net margin of 19.76%. The company had revenue of $5.55 billion for the quarter, compared to analysts' expectations of $5.49 billion. During the same period in the prior year, the firm earned $2.88 earnings per share. The firm's revenue for the quarter was up 5.7% on a year-over-year basis. As a group, sell-side analysts forecast that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Automatic Data Processing Dividend Announcement

The business also recently declared 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. The ex-dividend date is Friday, June 13th. This represents a $6.16 annualized dividend and a dividend yield of 1.89%. Automatic Data Processing's payout ratio is presently 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.