Investment Management Corp of Ontario Purchases 4,500 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Investment Management Corp of Ontario increased its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 49.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,604 shares of the business services provider’s stock after acquiring an additional 4,500 shares during the period. Investment Management Corp of Ontario’s holdings in Automatic Data Processing were worth $3,765,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Itau Unibanco Holding S.A. purchased a new stake in Automatic Data Processing during the third quarter valued at approximately $26,000. Kiely Wealth Advisory Group Inc. purchased a new position in Automatic Data Processing during the second quarter valued at $27,000. Hexagon Capital Partners LLC grew its holdings in Automatic Data Processing by 78.5% during the third 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 purchased a new stake in Automatic Data Processing in the third quarter worth about $35,000. Finally, MFA Wealth Advisors LLC bought a new position in shares of Automatic Data Processing in the second quarter worth about $40,000. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. StockNews.com lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Thursday, September 19th. TD Cowen raised their price objective on shares of Automatic Data Processing from $276.00 to $285.00 and gave the company a “hold” rating in a research report on Friday, November 1st. Citigroup upped their target price on shares of Automatic Data Processing from $260.00 to $295.00 and gave the stock a “neutral” rating in a report on Wednesday, September 25th. UBS Group raised their price target on Automatic Data Processing from $270.00 to $295.00 and gave the company a “neutral” rating in a report on Tuesday, October 22nd. Finally, Barclays upped their price objective on Automatic Data Processing from $310.00 to $325.00 and gave the stock an “overweight” rating in a research note on Monday, November 4th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Automatic Data Processing currently has an average rating of “Hold” and a consensus price target of $289.91.

Insider Buying and Selling

In related news, Director Carlos A. Rodriguez sold 9,203 shares of the company’s stock in a transaction dated 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 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Sreenivasa Kutam sold 38,975 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $300.00, for a total transaction of $11,692,500.00. Following the completion of the sale, the vice president now directly owns 32,604 shares of the company’s stock, valued at approximately $9,781,200. The trade was a 54.45 % decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by company insiders.

Automatic Data Processing Trading Down 0.8 %

Shares of ADP stock opened at $303.57 on Wednesday. The stock’s 50-day moving average price is $293.56 and its 200-day moving average price is $269.06. Automatic Data Processing, Inc. has a 12-month low of $227.12 and a 12-month high of $309.63. The stock has a market capitalization of $123.69 billion, a price-to-earnings ratio of 32.40, a price-to-earnings-growth ratio of 3.56 and a beta of 0.79. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.56.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, October 30th. The business services provider reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts’ expectations of $4.77 billion. During the same period in the prior year, the firm earned $2.08 EPS. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. Equities research analysts predict that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Investors 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 is Friday, December 13th. This represents a $6.16 dividend on an annualized basis and a dividend yield of 2.03%. Automatic Data Processing’s dividend payout ratio (DPR) is presently 59.77%.

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.