TD Asset Management Inc Has $203.43 Million Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

TD Asset Management Inc raised its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 6.3% during the second quarter, Holdings Channel reports. The firm owned 852,275 shares of the business services provider’s stock after purchasing an additional 50,418 shares during the period. TD Asset Management Inc’s holdings in Automatic Data Processing were worth $203,430,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Automatic Data Processing by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 39,769,440 shares of the business services provider’s stock worth $9,932,020,000 after purchasing an additional 173,298 shares during the period. Wellington Management Group LLP increased its stake in shares of Automatic Data Processing by 4.8% in the 4th quarter. Wellington Management Group LLP now owns 5,492,425 shares of the business services provider’s stock valued at $1,279,570,000 after acquiring an additional 249,566 shares in the last quarter. Capital Research Global Investors increased its stake in shares of Automatic Data Processing by 2.3% in the 1st quarter. Capital Research Global Investors now owns 3,625,186 shares of the business services provider’s stock valued at $905,354,000 after acquiring an additional 81,869 shares in the last quarter. Nordea Investment Management AB increased its stake in shares of Automatic Data Processing by 27.7% in the 1st quarter. Nordea Investment Management AB now owns 2,715,382 shares of the business services provider’s stock valued at $678,601,000 after acquiring an additional 589,831 shares in the last quarter. Finally, Ninety One UK Ltd increased its stake in shares of Automatic Data Processing by 0.4% in the 2nd quarter. Ninety One UK Ltd now owns 2,556,377 shares of the business services provider’s stock valued at $610,182,000 after acquiring an additional 9,464 shares in the last quarter. Institutional investors and hedge funds own 80.03% of the company’s stock.

Automatic Data Processing Stock Performance

Shares of ADP stock opened at $270.17 on Friday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.66. The firm has a market capitalization of $110.58 billion, a PE ratio of 30.15, a price-to-earnings-growth ratio of 3.00 and a beta of 0.78. The firm has a fifty day simple moving average of $255.77 and a two-hundred day simple moving average of $249.62. Automatic Data Processing, Inc. has a 12 month low of $205.53 and a 12 month high of $278.24.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings data on Wednesday, July 31st. The business services provider reported $2.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.06 by $0.03. The firm had revenue of $4.80 billion for the quarter, compared to the consensus estimate of $4.74 billion. Automatic Data Processing had a net margin of 19.54% and a return on equity of 89.20%. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.89 EPS. Analysts forecast that Automatic Data Processing, Inc. will post 10.04 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date is Friday, September 13th. Automatic Data Processing’s dividend payout ratio is 62.50%.

Analyst Upgrades and Downgrades

ADP has been the subject of several research analyst reports. Bank of America lifted their price objective on shares of Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Royal Bank of Canada reiterated a “sector perform” rating and issued a $267.00 price objective on shares of Automatic Data Processing in a research note on Thursday, August 1st. JPMorgan Chase & Co. lifted their price objective on shares of Automatic Data Processing from $250.00 to $285.00 and gave the company an “underweight” rating in a research note on Tuesday, August 20th. Jefferies Financial Group lifted their price objective on shares of Automatic Data Processing from $250.00 to $260.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Finally, Barclays lifted their price objective on shares of Automatic Data Processing from $282.00 to $310.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Automatic Data Processing currently has a consensus rating of “Hold” and an average price target of $265.36.

Insiders Place Their Bets

In other Automatic Data Processing news, VP Michael A. Bonarti sold 26,442 shares of Automatic Data Processing stock in a transaction on Monday, August 26th. The shares were sold at an average price of $270.96, for a total transaction of $7,164,724.32. Following the transaction, the vice president now directly owns 88,426 shares of the company’s stock, valued at approximately $23,959,908.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, VP Don Mcguire sold 3,179 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $274.38, for a total value of $872,254.02. Following the transaction, the vice president now directly owns 41,696 shares of the company’s stock, valued at approximately $11,440,548.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Michael A. Bonarti sold 26,442 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $270.96, for a total transaction of $7,164,724.32. Following the completion of the transaction, the vice president now directly owns 88,426 shares in the company, valued at $23,959,908.96. The disclosure for this sale can be found here. Insiders have sold 49,614 shares of company stock valued at $13,519,460 in the last three months. 0.26% of the stock is currently owned by insiders.

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.