Automatic Data Processing, Inc. (NASDAQ:ADP) Stake Lifted by Biltmore Family Office LLC

Biltmore Family Office LLC increased its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 8.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,553 shares of the business services provider’s stock after buying an additional 1,020 shares during the quarter. Biltmore Family Office LLC’s holdings in Automatic Data Processing were worth $3,254,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in ADP. Schmidt P J Investment Management Inc. increased its holdings in shares of Automatic Data Processing by 0.4% during the 2nd quarter. Schmidt P J Investment Management Inc. now owns 9,645 shares of the business services provider’s stock valued at $2,302,000 after acquiring an additional 40 shares during the last quarter. Confluence Wealth Services Inc. grew its holdings in Automatic Data Processing by 5.0% in the 2nd quarter. Confluence Wealth Services Inc. now owns 863 shares of the business services provider’s stock valued at $206,000 after buying an additional 41 shares during the last quarter. Bedel Financial Consulting Inc. grew its holdings in Automatic Data Processing by 0.8% in the 4th quarter. Bedel Financial Consulting Inc. now owns 5,254 shares of the business services provider’s stock valued at $1,224,000 after buying an additional 42 shares during the last quarter. Prestige Wealth Management Group LLC grew its holdings in Automatic Data Processing by 0.8% in the 1st quarter. Prestige Wealth Management Group LLC now owns 5,581 shares of the business services provider’s stock valued at $1,402,000 after buying an additional 43 shares during the last quarter. Finally, Patron Partners LLC grew its holdings in Automatic Data Processing by 1.6% in the 1st quarter. Patron Partners LLC now owns 2,733 shares of the business services provider’s stock valued at $683,000 after buying an additional 44 shares during the last quarter. 80.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Automatic Data Processing

In other news, Director Carlos A. Rodriguez sold 9,203 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $269.45, for a total transaction of $2,479,748.35. Following the completion of the sale, the director now owns 36,741 shares of the company’s stock, valued at $9,899,862.45. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, VP Don Mcguire sold 3,179 shares of Automatic Data Processing stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $274.38, for a total value of $872,254.02. Following the completion of the transaction, the vice president now directly owns 41,696 shares of the company’s stock, valued at $11,440,548.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Carlos A. Rodriguez sold 9,203 shares of the company’s stock in a transaction dated 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 transaction, the director now owns 36,741 shares in the company, valued at approximately $9,899,862.45. The disclosure for this sale can be found here. Insiders have sold a total of 58,817 shares of company stock worth $15,999,208 over the last ninety days. Corporate insiders own 0.26% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Barclays raised their target price on Automatic Data Processing from $282.00 to $310.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Bank of America raised their target price on Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. StockNews.com raised Automatic Data Processing from a “hold” rating to a “buy” rating in a report on Monday. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $267.00 target price on shares of Automatic Data Processing in a report on Thursday, August 1st. Finally, JPMorgan Chase & Co. raised their price objective on Automatic Data Processing from $250.00 to $285.00 and gave the stock an “underweight” rating in a research report on Tuesday, August 20th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $265.36.

Automatic Data Processing Price Performance

Shares of NASDAQ:ADP opened at $279.26 on Wednesday. Automatic Data Processing, Inc. has a 1-year low of $205.53 and a 1-year high of $279.58. The firm has a market capitalization of $113.88 billion, a PE ratio of 31.17, a PEG ratio of 2.93 and a beta of 0.79. The business’s 50 day moving average is $258.04 and its 200-day moving average is $249.99. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.66.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings data on Wednesday, July 31st. The business services provider reported $2.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.06 by $0.03. Automatic Data Processing had a return on equity of 89.20% and a net margin of 19.54%. The firm had revenue of $4.80 billion during the quarter, compared to analyst estimates of $4.74 billion. During the same period in the prior year, the company posted $1.89 earnings per share. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. Sell-side analysts predict that Automatic Data Processing, Inc. will post 10.04 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, October 1st. Investors of record on Friday, September 13th will be issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 2.01%. The ex-dividend date is Friday, September 13th. Automatic Data Processing’s dividend payout ratio is currently 62.50%.

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.