Cornerstone Wealth Group LLC Has $6.45 Million Stock Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Cornerstone Wealth Group LLC increased its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 23,315 shares of the business services provider’s stock after acquiring an additional 237 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in Automatic Data Processing were worth $6,452,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. JFS Wealth Advisors LLC grew its holdings in Automatic Data Processing by 72.8% during the third quarter. JFS Wealth Advisors LLC now owns 1,709 shares of the business services provider’s stock worth $473,000 after buying an additional 720 shares in the last quarter. SteelPeak Wealth LLC grew its holdings in Automatic Data Processing by 3.3% during the third quarter. SteelPeak Wealth LLC now owns 1,235 shares of the business services provider’s stock worth $343,000 after buying an additional 40 shares in the last quarter. Diversify Wealth Management LLC grew its stake in Automatic Data Processing by 18.5% in the 3rd quarter. Diversify Wealth Management LLC now owns 5,570 shares of the business services provider’s stock valued at $1,616,000 after purchasing an additional 869 shares during the period. Pinnacle Associates Ltd. grew its stake in Automatic Data Processing by 1.9% in the 3rd quarter. Pinnacle Associates Ltd. now owns 30,387 shares of the business services provider’s stock valued at $8,409,000 after purchasing an additional 552 shares during the period. Finally, First Trust Direct Indexing L.P. grew its stake in Automatic Data Processing by 6.3% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 22,011 shares of the business services provider’s stock valued at $6,091,000 after purchasing an additional 1,307 shares during the period. 80.03% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ADP has been the topic of a number of recent research reports. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $267.00 price target on shares of Automatic Data Processing in a research report on Thursday, August 1st. Citigroup raised their target price on Automatic Data Processing from $260.00 to $295.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 25th. Stifel Nicolaus raised their target price on Automatic Data Processing from $271.00 to $287.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. StockNews.com downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Thursday, September 19th. Finally, UBS Group raised their target price on Automatic Data Processing from $270.00 to $295.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $277.64.

Insider Activity at Automatic Data Processing

In other Automatic Data Processing news, CEO Maria Black sold 19,147 shares of Automatic Data Processing stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $274.38, for a total value of $5,253,553.86. Following the transaction, the chief executive officer now directly owns 92,807 shares of the company’s stock, valued at $25,464,384.66. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Automatic Data Processing news, VP Michael A. Bonarti sold 26,442 shares of Automatic Data Processing stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $270.96, for a total value of $7,164,724.32. Following the transaction, the vice president now directly owns 88,426 shares of the company’s stock, valued at $23,959,908.96. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Maria Black sold 19,147 shares of Automatic Data Processing stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $274.38, for a total value of $5,253,553.86. Following the completion of the transaction, the chief executive officer now directly owns 92,807 shares in the company, valued at $25,464,384.66. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 58,817 shares of company stock valued at $15,999,208. Corporate insiders own 0.26% of the company’s stock.

Automatic Data Processing Stock Performance

Shares of NASDAQ ADP opened at $292.78 on Thursday. The stock has a market cap of $119.83 billion, a price-to-earnings ratio of 32.68, a P/E/G ratio of 3.13 and a beta of 0.79. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.66. Automatic Data Processing, Inc. has a 1-year low of $205.53 and a 1-year high of $294.18. The stock’s 50-day moving average is $280.80 and its 200 day moving average is $259.38.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings data on Wednesday, July 31st. The business services provider reported $2.09 earnings per share for the quarter, beating analysts’ consensus estimates of $2.06 by $0.03. The company had revenue of $4.80 billion for the quarter, compared to analysts’ expectations of $4.74 billion. Automatic Data Processing had a return on equity of 89.20% and a net margin of 19.54%. Automatic Data Processing’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period last year, the firm posted $1.89 EPS. On average, sell-side analysts anticipate that Automatic Data Processing, Inc. will post 10.04 EPS for the current fiscal year.

Automatic Data Processing Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were issued a dividend of $1.40 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 1.91%. 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.