AGF Management Ltd. Raises Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

AGF Management Ltd. boosted its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 21.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,107 shares of the business services provider’s stock after acquiring an additional 2,892 shares during the quarter. AGF Management Ltd.’s holdings in Automatic Data Processing were worth $3,845,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Keener Financial Planning LLC lifted its stake in shares of Automatic Data Processing by 230.3% in the 1st quarter. Keener Financial Planning LLC now owns 109 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 76 shares in the last quarter. Crewe Advisors LLC purchased a new position in Automatic Data Processing in the first quarter valued at approximately $33,000. Pathway Financial Advisers LLC acquired a new position in Automatic Data Processing during the first quarter valued at approximately $36,000. New Millennium Group LLC acquired a new stake in shares of Automatic Data Processing in the second quarter worth $40,000. Finally, Pineridge Advisors LLC purchased a new position in shares of Automatic Data Processing in the 4th quarter valued at $39,000. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Insider Activity

In related news, Director Carlos A. Rodriguez sold 9,203 shares of the firm’s stock in a transaction on Friday, September 6th. The stock was 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 $9,899,862.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Carlos A. Rodriguez sold 9,203 shares of the business’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 completion of the sale, the director now owns 36,741 shares of the company’s stock, valued at approximately $9,899,862.45. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Michael A. Bonarti sold 26,442 shares of the firm’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 approximately $23,959,908.96. The disclosure for this sale can be found here. In the last ninety days, insiders sold 58,817 shares of company stock worth $15,999,208. 0.26% of the stock is currently owned by insiders.

Automatic Data Processing Trading Up 0.3 %

ADP opened at $278.40 on Friday. Automatic Data Processing, Inc. has a 12-month low of $205.53 and a 12-month high of $279.58. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.01 and a quick ratio of 1.01. The stock has a market capitalization of $113.95 billion, a PE ratio of 31.07, a P/E/G ratio of 2.93 and a beta of 0.79. The firm’s fifty day moving average price is $259.68 and its 200 day moving average price is $250.38.

Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, July 31st. The business services provider reported $2.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.06 by $0.03. The business had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.74 billion. Automatic Data Processing had a net margin of 19.54% and a return on equity of 89.20%. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.89 EPS. As a group, research analysts expect that Automatic Data Processing, Inc. will post 10.04 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, October 1st. Stockholders of record on Friday, September 13th will be given a $1.40 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $5.60 annualized dividend and a dividend yield of 2.01%. Automatic Data Processing’s payout ratio is 62.50%.

Analyst Ratings Changes

Several analysts recently issued reports on the company. JPMorgan Chase & Co. increased their price target on Automatic Data Processing from $250.00 to $285.00 and gave the company an “underweight” rating in a report on Tuesday, August 20th. Jefferies Financial Group raised their target price on Automatic Data Processing from $250.00 to $260.00 and gave the company a “hold” rating in a report on Thursday, August 1st. Stifel Nicolaus upped their price target on Automatic Data Processing from $271.00 to $287.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Barclays increased 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 report on Monday, August 5th. Finally, Bank of America boosted their target price on shares of Automatic Data Processing from $250.00 to $267.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $265.36.

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.