Automatic Data Processing, Inc. (NASDAQ:ADP) Holdings Raised by Precedent Wealth Partners LLC

Precedent Wealth Partners LLC increased its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 21.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,088 shares of the business services provider's stock after acquiring an additional 1,079 shares during the quarter. Precedent Wealth Partners LLC's holdings in Automatic Data Processing were worth $1,860,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Main Street Group LTD lifted its holdings in shares of Automatic Data Processing by 50.7% during the 4th quarter. Main Street Group LTD now owns 113 shares of the business services provider's stock worth $33,000 after acquiring an additional 38 shares during the period. Cyrus J. Lawrence LLC grew its holdings in Automatic Data Processing by 121.8% in the fourth quarter. Cyrus J. Lawrence LLC now owns 122 shares of the business services provider's stock valued at $35,000 after purchasing an additional 67 shares during the period. Abound Wealth Management increased its position in Automatic Data Processing by 58.1% during the first quarter. Abound Wealth Management now owns 117 shares of the business services provider's stock worth $36,000 after purchasing an additional 43 shares during the last quarter. Banque de Luxembourg S.A. purchased a new position in Automatic Data Processing during the fourth quarter worth approximately $37,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Automatic Data Processing during the fourth quarter worth approximately $37,000. Institutional investors and hedge funds own 80.03% of the company's stock.

Automatic Data Processing Stock Down 0.3%

Automatic Data Processing stock traded down $0.85 during midday trading on Wednesday, hitting $306.77. 1,427,194 shares of the company were exchanged, compared to its average volume of 1,713,649. The company has a market cap of $124.52 billion, a PE ratio of 31.40, a price-to-earnings-growth ratio of 3.19 and a beta of 0.79. Automatic Data Processing, Inc. has a fifty-two week low of $231.27 and a fifty-two week high of $329.93. The company's fifty day moving average price is $309.19 and its 200-day moving average price is $302.92. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.02 and a quick ratio of 1.02.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The business services provider reported $3.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.97 by $0.09. The company had revenue of $5.55 billion for the quarter, compared to analyst estimates of $5.49 billion. Automatic Data Processing had a net margin of 19.79% and a return on equity of 77.33%. The business's quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter last year, the firm 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be issued a $1.54 dividend. The ex-dividend date is Friday, June 13th. This represents a $6.16 dividend on an annualized basis and a yield of 2.01%. Automatic Data Processing's dividend payout ratio is currently 63.05%.

Insider Buying and Selling at Automatic Data Processing

In other Automatic Data Processing news, VP Brian L. Michaud sold 1,500 shares of the stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $305.38, for a total transaction of $458,070.00. Following the transaction, 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Christopher D'ambrosio sold 478 shares of the firm'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 transaction, the vice president now directly owns 7,364 shares of the company's stock, valued at approximately $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. 0.21% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Royal Bank Of Canada reissued 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. Mizuho boosted their price target on 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 upped their price target on Automatic Data Processing to $305.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. TD Securities raised 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, May 21st. Finally, Morgan Stanley boosted their target price on Automatic Data Processing from $305.00 to $310.00 and gave the stock an "equal weight" rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $307.08.

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.