Connecticut Wealth Management LLC Increases Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Connecticut Wealth Management LLC lifted its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 11.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 7,721 shares of the business services provider’s stock after acquiring an additional 816 shares during the quarter. Connecticut Wealth Management LLC’s holdings in Automatic Data Processing were worth $2,260,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the company. City National Bank of Florida MSD acquired a new position in Automatic Data Processing in the fourth quarter valued at approximately $231,000. Cornerstone Advisory LLC boosted its stake in Automatic Data Processing by 9.4% in the fourth quarter. Cornerstone Advisory LLC now owns 2,642 shares of the business services provider’s stock valued at $814,000 after acquiring an additional 226 shares during the period. Pinkerton Retirement Specialists LLC boosted its stake in Automatic Data Processing by 1.0% in the fourth quarter. Pinkerton Retirement Specialists LLC now owns 16,538 shares of the business services provider’s stock valued at $4,841,000 after acquiring an additional 157 shares during the period. Orion Capital Management LLC acquired a new position in Automatic Data Processing in the fourth quarter valued at approximately $73,000. Finally, McIlrath & Eck LLC boosted its position in shares of Automatic Data Processing by 14.4% during the fourth quarter. McIlrath & Eck LLC now owns 445 shares of the business services provider’s stock worth $130,000 after buying an additional 56 shares during the period. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on ADP shares. UBS Group boosted their price objective on Automatic Data Processing from $318.00 to $324.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 4th. Barclays upped their price target on Automatic Data Processing from $325.00 to $350.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. TD Securities upped their price target on Automatic Data Processing from $298.00 to $321.00 and gave the company a “hold” rating in a report on Wednesday. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $315.00 price target on shares of Automatic Data Processing in a report on Thursday, May 1st. Finally, StockNews.com cut Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Automatic Data Processing has a consensus rating of “Hold” and an average target price of $305.64.

Automatic Data Processing Trading Down 0.1%

Shares of NASDAQ:ADP opened at $322.63 on Thursday. The stock has a market capitalization of $130.96 billion, a PE ratio of 33.64, a P/E/G ratio of 3.62 and a beta of 0.76. Automatic Data Processing, Inc. has a 1 year low of $231.27 and a 1 year high of $323.66. The firm has a fifty day moving average price of $300.13 and a 200 day moving average price of $300.69. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.59.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, April 30th. The business services provider reported $3.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.97 by $0.09. The firm had revenue of $5.55 billion during the quarter, compared to analysts’ expectations of $5.49 billion. Automatic Data Processing had a net margin of 19.76% and a return on equity of 80.86%. Automatic Data Processing’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same period in the prior year, the company posted $2.88 earnings per share. Analysts expect that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a dividend of $1.54 per share. This represents a $6.16 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date is Friday, June 13th. Automatic Data Processing’s dividend payout ratio is 63.05%.

Insiders Place Their Bets

In other Automatic Data Processing news, VP Christopher D’ambrosio sold 473 shares of the business’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $306.20, for a total transaction of $144,832.60. Following the completion of the transaction, the vice president now owns 7,244 shares of the company’s stock, valued at $2,218,112.80. The trade was a 6.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Brian L. Michaud sold 1,500 shares of the business’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $305.38, for a total transaction of $458,070.00. Following the transaction, the vice president now directly owns 12,073 shares of the company’s stock, valued at approximately $3,686,852.74. This represents a 11.05% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,451 shares of company stock valued at $743,024 in the last quarter. Insiders own 0.21% of the company’s stock.

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.