Automatic Data Processing, Inc. $ADP Shares Purchased by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System grew its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 14.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 24,769 shares of the business services provider’s stock after purchasing an additional 3,199 shares during the period. Maryland State Retirement & Pension System’s holdings in Automatic Data Processing were worth $6,392,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. BlackRock Inc. purchased a new position in Automatic Data Processing during the second quarter valued at approximately $8,097,229,000. Bank of America Corp DE acquired a new position in Automatic Data Processing in the 2nd quarter valued at approximately $1,231,175,000. Deutsche Bank AG purchased a new stake in Automatic Data Processing in the 2nd quarter worth approximately $994,937,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Automatic Data Processing by 3.1% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,251,447 shares of the business services provider’s stock worth $952,112,000 after buying an additional 129,376 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in Automatic Data Processing in the 2nd quarter worth approximately $725,513,000. 80.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ADP has been the subject of a number of research reports. Royal Bank Of Canada reissued a “sector perform” rating and set a $290.00 target price on shares of Automatic Data Processing in a research note on Thursday, October 29th. BMO Capital Markets upped their price target on shares of Automatic Data Processing from $248.00 to $305.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 29th. Weiss Ratings upgraded Automatic Data Processing from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, September 22nd. Morgan Stanley upped their target price on Automatic Data Processing from $286.00 to $288.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 29th. Finally, Stifel Nicolaus raised their price target on Automatic Data Processing from $285.00 to $305.00 and gave the stock a “hold” rating in a research note on Thursday, October 29th. Three analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Automatic Data Processing presently has an average rating of “Hold” and a consensus price target of $285.00.

Automatic Data Processing Trading Up 0.5%

Automatic Data Processing stock opened at $307.92 on Friday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.03 and a current ratio of 1.03. The business’s 50-day simple moving average is $280.85 and its 200-day simple moving average is $242.86. The firm has a market capitalization of $121.55 billion, a PE ratio of 27.30, a PEG ratio of 2.75 and a beta of 0.77. Automatic Data Processing, Inc. has a 52 week low of $188.16 and a 52 week high of $311.89.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings data on Wednesday, October 28th. The business services provider reported $2.82 earnings per share for the quarter, topping the consensus estimate of $2.77 by $0.05. Automatic Data Processing had a return on equity of 77.01% and a net margin of 20.33%. The business had revenue of $5.49 billion during the quarter, compared to analysts’ expectations of $5.48 billion. During the same quarter in the previous year, the firm earned $2.49 EPS. The firm’s revenue was up 6.1% compared to the same quarter last year. Equities research analysts forecast that Automatic Data Processing, Inc. will post 12.38 earnings per share for the current year.

Automatic Data Processing Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 1st. Investors of record on Friday, December 11th will be paid a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 2.5%. The ex-dividend date is Friday, December 11th. This is an increase from Automatic Data Processing’s previous quarterly dividend of $1.70. Automatic Data Processing’s dividend payout ratio is currently 60.28%.

Insider Transactions at Automatic Data Processing

In other news, VP Michael A. Bonarti sold 6,812 shares of the business’s stock in a transaction dated Thursday, November 5th. The shares were sold at an average price of $310.00, for a total transaction of $2,111,720.00. Following the transaction, the vice president owned 81,849 shares in the company, valued at approximately $25,373,190. The trade was a 7.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Joseph Desilva sold 631 shares of the company’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $282.87, for a total transaction of $178,490.97. Following the transaction, the vice president directly owned 18,824 shares of the company’s stock, valued at $5,324,744.88. This represents a 3.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 50,207 shares of company stock worth $14,522,300. 0.15% of the stock is currently owned by insiders.

About Automatic Data Processing

Automatic Data Processing, Inc. (ADP) provides payroll processing and human resources technology and services to businesses of varying sizes. Its offerings include payroll administration, tax filing, benefits administration, workforce management, talent management, and human capital management software. ADP also provides services such as compliance support and professional employer organization solutions, which help businesses manage employment responsibilities. Its products combine software with payroll and HR services to support organizations’ workforce operations.