Tyche Wealth Partners LLC Purchases 3,139 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Tyche Wealth Partners LLC increased its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 108.8% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,024 shares of the business services provider’s stock after acquiring an additional 3,139 shares during the period. Tyche Wealth Partners LLC’s holdings in Automatic Data Processing were worth $1,763,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Summit Wealth Partners LLC lifted its holdings in Automatic Data Processing by 8.3% during the 4th quarter. Summit Wealth Partners LLC now owns 2,773 shares of the business services provider’s stock worth $812,000 after buying an additional 212 shares during the period. Choreo LLC lifted its holdings in Automatic Data Processing by 23.1% during the 4th quarter. Choreo LLC now owns 57,312 shares of the business services provider’s stock worth $16,802,000 after buying an additional 10,760 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Automatic Data Processing by 15.1% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 129,233 shares of the business services provider’s stock worth $38,207,000 after buying an additional 17,000 shares during the period. Hager Investment Management Services LLC acquired a new position in Automatic Data Processing during the 4th quarter worth about $69,000. Finally, Stratos Investment Management LLC lifted its holdings in Automatic Data Processing by 13.8% during the 4th quarter. Stratos Investment Management LLC now owns 1,901 shares of the business services provider’s stock worth $557,000 after buying an additional 230 shares during the period. Institutional investors own 80.03% of the company’s stock.

Insiders Place Their Bets

In other 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 transaction, the vice president now 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 hyperlink. Also, CEO Maria Black sold 721 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $291.59, for a total value of $210,236.39. Following the completion of the transaction, the chief executive officer now owns 68,856 shares in the company, valued at $20,077,721.04. This represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,478 shares of company stock worth $1,617,241. Corporate insiders own 0.21% of the company’s stock.

Automatic Data Processing Stock Up 1.1 %

Shares of NASDAQ:ADP opened at $308.15 on Thursday. The business’s 50 day simple moving average is $297.15 and its two-hundred day simple moving average is $285.67. The firm has a market cap of $125.56 billion, a P/E ratio of 32.13, a PEG ratio of 3.52 and a beta of 0.79. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.00 and a current ratio of 1.00. Automatic Data Processing, Inc. has a 52-week low of $231.27 and a 52-week high of $311.67.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings results on Wednesday, January 29th. The business services provider reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.30 by $0.05. Automatic Data Processing had a return on equity of 80.86% and a net margin of 19.76%. As a group, research analysts forecast that Automatic Data Processing, Inc. will post 9.94 EPS for the current fiscal year.

Automatic Data Processing Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a $1.54 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $6.16 annualized dividend and a yield of 2.00%. Automatic Data Processing’s payout ratio is currently 64.23%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ADP. Jefferies Financial Group lifted their target price on Automatic Data Processing from $290.00 to $305.00 and gave the stock a “hold” rating in a report on Thursday, January 30th. TD Cowen lifted their target price on Automatic Data Processing from $276.00 to $285.00 and gave the stock a “hold” rating in a report on Friday, November 1st. StockNews.com downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Wednesday. Royal Bank of Canada reissued a “sector perform” rating and issued a $315.00 price objective on shares of Automatic Data Processing in a research note on Thursday, January 30th. Finally, Mizuho upped their target price on Automatic Data Processing from $281.00 to $310.00 and gave the company an “outperform” rating in a research report on Monday, November 4th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Automatic Data Processing has a consensus rating of “Hold” and an average price target of $293.55.

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.