Concord Asset Management LLC VA Grows Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Concord Asset Management LLC VA boosted its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 14.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,782 shares of the business services provider’s stock after acquiring an additional 967 shares during the quarter. Concord Asset Management LLC VA’s holdings in Automatic Data Processing were worth $2,153,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the company. Accredited Investors Inc. raised its holdings in shares of Automatic Data Processing by 4,431.5% in the 3rd quarter. Accredited Investors Inc. now owns 2,315,295 shares of the business services provider’s stock valued at $640,712,000 after purchasing an additional 2,264,202 shares in the last quarter. BlueSpruce Investments LP purchased a new position in Automatic Data Processing in the first quarter valued at $365,757,000. International Assets Investment Management LLC raised its stake in Automatic Data Processing by 28,478.6% in the third quarter. International Assets Investment Management LLC now owns 1,194,587 shares of the business services provider’s stock valued at $3,305,780,000 after buying an additional 1,190,407 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in Automatic Data Processing by 238.1% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 784,003 shares of the business services provider’s stock worth $195,797,000 after buying an additional 552,096 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its position in shares of Automatic Data Processing by 242.4% during the 2nd quarter. Mackenzie Financial Corp now owns 644,135 shares of the business services provider’s stock worth $153,749,000 after acquiring an additional 456,027 shares in the last quarter. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Analyst Ratings Changes

ADP has been the topic of several research analyst reports. Jefferies Financial Group raised their target price on Automatic Data Processing from $260.00 to $290.00 and gave the stock a “hold” rating in a research report on Tuesday, October 22nd. TD Cowen raised their price objective on shares of Automatic Data Processing from $276.00 to $285.00 and gave the stock a “hold” rating in a report on Friday, November 1st. Royal Bank of Canada boosted their price objective on shares of Automatic Data Processing from $267.00 to $315.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 31st. Bank of America increased their target price on shares of Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. Finally, Barclays upped their price objective on shares of Automatic Data Processing from $310.00 to $325.00 and gave the company an “overweight” rating in a research note on Monday, November 4th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $289.91.

Automatic Data Processing Stock Performance

Shares of ADP stock opened at $297.64 on Friday. The stock’s 50-day moving average price is $287.23 and its 200 day moving average price is $264.02. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.56. The stock has a market capitalization of $121.28 billion, a PE ratio of 31.77, a price-to-earnings-growth ratio of 3.46 and a beta of 0.79. Automatic Data Processing, Inc. has a 52-week low of $227.12 and a 52-week high of $309.37.

Automatic Data Processing (NASDAQ:ADP) last released its earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.21 by $0.12. Automatic Data Processing had a return on equity of 82.36% and a net margin of 19.72%. The business had revenue of $4.83 billion for the quarter, compared to analyst estimates of $4.77 billion. During the same quarter in the previous year, the company posted $2.08 earnings per share. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. As a group, equities research analysts forecast that Automatic Data Processing, Inc. will post 9.94 EPS for the current year.

Automatic Data Processing Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be issued a $1.54 dividend. This is an increase from Automatic Data Processing’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Friday, December 13th. This represents a $6.16 annualized dividend and a dividend yield of 2.07%. Automatic Data Processing’s payout ratio is presently 59.77%.

Insider Transactions at Automatic Data Processing

In other news, VP Sreenivasa Kutam sold 38,975 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $300.00, for a total value of $11,692,500.00. Following the completion of the transaction, the vice president now owns 32,604 shares in the company, valued at $9,781,200. This trade represents a 54.45 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP David Kwon sold 846 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $270.60, for a total transaction of $228,927.60. Following the sale, the vice president now directly owns 10,410 shares in the company, valued at approximately $2,816,946. This represents a 7.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 97,792 shares of company stock worth $27,691,708 over the last ninety days. 0.21% of the stock is currently owned by company insiders.

Automatic Data Processing Company 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.