Spire Wealth Management Increases Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Spire Wealth Management increased its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 650.5% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 26,785 shares of the business services provider’s stock after buying an additional 23,216 shares during the period. Spire Wealth Management’s holdings in Automatic Data Processing were worth $6,381,000 as of its most recent filing with the SEC.

Other institutional investors also recently added to or reduced their stakes in the company. OFI Invest Asset Management purchased a new position in Automatic Data Processing during the third quarter valued at approximately $25,000. Fortitude Family Office LLC purchased a new position in Automatic Data Processing during the fourth quarter valued at approximately $35,000. Evolution Advisers Inc. purchased a new position in Automatic Data Processing during the fourth quarter valued at approximately $41,000. Raleigh Capital Management Inc. grew its stake in Automatic Data Processing by 106.0% in the 3rd quarter. Raleigh Capital Management Inc. now owns 173 shares of the business services provider’s stock worth $42,000 after buying an additional 89 shares in the last quarter. Finally, Bfsg LLC purchased a new position in Automatic Data Processing in the 4th quarter worth approximately $42,000. Institutional investors own 80.03% of the company’s stock.

Insider Buying and Selling

In related news, VP David Kwon sold 863 shares of the stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $250.00, for a total value of $215,750.00. Following the completion of the transaction, the vice president now directly owns 8,285 shares in the company, valued at approximately $2,071,250. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, VP David Kwon sold 863 shares of the stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $250.00, for a total transaction of $215,750.00. Following the sale, the vice president now directly owns 8,285 shares of the company’s stock, valued at approximately $2,071,250. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Joseph Desilva sold 1,904 shares of the 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 sale, the vice president now directly owns 17,179 shares in the company, valued at $4,380,645. The disclosure for this sale can be found here. Insiders sold a total of 3,829 shares of company stock worth $965,274 in the last three months. 0.26% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

ADP has been the subject of a number of research reports. Barclays boosted their price target on shares of Automatic Data Processing from $280.00 to $282.00 and gave the stock an “overweight” rating in a research note on Thursday. JPMorgan Chase & Co. cut their price objective on shares of Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating for the company in a research note on Thursday. Mizuho upped their price objective on shares of Automatic Data Processing from $265.00 to $272.00 and gave the company a “buy” rating in a research note on Monday, March 11th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $267.00 price objective on shares of Automatic Data Processing in a research note on Thursday, February 1st. Finally, StockNews.com lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Tuesday, March 19th. Two 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $255.42.

Automatic Data Processing Trading Up 0.4 %

NASDAQ ADP traded up $0.85 during trading on Monday, hitting $242.74. The company had a trading volume of 1,108,720 shares, compared to its average volume of 1,788,093. 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 one year low of $205.53 and a one year high of $256.84. The company has a market cap of $99.35 billion, a price-to-earnings ratio of 27.00, a price-to-earnings-growth ratio of 2.30 and a beta of 0.78. The company’s fifty day moving average is $245.63 and its 200-day moving average is $238.95.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, May 1st. The business services provider reported $2.88 EPS for the quarter, topping the consensus estimate of $2.79 by $0.09. The business 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 company’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the prior year, the business earned $2.52 EPS. On average, sell-side analysts predict that Automatic Data Processing, Inc. will post 9.15 earnings per share for the current year.

Automatic Data Processing Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a $1.40 dividend. The ex-dividend date is Friday, June 14th. This represents a $5.60 annualized dividend and a dividend yield of 2.31%. Automatic Data Processing’s payout ratio is 62.50%.

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.