Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Purchased by Public Sector Pension Investment Board

Public Sector Pension Investment Board raised its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 12.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 17,514 shares of the business services provider’s stock after acquiring an additional 2,000 shares during the quarter. Public Sector Pension Investment Board’s holdings in Automatic Data Processing were worth $4,847,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Kiely Wealth Advisory Group Inc. acquired a new stake in Automatic Data Processing in the second quarter valued at approximately $27,000. Hexagon Capital Partners LLC grew its stake in Automatic Data Processing by 78.5% in the 3rd quarter. Hexagon Capital Partners LLC now owns 116 shares of the business services provider’s stock valued at $32,000 after acquiring an additional 51 shares during the period. Capital Performance Advisors LLP acquired a new stake in Automatic Data Processing in the 3rd quarter valued at $35,000. MFA Wealth Advisors LLC acquired a new position in Automatic Data Processing during the second quarter worth $40,000. Finally, New Millennium Group LLC acquired a new stake in shares of Automatic Data Processing in the second quarter valued at about $40,000. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Trading Up 0.0 %

Shares of ADP stock opened at $306.93 on Monday. Automatic Data Processing, Inc. has a 1-year low of $227.12 and a 1-year high of $309.63. The firm has a market cap of $125.06 billion, a PE ratio of 32.76, a price-to-earnings-growth ratio of 3.57 and a beta of 0.79. The company has a 50-day moving average of $292.45 and a two-hundred day moving average of $268.30. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.01 and a quick ratio of 1.01.

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, 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 the consensus estimate of $4.77 billion. During the same quarter last year, the firm earned $2.08 EPS. The firm’s revenue for the quarter was up 7.1% on a year-over-year basis. On average, analysts predict that Automatic Data Processing, Inc. will post 9.93 EPS for the current 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. 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 2.01%. The ex-dividend date of this dividend is Friday, December 13th. Automatic Data Processing’s payout ratio is currently 59.77%.

Insiders Place Their Bets

In other Automatic Data Processing news, VP Sreenivasa Kutam sold 38,975 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $300.00, for a total value of $11,692,500.00. Following the sale, the vice president now owns 32,604 shares of the company’s stock, valued at $9,781,200. This trade represents a 54.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Carlos A. Rodriguez sold 9,203 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $269.45, for a total value of $2,479,748.35. Following the transaction, the director now directly owns 36,741 shares of the company’s stock, valued at approximately $9,899,862.45. This represents a 20.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 70,504 shares of company stock worth $20,298,056 over the last three months. Company insiders own 0.21% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on ADP shares. Citigroup upped their price target on shares of Automatic Data Processing from $260.00 to $295.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 25th. Royal Bank of Canada raised their target price on Automatic Data Processing from $267.00 to $315.00 and gave the company a “sector perform” rating in a research report on Thursday, October 31st. StockNews.com downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Thursday, September 19th. JPMorgan Chase & Co. lifted their target price on shares of Automatic Data Processing from $250.00 to $285.00 and gave the stock an “underweight” rating in a research note on Tuesday, August 20th. Finally, Jefferies Financial Group increased their target price on shares of Automatic Data Processing from $260.00 to $290.00 and gave the company a “hold” rating in a research report on Tuesday, October 22nd. Two equities 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. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $289.91.

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.