Valley Wealth Managers Inc. Has $433,000 Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Valley Wealth Managers Inc. raised its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 22.5% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,563 shares of the business services provider’s stock after buying an additional 287 shares during the period. Valley Wealth Managers Inc.’s holdings in Automatic Data Processing were worth $433,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Accredited Investors Inc. boosted its position in Automatic Data Processing by 4,431.5% during the third quarter. Accredited Investors Inc. now owns 2,315,295 shares of the business services provider’s stock worth $640,712,000 after purchasing an additional 2,264,202 shares during the period. BlueSpruce Investments LP acquired a new position in Automatic Data Processing in the 1st quarter valued at about $365,757,000. International Assets Investment Management LLC raised its holdings in Automatic Data Processing by 28,478.6% in the 3rd quarter. International Assets Investment Management LLC now owns 1,194,587 shares of the business services provider’s stock valued at $3,305,780,000 after acquiring an additional 1,190,407 shares during the period. Jacobs Levy Equity Management Inc. lifted its position in Automatic Data Processing by 238.1% during the first quarter. Jacobs Levy Equity Management Inc. now owns 784,003 shares of the business services provider’s stock worth $195,797,000 after acquiring an additional 552,096 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its holdings in shares of Automatic Data Processing by 242.4% during the second quarter. Mackenzie Financial Corp now owns 644,135 shares of the business services provider’s stock worth $153,749,000 after acquiring an additional 456,027 shares during the period. 80.03% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Automatic Data Processing news, VP Sreenivasa Kutam sold 38,975 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $300.00, for a total transaction of $11,692,500.00. Following the completion of the sale, the vice president now owns 32,604 shares of the company’s stock, valued at approximately $9,781,200. This represents a 54.45 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Carlos A. Rodriguez sold 9,203 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $269.45, for a total transaction of $2,479,748.35. Following the completion of the transaction, the director now owns 36,741 shares in the company, valued at $9,899,862.45. This trade represents a 20.03 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 97,792 shares of company stock valued at $27,691,708. 0.21% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on ADP. Jefferies Financial Group increased their target price on Automatic Data Processing from $260.00 to $290.00 and gave the stock a “hold” rating in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. upped their price target on shares of Automatic Data Processing from $250.00 to $285.00 and gave the company an “underweight” rating in a research note on Tuesday, August 20th. Bank of America lifted their price objective on shares of Automatic Data Processing from $250.00 to $267.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. Stifel Nicolaus raised their target price on shares of Automatic Data Processing from $271.00 to $287.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Finally, TD Cowen raised their price objective on Automatic Data Processing from $276.00 to $285.00 and gave the stock a “hold” rating in a research note on Friday, November 1st. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $289.91.

Automatic Data Processing Trading Down 1.4 %

Shares of Automatic Data Processing stock opened at $297.64 on Friday. The firm’s 50 day moving average is $287.23 and its 200 day moving average is $263.87. The firm has a market capitalization of $121.28 billion, a PE ratio of 31.77, a price-to-earnings-growth ratio of 3.58 and a beta of 0.79. Automatic Data Processing, Inc. has a 1 year low of $227.12 and a 1 year high of $309.37. 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 (NASDAQ:ADP) last posted its earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $4.77 billion. During the same quarter 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. Equities research analysts forecast that Automatic Data Processing, Inc. will post 9.94 earnings per share for the current fiscal year.

Automatic Data Processing Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be given a $1.54 dividend. The ex-dividend date of this dividend is Friday, December 13th. This is an increase from Automatic Data Processing’s previous quarterly dividend of $1.40. This represents a $6.16 annualized dividend and a yield of 2.07%. Automatic Data Processing’s dividend payout ratio (DPR) is currently 59.77%.

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.