Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Bought by Allegheny Financial Group LTD

Allegheny Financial Group LTD grew its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADPFree Report) by 8.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,113 shares of the business services provider’s stock after purchasing an additional 160 shares during the quarter. Allegheny Financial Group LTD’s holdings in Automatic Data Processing were worth $492,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the stock. Allworth Financial LP lifted its holdings in Automatic Data Processing by 0.7% in the third quarter. Allworth Financial LP now owns 6,886 shares of the business services provider’s stock worth $1,657,000 after purchasing an additional 48 shares during the period. Congress Asset Management Co. MA boosted its holdings in shares of Automatic Data Processing by 2.9% in the third quarter. Congress Asset Management Co. MA now owns 4,835 shares of the business services provider’s stock valued at $1,163,000 after acquiring an additional 135 shares in the last quarter. Olympiad Research LP acquired a new position in shares of Automatic Data Processing during the third quarter valued at approximately $324,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors lifted its position in Automatic Data Processing by 6.1% in the third quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 3,730 shares of the business services provider’s stock worth $897,000 after purchasing an additional 213 shares during the period. Finally, OFI Invest Asset Management bought a new position in Automatic Data Processing during the 3rd quarter valued at $25,000. Institutional investors own 80.03% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $267.00 target price on shares of Automatic Data Processing in a research note on Thursday, February 1st. Evercore ISI lifted their target price on Automatic Data Processing from $227.00 to $235.00 and gave the stock an “underperform” rating in a report on Tuesday, March 26th. TD Cowen dropped their price target on Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating on the stock in a research note on Thursday, May 2nd. JPMorgan Chase & Co. reduced their price objective on shares of Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating for the company in a research note on Thursday, May 2nd. Finally, Barclays lifted their target price on shares of Automatic Data Processing from $280.00 to $282.00 and gave the stock an “overweight” rating in a research report on Thursday, May 2nd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Automatic Data Processing presently has an average rating of “Hold” and a consensus target price of $255.42.

Check Out Our Latest Research Report on Automatic Data Processing

Automatic Data Processing Stock Up 0.9 %

ADP traded up $2.27 during midday trading on Friday, hitting $252.33. 1,291,521 shares of the company’s stock traded hands, compared to its average volume of 1,377,850. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market cap of $103.28 billion, a PE ratio of 28.16, a price-to-earnings-growth ratio of 2.38 and a beta of 0.78. The stock’s fifty day simple moving average is $245.37 and its 200-day simple moving average is $239.99. Automatic Data Processing, Inc. has a one year low of $205.53 and a one year high of $256.84.

Automatic Data Processing (NASDAQ:ADPGet Free Report) 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 the consensus estimate of $2.79 by $0.09. The business had revenue of $5.30 billion during the quarter, compared to analyst estimates of $5.22 billion. Automatic Data Processing had a net margin of 19.56% and a return on equity of 93.09%. Automatic Data Processing’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.52 EPS. As a group, equities analysts anticipate that Automatic Data Processing, Inc. will post 9.16 earnings per share for the current fiscal year.

Automatic Data Processing Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be issued a $1.40 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $5.60 annualized dividend and a yield of 2.22%. Automatic Data Processing’s dividend payout ratio (DPR) is currently 62.50%.

Insider Buying and Selling

In related news, VP Joseph Desilva sold 1,904 shares of the business’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $255.00, for a total transaction of $485,520.00. Following the completion of the transaction, the vice president now owns 17,179 shares of the company’s stock, valued at approximately $4,380,645. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Sreenivasa Kutam sold 368 shares of Automatic Data Processing stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $247.01, for a total transaction of $90,899.68. Following the sale, the vice president now directly owns 20,319 shares of the company’s stock, valued at $5,018,996.19. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Joseph Desilva sold 1,904 shares of the business’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $255.00, for a total value of $485,520.00. Following the transaction, the vice president now owns 17,179 shares in the company, valued at $4,380,645. The disclosure for this sale can be found here. In the last three months, insiders sold 2,966 shares of company stock valued at $749,524. Company insiders own 0.26% of the company’s stock.

Automatic Data Processing Profile

(Free Report)

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.

Read More

Want to see what other hedge funds are holding ADP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Automatic Data Processing, Inc. (NASDAQ:ADPFree Report).

Institutional Ownership by Quarter for Automatic Data Processing (NASDAQ:ADP)

Receive News & Ratings for Automatic Data Processing Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Automatic Data Processing and related companies with MarketBeat.com's FREE daily email newsletter.