Cassaday & Co Wealth Management LLC Grows Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Cassaday & Co Wealth Management LLC lifted its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 23.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,125 shares of the business services provider’s stock after purchasing an additional 216 shares during the period. Cassaday & Co Wealth Management LLC’s holdings in Automatic Data Processing were worth $262,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Norges Bank acquired a new stake in Automatic Data Processing in the fourth quarter valued at $308,321,000. International Assets Investment Management LLC raised its stake in Automatic Data Processing by 22,539.4% in the fourth quarter. International Assets Investment Management LLC now owns 934,326 shares of the business services provider’s stock valued at $217,670,000 after buying an additional 930,199 shares in the last quarter. Invesco Ltd. raised its stake in Automatic Data Processing by 40.7% in the third quarter. Invesco Ltd. now owns 3,128,701 shares of the business services provider’s stock valued at $752,703,000 after buying an additional 905,043 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in Automatic Data Processing by 65.5% in the third quarter. Envestnet Asset Management Inc. now owns 1,402,511 shares of the business services provider’s stock valued at $337,416,000 after buying an additional 555,184 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its stake in Automatic Data Processing by 18.3% in the third quarter. Ameriprise Financial Inc. now owns 3,576,575 shares of the business services provider’s stock valued at $855,287,000 after buying an additional 553,946 shares in the last quarter. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Automatic Data Processing Stock Up 0.8 %

ADP stock traded up $1.94 during midday trading on Wednesday, reaching $254.08. The company had a trading volume of 285,651 shares, compared to its average volume of 1,689,303. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.65. Automatic Data Processing, Inc. has a 1 year low of $205.53 and a 1 year high of $256.84. The company has a 50 day moving average of $245.68 and a two-hundred day moving average of $240.81. The company has a market capitalization of $103.99 billion, a P/E ratio of 28.14, a PEG ratio of 2.39 and a beta of 0.78.

Automatic Data Processing (NASDAQ:ADP) last released its earnings results on Wednesday, May 1st. The business services provider reported $2.88 earnings per share for the quarter, topping analysts’ consensus estimates of $2.79 by $0.09. The firm had revenue of $5.30 billion during the quarter, compared to analyst estimates of $5.22 billion. Automatic Data Processing had a net margin of 19.56% and a return on equity of 93.09%. The business’s revenue was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.52 EPS. On average, equities research analysts expect that Automatic Data Processing, Inc. will post 9.16 earnings per share for the current fiscal year.

Automatic Data Processing Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a dividend of $1.40 per share. The ex-dividend date is Friday, June 14th. This represents a $5.60 annualized dividend and a dividend yield of 2.20%. Automatic Data Processing’s payout ratio is 62.50%.

Wall Street Analyst Weigh In

ADP has been the topic of several recent research reports. Evercore ISI boosted their price target on Automatic Data Processing from $227.00 to $235.00 and gave the company an “underperform” rating in a research report on Tuesday, March 26th. Mizuho boosted their price target on Automatic Data Processing from $265.00 to $272.00 and gave the stock a “buy” rating in a research note on Monday, March 11th. StockNews.com lowered Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Tuesday, March 19th. TD Cowen reduced their target price on Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating on the stock in a research note on Thursday, May 2nd. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $267.00 price target on shares of Automatic Data Processing in a report on Thursday, February 1st. Two equities research 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’s stock. According to MarketBeat.com, Automatic Data Processing presently has an average rating of “Hold” and an average target price of $255.42.

Insider Transactions at Automatic Data Processing

In other news, VP Sreenivasa Kutam sold 694 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $249.43, for a total transaction of $173,104.42. Following the transaction, the vice president now owns 20,687 shares in the company, valued at approximately $5,159,958.41. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, VP Sreenivasa Kutam sold 694 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $249.43, for a total value of $173,104.42. Following the sale, the vice president now owns 20,687 shares of the company’s stock, valued at $5,159,958.41. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Joseph Desilva sold 1,904 shares of the company’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $255.00, for a total transaction of $485,520.00. Following the completion of the sale, the vice president now directly owns 17,179 shares in the company, valued at approximately $4,380,645. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,966 shares of company stock worth $749,524. 0.26% 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.