Redmond Asset Management LLC Makes New Investment in Automatic Data Processing, Inc. (NASDAQ:ADP)

Redmond Asset Management LLC purchased a new stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) in the fourth quarter, according to its most recent 13F filing with the SEC. The fund purchased 10,853 shares of the business services provider’s stock, valued at approximately $3,177,000.

Several other institutional investors have also recently made changes to their positions in the company. State Street Corp grew its position in Automatic Data Processing by 2.4% during the third quarter. State Street Corp now owns 18,334,580 shares of the business services provider’s stock worth $5,098,541,000 after buying an additional 424,328 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Automatic Data Processing by 2.8% during the 3rd quarter. Geode Capital Management LLC now owns 10,517,642 shares of the business services provider’s stock valued at $2,906,257,000 after acquiring an additional 286,080 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Automatic Data Processing by 1.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,238,526 shares of the business services provider’s stock worth $896,197,000 after purchasing an additional 41,709 shares in the last quarter. Accredited Investors Inc. increased its position in shares of Automatic Data Processing by 4,431.5% in 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 last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Automatic Data Processing by 0.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,252,807 shares of the business services provider’s stock valued at $623,419,000 after purchasing an additional 17,717 shares in the last quarter. Institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Trading Down 0.4 %

Shares of ADP stock opened at $310.76 on Friday. The business has a 50-day moving average of $298.72 and a 200 day moving average of $290.11. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.00 and a quick ratio of 1.00. Automatic Data Processing, Inc. has a 1-year low of $231.27 and a 1-year high of $313.72. The stock has a market capitalization of $126.62 billion, a PE ratio of 32.40, a P/E/G ratio of 3.65 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings data on Wednesday, January 29th. The business services provider reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates 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, sell-side analysts anticipate that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.

Automatic Data Processing Dividend Announcement

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. This represents a $6.16 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date of this dividend is Friday, March 14th. Automatic Data Processing’s dividend payout ratio (DPR) is presently 64.23%.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Jefferies Financial Group boosted their price target on shares of Automatic Data Processing from $290.00 to $305.00 and gave the stock a “hold” rating in a research note on Thursday, January 30th. TD Cowen upped their target price on shares of Automatic Data Processing from $276.00 to $285.00 and gave the stock a “hold” rating in a research report on Friday, November 1st. Royal Bank of Canada restated a “sector perform” rating and set a $315.00 price target on shares of Automatic Data Processing in a research report on Thursday, January 30th. Barclays upped their price objective on Automatic Data Processing from $325.00 to $350.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Finally, Mizuho raised their price objective on Automatic Data Processing from $281.00 to $310.00 and gave the company an “outperform” rating in a report on Monday, November 4th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $293.55.

Insider Buying and Selling at Automatic Data Processing

In other Automatic Data Processing news, VP Brian L. Michaud sold 362 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $293.83, for a total transaction of $106,366.46. Following the transaction, the vice president now directly owns 13,706 shares of the company’s stock, valued at approximately $4,027,233.98. The trade was a 2.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Maria Black sold 721 shares of the firm’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $291.59, for a total transaction of $210,236.39. Following the completion of the sale, the chief executive officer now owns 68,856 shares of the company’s stock, valued at $20,077,721.04. This trade represents a 1.04 % decrease in their ownership of the stock. 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. 0.21% of the stock is currently owned by company insiders.

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.