Automatic Data Processing, Inc. (NASDAQ:ADP) Position Increased by Connecticut Wealth Management LLC

Connecticut Wealth Management LLC lifted its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 4.9% during the 4th quarter, HoldingsChannel.com reports. The fund owned 6,403 shares of the business services provider’s stock after buying an additional 297 shares during the quarter. Connecticut Wealth Management LLC’s holdings in Automatic Data Processing were worth $1,492,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Ardent Capital Management Inc. acquired a new stake in shares of Automatic Data Processing in the third quarter worth $392,000. Americana Partners LLC lifted its stake in Automatic Data Processing by 3.1% in the 3rd quarter. Americana Partners LLC now owns 22,228 shares of the business services provider’s stock worth $5,330,000 after acquiring an additional 660 shares in the last quarter. Everence Capital Management Inc. boosted its position in Automatic Data Processing by 28.5% during the 4th quarter. Everence Capital Management Inc. now owns 17,150 shares of the business services provider’s stock worth $3,995,000 after acquiring an additional 3,800 shares during the period. Cyndeo Wealth Partners LLC grew its stake in Automatic Data Processing by 36.7% during the 4th quarter. Cyndeo Wealth Partners LLC now owns 19,800 shares of the business services provider’s stock valued at $4,613,000 after acquiring an additional 5,318 shares in the last quarter. Finally, BKM Wealth Management LLC acquired a new position in shares of Automatic Data Processing in the 4th quarter valued at about $1,635,000. Institutional investors and hedge funds own 80.03% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on ADP. Bank of America upgraded shares of Automatic Data Processing from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $217.00 to $243.00 in a report on Wednesday, January 17th. Mizuho upped their price target on shares of Automatic Data Processing from $265.00 to $272.00 and gave the stock a “buy” rating in a research note on Monday, March 11th. JPMorgan Chase & Co. reduced their price objective on Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating for the company in a research report on Thursday. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $267.00 target price on shares of Automatic Data Processing in a research report on Thursday, February 1st. Finally, Barclays lifted their price target on Automatic Data Processing from $280.00 to $282.00 and gave the company an “overweight” rating in a report on Thursday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Automatic Data Processing presently has an average rating of “Hold” and an average target price of $255.42.

Insider Activity at Automatic Data Processing

In other Automatic Data Processing news, VP David Kwon sold 863 shares of the business’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $250.00, for a total value of $215,750.00. Following the transaction, the vice president now owns 8,285 shares of the company’s stock, valued at $2,071,250. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, VP Sreenivasa Kutam sold 368 shares of the business’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $247.01, for a total transaction of $90,899.68. Following the completion of the sale, the vice president now owns 20,319 shares in the company, valued at $5,018,996.19. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP David Kwon sold 863 shares of the business’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $250.00, for a total value of $215,750.00. Following the sale, the vice president now owns 8,285 shares of the company’s stock, valued at approximately $2,071,250. The disclosure for this sale can be found here. Insiders have sold a total of 3,829 shares of company stock valued at $965,274 in the last 90 days. 0.26% of the stock is owned by corporate insiders.

Automatic Data Processing Stock Performance

NASDAQ ADP traded down $0.14 during trading on Friday, hitting $241.89. The company’s stock had a trading volume of 1,491,532 shares, compared to its average volume of 1,451,137. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.65. The firm has a 50 day moving average price of $245.63 and a 200 day moving average price of $238.95. The firm has a market cap of $99.37 billion, a P/E ratio of 27.00, a price-to-earnings-growth ratio of 2.27 and a beta of 0.78. Automatic Data Processing, Inc. has a 52 week low of $205.53 and a 52 week high of $256.84.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings data on Wednesday, May 1st. The business services provider reported $2.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.79 by $0.09. The business had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.22 billion. Automatic Data Processing had a return on equity of 93.09% and a net margin of 19.56%. Automatic Data Processing’s quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the business posted $2.52 earnings per share. Equities research analysts forecast that Automatic Data Processing, Inc. will post 9.15 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 Monday, July 1st. Investors of record on Friday, June 14th will be paid a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 2.32%. The ex-dividend date is Friday, June 14th. Automatic Data Processing’s dividend payout ratio is 62.50%.

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.