1ST Source Bank Has $8.66 Million Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

1ST Source Bank decreased its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.8% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 31,291 shares of the business services provider’s stock after selling 581 shares during the period. 1ST Source Bank’s holdings in Automatic Data Processing were worth $8,659,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Plato Investment Management Ltd grew its holdings in Automatic Data Processing by 23.8% in the 2nd quarter. Plato Investment Management Ltd now owns 26,610 shares of the business services provider’s stock valued at $6,352,000 after buying an additional 5,114 shares in the last quarter. Moloney Securities Asset Management LLC acquired a new position in shares of Automatic Data Processing in the third quarter valued at about $209,000. RIA Advisory Group LLC bought a new position in Automatic Data Processing during the third quarter worth about $470,000. Nomura Asset Management Co. Ltd. boosted its holdings in Automatic Data Processing by 5.8% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 280,961 shares of the business services provider’s stock valued at $77,750,000 after purchasing an additional 15,340 shares during the period. Finally, Dash Acquisitions Inc. boosted its holdings in Automatic Data Processing by 5.6% in the 3rd quarter. Dash Acquisitions Inc. now owns 52,329 shares of the business services provider’s stock valued at $15,069,000 after purchasing an additional 2,781 shares during the period. 80.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ADP has been the topic of a number of analyst reports. Barclays increased their price target on Automatic Data Processing from $310.00 to $325.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. Jefferies Financial Group upped their price objective on shares of Automatic Data Processing from $260.00 to $290.00 and gave the stock a “hold” rating in a research report on Tuesday, October 22nd. Royal Bank of Canada raised their target price on shares of Automatic Data Processing from $267.00 to $315.00 and gave the company a “sector perform” rating in a report on Thursday, October 31st. JPMorgan Chase & Co. upped their price target on shares of Automatic Data Processing from $250.00 to $285.00 and gave the stock an “underweight” rating in a report on Tuesday, August 20th. Finally, UBS Group increased their price target on shares of Automatic Data Processing from $270.00 to $295.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $289.91.

Insider Transactions at Automatic Data Processing

In related news, VP Sreenivasa Kutam sold 38,975 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $300.00, for a total transaction of $11,692,500.00. Following the sale, the vice president now owns 32,604 shares in the company, valued at $9,781,200. This represents a 54.45 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.21% of the stock is owned by corporate insiders.

Automatic Data Processing Trading Down 0.2 %

Shares of ADP stock traded down $0.47 during mid-day trading on Friday, reaching $296.74. 190,341 shares of the stock traded hands, compared to its average volume of 1,638,403. The stock’s fifty day simple moving average is $296.79 and its two-hundred day simple moving average is $271.23. Automatic Data Processing, Inc. has a 1-year low of $227.12 and a 1-year high of $309.63. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.56. The company has a market cap of $120.91 billion, a price-to-earnings ratio of 31.88, a price-to-earnings-growth ratio of 3.50 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.12. Automatic Data Processing had a net margin of 19.72% and a return on equity of 82.36%. The firm had revenue of $4.83 billion during the quarter, compared to analysts’ expectations of $4.77 billion. During the same period in the prior year, the company posted $2.08 EPS. The company’s revenue was up 7.1% on a year-over-year basis. On average, research analysts anticipate that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be paid a $1.54 dividend. This is a boost from Automatic Data Processing’s previous quarterly dividend of $1.40. The ex-dividend date is Friday, December 13th. This represents a $6.16 annualized dividend and a dividend yield of 2.08%. Automatic Data Processing’s dividend payout ratio is presently 59.77%.

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.