Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Acquired by Icon Wealth Advisors LLC

Icon Wealth Advisors LLC boosted its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 1,159.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 114,846 shares of the business services provider’s stock after buying an additional 105,729 shares during the quarter. Automatic Data Processing makes up approximately 1.2% of Icon Wealth Advisors LLC’s portfolio, making the stock its 13th largest holding. Icon Wealth Advisors LLC’s holdings in Automatic Data Processing were worth $31,781,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of ADP. Kiely Wealth Advisory Group Inc. purchased a new stake in shares of Automatic Data Processing during the second quarter worth $27,000. Hexagon Capital Partners LLC boosted its position in Automatic Data Processing by 78.5% during the third quarter. Hexagon Capital Partners LLC now owns 116 shares of the business services provider’s stock worth $32,000 after acquiring an additional 51 shares during the last quarter. Crewe Advisors LLC purchased a new stake in Automatic Data Processing during the 1st quarter valued at about $33,000. Capital Performance Advisors LLP acquired a new stake in Automatic Data Processing in the 3rd quarter valued at about $35,000. Finally, Pathway Financial Advisers LLC purchased a new position in Automatic Data Processing in the 1st quarter worth approximately $36,000. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Automatic Data Processing news, VP Don Mcguire sold 3,179 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $274.38, for a total transaction of $872,254.02. Following the sale, the vice president now owns 41,696 shares in the company, valued at $11,440,548.48. This represents a 7.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Michael A. Bonarti sold 26,442 shares of Automatic Data Processing stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $270.96, for a total value of $7,164,724.32. Following the completion of the transaction, the vice president now owns 88,426 shares of the company’s stock, valued at $23,959,908.96. The trade was a 23.02 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 96,946 shares of company stock valued at $27,462,781. 0.21% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Barclays increased their price target on Automatic Data Processing from $310.00 to $325.00 and gave the company an “overweight” rating in a report on Monday, November 4th. Jefferies Financial Group lifted their price target on Automatic Data Processing from $260.00 to $290.00 and gave the stock a “hold” rating in a report on Tuesday, October 22nd. Bank of America upped their price objective on shares of Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. UBS Group lifted their target price on shares of Automatic Data Processing from $270.00 to $295.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 22nd. Finally, Citigroup raised their price target on shares of Automatic Data Processing from $260.00 to $295.00 and gave the stock a “neutral” rating in a report on Wednesday, September 25th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Automatic Data Processing currently has a consensus rating of “Hold” and an average target price of $289.91.

Automatic Data Processing Stock Up 2.0 %

Automatic Data Processing stock opened at $304.69 on Friday. The company has a market capitalization of $124.15 billion, a PE ratio of 32.52, a price-to-earnings-growth ratio of 3.46 and a beta of 0.79. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.01 and a current ratio of 1.01. Automatic Data Processing, Inc. has a fifty-two week low of $227.12 and a fifty-two week high of $309.37. The firm has a 50 day moving average price of $288.99 and a 200 day moving average price of $265.44.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, October 30th. The business services provider reported $2.33 earnings per share for the quarter, beating analysts’ consensus estimates of $2.21 by $0.12. Automatic Data Processing had a return on equity of 82.36% and a net margin of 19.72%. The business had revenue of $4.83 billion during the quarter, compared to analysts’ expectations of $4.77 billion. During the same period in the previous year, the firm posted $2.08 earnings per share. The company’s revenue was up 7.1% on a year-over-year basis. Research analysts expect that Automatic Data Processing, Inc. will post 9.94 earnings per share for the current year.

Automatic Data Processing Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be given a dividend of $1.54 per share. This represents a $6.16 annualized dividend and a dividend yield of 2.02%. The ex-dividend date of this dividend is Friday, December 13th. This is a boost from Automatic Data Processing’s previous quarterly dividend of $1.40. Automatic Data Processing’s dividend payout ratio is currently 65.74%.

About Automatic Data Processing

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.