Icon Wealth Advisors LLC Purchases 711 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Icon Wealth Advisors LLC boosted its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 7.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,828 shares of the business services provider’s stock after buying an additional 711 shares during the period. Icon Wealth Advisors LLC’s holdings in Automatic Data Processing were worth $2,720,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Kiely Wealth Advisory Group Inc. acquired a new position in shares of Automatic Data Processing in the 2nd quarter valued at about $27,000. Hexagon Capital Partners LLC lifted its stake in shares of Automatic Data Processing by 78.5% in the 3rd quarter. Hexagon Capital Partners LLC now owns 116 shares of the business services provider’s stock valued at $32,000 after purchasing an additional 51 shares during the period. Capital Performance Advisors LLP bought a new stake in Automatic Data Processing in the 3rd quarter valued at about $35,000. Pathway Financial Advisers LLC bought a new stake in Automatic Data Processing in the 1st quarter valued at about $36,000. Finally, New Millennium Group LLC bought a new stake in Automatic Data Processing in the 2nd quarter valued at about $40,000. Institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Price Performance

Shares of NASDAQ ADP opened at $306.92 on Friday. Automatic Data Processing, Inc. has a twelve month low of $227.12 and a twelve month high of $309.63. The stock’s 50 day moving average price is $291.84 and its 200-day moving average price is $267.58. The company has a market capitalization of $125.06 billion, a PE ratio of 32.76, a PEG ratio of 3.57 and a beta of 0.79. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.56.

Automatic Data Processing (NASDAQ:ADP) last announced its earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share for the quarter, topping 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 firm had revenue of $4.83 billion for the quarter, compared to the consensus estimate of $4.77 billion. During the same quarter in the previous year, the business earned $2.08 EPS. The company’s revenue was up 7.1% compared to the same quarter last year. On average, equities analysts anticipate that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Automatic Data Processing Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be paid a $1.54 dividend. This is an increase from Automatic Data Processing’s previous quarterly dividend of $1.40. The ex-dividend date is Friday, December 13th. This represents a $6.16 annualized dividend and a yield of 2.01%. Automatic Data Processing’s dividend payout ratio is presently 59.77%.

Analyst Ratings Changes

A number of brokerages recently commented on ADP. JPMorgan Chase & Co. boosted their target price on Automatic Data Processing from $250.00 to $285.00 and gave the company an “underweight” rating in a research report on Tuesday, August 20th. Stifel Nicolaus boosted their target price on Automatic Data Processing from $271.00 to $287.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. Barclays boosted their target price on Automatic Data Processing from $310.00 to $325.00 and gave the company an “overweight” rating in a research report on Monday, November 4th. Citigroup boosted their target price on Automatic Data Processing from $260.00 to $295.00 and gave the company a “neutral” rating in a research report on Wednesday, September 25th. Finally, UBS Group boosted their target price on Automatic Data Processing from $270.00 to $295.00 and gave the company a “neutral” rating in a research report on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $289.91.

Insiders Place Their Bets

In related news, VP Sreenivasa Kutam sold 38,975 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $300.00, for a total value of $11,692,500.00. Following the transaction, the vice president now owns 32,604 shares of the company’s stock, valued at $9,781,200. This represents a 54.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Carlos A. Rodriguez sold 9,203 shares of the stock in a transaction on Friday, September 6th. The shares were sold at an average price of $269.45, for a total value of $2,479,748.35. Following the completion of the transaction, the director now directly owns 36,741 shares in the company, valued at approximately $9,899,862.45. This represents a 20.03 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 70,504 shares of company stock worth $20,298,056 over the last 90 days. Corporate insiders own 0.21% of the company’s stock.

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.