Procyon Advisors LLC Increases Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

Procyon Advisors LLC lifted its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 14.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,229 shares of the business services provider's stock after purchasing an additional 3,123 shares during the period. Procyon Advisors LLC's holdings in Automatic Data Processing were worth $7,403,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. AMG National Trust Bank raised its position in Automatic Data Processing by 0.3% during the 4th quarter. AMG National Trust Bank now owns 11,334 shares of the business services provider's stock valued at $3,318,000 after purchasing an additional 33 shares in the last quarter. Sentinus LLC grew its position in shares of Automatic Data Processing by 2.3% during the 4th quarter. Sentinus LLC now owns 1,548 shares of the business services provider's stock worth $453,000 after buying an additional 35 shares in the last quarter. Rehmann Capital Advisory Group increased its stake in shares of Automatic Data Processing by 1.0% during the fourth quarter. Rehmann Capital Advisory Group now owns 3,686 shares of the business services provider's stock valued at $1,079,000 after buying an additional 36 shares during the period. Canton Hathaway LLC raised its holdings in shares of Automatic Data Processing by 6.7% in the fourth quarter. Canton Hathaway LLC now owns 593 shares of the business services provider's stock valued at $174,000 after acquiring an additional 37 shares in the last quarter. Finally, Delta Financial Advisors LLC raised its holdings in shares of Automatic Data Processing by 0.3% in the fourth quarter. Delta Financial Advisors LLC now owns 14,572 shares of the business services provider's stock valued at $4,266,000 after acquiring an additional 37 shares in the last quarter. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ADP. Stifel Nicolaus increased their target price on shares of Automatic Data Processing to $305.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. TD Securities increased 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 note on Wednesday, May 21st. Royal Bank of Canada reissued a "sector perform" rating and set a $315.00 price objective on shares of Automatic Data Processing in a report on Thursday. Finally, UBS Group boosted their price objective 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. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $305.64.

Automatic Data Processing Stock Up 0.2%

Shares of Automatic Data Processing stock traded up $0.58 during trading on Friday, reaching $326.81. The company's stock had a trading volume of 1,183,333 shares, compared to its average volume of 1,707,991. The company has a 50-day simple moving average of $305.55 and a two-hundred day simple moving average of $302.43. Automatic Data Processing, Inc. has a 1-year low of $231.27 and a 1-year high of $329.78. The company has a market cap of $132.66 billion, a price-to-earnings ratio of 34.08, a P/E/G ratio of 3.62 and a beta of 0.76. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.59.

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 business had revenue of $5.55 billion during the quarter, compared to the consensus estimate of $5.49 billion. During the same quarter last year, the company earned $2.88 earnings per share. The company's quarterly revenue was up 5.7% on a year-over-year basis. As a group, equities analysts forecast that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.

Automatic Data Processing Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be paid 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 1.88%. Automatic Data Processing's payout ratio is currently 63.05%.

Insider Transactions at Automatic Data Processing

In related news, VP Brian L. Michaud sold 1,500 shares of the stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $305.38, for a total value of $458,070.00. Following the transaction, the vice president now owns 12,073 shares in the company, valued at approximately $3,686,852.74. This represents a 11.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Christopher D'ambrosio sold 473 shares of the company's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $306.20, for a total transaction of $144,832.60. Following the completion of the sale, the vice president now directly owns 7,244 shares in the company, valued at $2,218,112.80. This trade represents a 6.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,451 shares of company stock worth $743,024. Company insiders own 0.21% of the company's stock.

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.