Precedent Wealth Partners LLC Buys 36 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Precedent Wealth Partners LLC raised its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 0.7% during the fourth quarter, Holdings Channel reports. The institutional investor owned 5,009 shares of the business services provider’s stock after buying an additional 36 shares during the quarter. Precedent Wealth Partners LLC’s holdings in Automatic Data Processing were worth $1,466,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Public Sector Pension Investment Board grew its position in shares of Automatic Data Processing by 71.0% during the 2nd quarter. Public Sector Pension Investment Board now owns 15,514 shares of the business services provider’s stock worth $3,703,000 after buying an additional 6,439 shares during the period. MBB Public Markets I LLC grew its holdings in Automatic Data Processing by 2,844.7% during the 2nd quarter. MBB Public Markets I LLC now owns 29,005 shares of the business services provider’s stock worth $6,923,000 after acquiring an additional 28,020 shares during the period. Texas Capital Bank Wealth Management Services Inc raised its position in shares of Automatic Data Processing by 4.3% during the 2nd quarter. Texas Capital Bank Wealth Management Services Inc now owns 1,895 shares of the business services provider’s stock valued at $452,000 after acquiring an additional 78 shares during the last quarter. Kathmere Capital Management LLC raised its position in shares of Automatic Data Processing by 35.7% during the 2nd quarter. Kathmere Capital Management LLC now owns 4,584 shares of the business services provider’s stock valued at $1,094,000 after acquiring an additional 1,205 shares during the last quarter. Finally, Ascent Group LLC boosted its position in shares of Automatic Data Processing by 11.3% in the 2nd quarter. Ascent Group LLC now owns 14,870 shares of the business services provider’s stock worth $3,549,000 after purchasing an additional 1,512 shares during the last quarter. 80.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ADP has been the subject of a number of recent analyst reports. StockNews.com upgraded Automatic Data Processing from a “hold” rating to a “buy” rating in a report on Sunday, January 19th. UBS Group upped their price target on Automatic Data Processing from $270.00 to $295.00 and gave the company a “neutral” rating in a research note on Tuesday, October 22nd. Jefferies Financial Group lifted 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 note on Tuesday, October 22nd. Mizuho upped their target price on shares of Automatic Data Processing from $281.00 to $310.00 and gave the company an “outperform” rating in a research note on Monday, November 4th. Finally, Barclays increased their target price on shares of Automatic Data Processing from $310.00 to $325.00 and gave the stock an “overweight” rating in a report on Monday, November 4th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $289.91.

Insider Transactions at Automatic Data Processing

In other Automatic Data Processing news, VP Brian L. Michaud sold 362 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $293.83, for a total value of $106,366.46. Following the completion of the transaction, the vice president now directly owns 13,706 shares in the company, valued at $4,027,233.98. This trade represents a 2.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP David Foskett sold 1,067 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $286.15, for a total value of $305,322.05. Following the transaction, the vice president now directly owns 6,140 shares in the company, valued at $1,756,961. This trade represents a 14.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 42,129 shares of company stock valued at $12,604,872 over the last 90 days. 0.21% of the stock is owned by corporate insiders.

Automatic Data Processing Trading Up 0.4 %

ADP opened at $297.10 on Friday. The firm’s fifty day simple moving average is $297.13 and its 200 day simple moving average is $282.10. The stock has a market capitalization of $121.06 billion, a P/E ratio of 31.71, a P/E/G ratio of 3.45 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 0.56. Automatic Data Processing, Inc. has a 12 month low of $231.27 and a 12 month high of $309.63.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings data on Wednesday, October 30th. The business services provider reported $2.33 earnings per share for the quarter, topping the consensus estimate 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 company 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 firm earned $2.08 earnings per share. Automatic Data Processing’s revenue for the quarter was up 7.1% compared to the same quarter last year. As a group, research analysts anticipate that Automatic Data Processing, Inc. will post 9.94 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a $1.54 dividend. The ex-dividend date is Friday, March 14th. This represents a $6.16 dividend on an annualized basis and a dividend yield of 2.07%. Automatic Data Processing’s dividend payout ratio (DPR) is presently 65.74%.

Automatic Data Processing 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.