Investment Management Corp of Ontario Has $5.69 Million Stock Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Investment Management Corp of Ontario raised its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 43.0% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 19,451 shares of the business services provider's stock after buying an additional 5,847 shares during the period. Investment Management Corp of Ontario's holdings in Automatic Data Processing were worth $5,694,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in ADP. Jefferies Financial Group Inc. grew its holdings in shares of Automatic Data Processing by 141.5% in the 4th quarter. Jefferies Financial Group Inc. now owns 16,531 shares of the business services provider's stock worth $4,839,000 after acquiring an additional 9,686 shares during the last quarter. Junto Capital Management LP acquired a new position in shares of Automatic Data Processing in the 4th quarter valued at $28,753,000. KKM Financial LLC increased its stake in Automatic Data Processing by 4.8% in the 4th quarter. KKM Financial LLC now owns 10,599 shares of the business services provider's stock worth $3,103,000 after purchasing an additional 481 shares in the last quarter. Guardian Wealth Advisors LLC NC raised its holdings in Automatic Data Processing by 14.6% during the 4th quarter. Guardian Wealth Advisors LLC NC now owns 1,280 shares of the business services provider's stock worth $375,000 after buying an additional 163 shares during the period. Finally, Gen Wealth Partners Inc lifted its stake in Automatic Data Processing by 13.0% during the fourth quarter. Gen Wealth Partners Inc now owns 5,048 shares of the business services provider's stock valued at $1,478,000 after buying an additional 581 shares in the last quarter. Institutional investors and hedge funds own 80.03% of the company's stock.

Insider Activity

In other news, VP Brian L. Michaud sold 1,500 shares of the company's stock in a transaction dated 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 transaction, the vice president now owns 12,073 shares of the company's stock, valued at approximately $3,686,852.74. This represents a 11.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Christopher D'ambrosio sold 478 shares of the 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 approximately $2,158,682.96. The trade was a 6.10% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,451 shares of company stock valued at $743,024 over the last 90 days. 0.21% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Jefferies Financial Group boosted their price target on shares of Automatic Data Processing from $290.00 to $305.00 and gave the company a "hold" rating in a report on Thursday, January 30th. Barclays raised their price target on shares of Automatic Data Processing from $325.00 to $350.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. UBS Group increased 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 report on Tuesday, March 4th. StockNews.com lowered shares of Automatic Data Processing from a "buy" rating to a "hold" rating in a research note on Wednesday, February 5th. Finally, Stifel Nicolaus upped their price target on shares of Automatic Data Processing to $305.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. 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 company. According to data from MarketBeat, Automatic Data Processing has an average rating of "Hold" and a consensus price target of $303.55.

Automatic Data Processing Stock Up 0.4%

Automatic Data Processing stock traded up $1.22 during mid-day trading on Wednesday, hitting $309.41. 1,163,103 shares of the company's stock were exchanged, compared to its average volume of 1,692,712. Automatic Data Processing, Inc. has a 1-year low of $231.27 and a 1-year high of $322.84. The stock has a 50 day moving average of $297.49 and a two-hundred day moving average of $299.59. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.59. The stock has a market cap of $125.60 billion, a P/E ratio of 32.26, a P/E/G ratio of 3.62 and a beta of 0.76.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The business services provider reported $3.06 EPS for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $5.49 billion. During the same quarter in the prior year, the firm posted $2.88 EPS. The firm's revenue for the quarter was up 5.7% on a year-over-year basis. As a group, analysts anticipate that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be issued a dividend of $1.54 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $6.16 annualized dividend and a yield of 1.99%. Automatic Data Processing's dividend payout ratio (DPR) 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.