Sumitomo Mitsui Trust Group Inc. Purchases 15,230 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Sumitomo Mitsui Trust Group Inc. grew its stake in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 1.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,013,740 shares of the business services provider's stock after buying an additional 15,230 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.25% of Automatic Data Processing worth $309,728,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Main Street Group LTD grew its position in Automatic Data Processing by 50.7% in the fourth quarter. Main Street Group LTD now owns 113 shares of the business services provider's stock valued at $33,000 after purchasing an additional 38 shares in the last quarter. Cyrus J. Lawrence LLC grew its position 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 in the last quarter. Abound Wealth Management grew its position in Automatic Data Processing by 58.1% in the first quarter. Abound Wealth Management now owns 117 shares of the business services provider's stock valued at $36,000 after purchasing an additional 43 shares in the last quarter. Banque de Luxembourg S.A. bought a new position in Automatic Data Processing in the fourth quarter valued at $37,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Automatic Data Processing in the fourth quarter valued at $37,000. Institutional investors and hedge funds own 80.03% of the company's stock.

Analysts Set New Price Targets

ADP has been the subject of a number of analyst reports. Mizuho raised their target price 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. TD Securities raised their target price 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. Stifel Nicolaus raised their target price on shares of Automatic Data Processing to $305.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $315.00 price target on shares of Automatic Data Processing in a research note on Thursday, June 5th. Finally, Morgan Stanley increased their price target 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 investment analyst has rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Automatic Data Processing currently has an average rating of "Hold" and a consensus price target of $307.08.

Automatic Data Processing Stock Performance

Shares of ADP traded up $0.47 during trading hours on Friday, hitting $303.45. The company had a trading volume of 1,931,112 shares, compared to its average volume of 1,711,231. Automatic Data Processing, Inc. has a 12 month low of $231.27 and a 12 month high of $329.93. The firm has a market cap of $123.18 billion, a price-to-earnings ratio of 30.87, a PEG ratio of 3.15 and a beta of 0.79. The business has a fifty day moving average of $310.53 and a 200-day moving average of $303.07. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.51.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The business services provider reported $3.06 EPS for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $5.49 billion. During the same period last year, the company posted $2.88 earnings per share. The business's quarterly revenue was up 5.7% on a year-over-year basis. Equities analysts anticipate that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be given a $1.54 dividend. This represents a $6.16 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date of this dividend is Friday, June 13th. Automatic Data Processing's payout ratio is 63.05%.

Insider Buying and Selling

In other Automatic Data Processing news, VP Brian L. Michaud sold 1,500 shares of the business's 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 completion of the sale, the vice president now owns 12,073 shares in the company, valued at approximately $3,686,852.74. The trade was a 11.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Christopher D'ambrosio sold 478 shares of the business's stock in a transaction on 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 now owns 7,364 shares of the company's stock, valued at $2,158,682.96. This trade represents a 6.10% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is owned by company insiders.

Automatic Data Processing Company 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.