3,190 Automatic Data Processing, Inc. $ADP Shares Bought by Ritholtz Wealth Management

Ritholtz Wealth Management raised its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 24.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,323 shares of the business services provider’s stock after purchasing an additional 3,190 shares during the quarter. Ritholtz Wealth Management’s holdings in Automatic Data Processing were worth $4,212,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. AMG National Trust Bank increased its holdings in shares of Automatic Data Processing by 0.3% during the 3rd quarter. AMG National Trust Bank now owns 11,660 shares of the business services provider’s stock worth $3,009,000 after buying an additional 35 shares during the last quarter. Thrive Wealth Management LLC raised its position in shares of Automatic Data Processing by 3.5% during the 2nd quarter. Thrive Wealth Management LLC now owns 1,085 shares of the business services provider’s stock valued at $243,000 after buying an additional 37 shares during the period. Aviance Capital Partners LLC lifted its holdings in Automatic Data Processing by 0.4% in the third quarter. Aviance Capital Partners LLC now owns 9,298 shares of the business services provider’s stock valued at $2,399,000 after acquiring an additional 37 shares during the last quarter. Tanager Wealth Management LLP lifted its holdings in Automatic Data Processing by 4.1% in the third quarter. Tanager Wealth Management LLP now owns 971 shares of the business services provider’s stock valued at $251,000 after acquiring an additional 38 shares during the last quarter. Finally, AMI Investment Management Inc. lifted its holdings in Automatic Data Processing by 3.6% in the third quarter. AMI Investment Management Inc. now owns 1,140 shares of the business services provider’s stock valued at $294,000 after acquiring an additional 40 shares during the last quarter. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Insider Buying and Selling

In other news, VP Michael A. Bonarti sold 6,812 shares of the firm’s stock in a transaction on Thursday, November 5th. The stock was sold at an average price of $310.00, for a total transaction of $2,111,720.00. Following the completion of the transaction, the vice president directly owned 81,849 shares in the company, valued at $25,373,190. This trade represents a 7.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Joseph Desilva sold 631 shares of Automatic Data Processing stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $282.87, for a total value of $178,490.97. Following the completion of the sale, the vice president directly owned 18,824 shares of the company’s stock, valued at $5,324,744.88. The trade was a 3.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 50,207 shares of company stock valued at $14,522,300 over the last quarter. 0.15% of the stock is owned by corporate insiders.

Automatic Data Processing Price Performance

Automatic Data Processing stock opened at $307.92 on Friday. The company’s 50 day simple moving average is $280.85 and its 200-day simple moving average is $242.86. The company has a market capitalization of $121.55 billion, a price-to-earnings ratio of 27.30, a price-to-earnings-growth ratio of 2.75 and a beta of 0.77. Automatic Data Processing, Inc. has a 1 year low of $188.16 and a 1 year high of $311.89. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.03 and a current ratio of 1.03.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, October 28th. The business services provider reported $2.82 EPS for the quarter, topping the consensus estimate of $2.77 by $0.05. The firm had revenue of $5.49 billion for the quarter, compared to analyst estimates of $5.48 billion. Automatic Data Processing had a net margin of 20.33% and a return on equity of 77.01%. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period in the prior year, the business posted $2.49 EPS. As a group, equities research analysts expect that Automatic Data Processing, Inc. will post 12.38 earnings per share for the current year.

Automatic Data Processing Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 1st. Shareholders of record on Friday, December 11th will be given a $1.90 dividend. The ex-dividend date of this dividend is Friday, December 11th. This is a positive change from Automatic Data Processing’s previous quarterly dividend of $1.70. This represents a $7.60 dividend on an annualized basis and a yield of 2.5%. Automatic Data Processing’s dividend payout ratio is presently 60.28%.

Analysts Set New Price Targets

Several research firms have issued reports on ADP. UBS Group raised their target price on Automatic Data Processing from $260.00 to $270.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 22nd. Weiss Ratings raised Automatic Data Processing from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, September 22nd. Cantor Fitzgerald upped their price target on Automatic Data Processing from $310.00 to $336.00 and gave the company an “overweight” rating in a research note on Friday, October 30th. Morgan Stanley increased their price target on Automatic Data Processing from $286.00 to $288.00 and gave the stock an “equal weight” rating in a report on Thursday, October 29th. Finally, Citigroup raised their price objective on Automatic Data Processing from $287.00 to $295.00 and gave the stock a “neutral” rating in a research report on Thursday, October 29th. Three analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $285.00.

About Automatic Data Processing

Automatic Data Processing, Inc. (ADP) provides payroll processing and human resources technology and services to businesses of varying sizes. Its offerings include payroll administration, tax filing, benefits administration, workforce management, talent management, and human capital management software. ADP also provides services such as compliance support and professional employer organization solutions, which help businesses manage employment responsibilities. Its products combine software with payroll and HR services to support organizations’ workforce operations.