Oppenheimer Asset Management Inc. Acquires 130 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Oppenheimer Asset Management Inc. boosted its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 0.8% during the 2nd quarter, Holdings Channel.com reports. The fund owned 15,426 shares of the business services provider’s stock after purchasing an additional 130 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Automatic Data Processing were worth $3,682,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in ADP. Vanguard Group Inc. grew its stake 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 acquiring an additional 173,298 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Automatic Data Processing by 4.8% during the fourth quarter. Wellington Management Group LLP now owns 5,492,425 shares of the business services provider’s stock worth $1,279,570,000 after purchasing an additional 249,566 shares during the last quarter. Capital Research Global Investors grew its position in 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 worth $905,354,000 after purchasing an additional 81,869 shares in the last quarter. Nordea Investment Management AB increased its stake in 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 buying an additional 589,831 shares during the last quarter. Finally, Ninety One UK Ltd lifted its position in shares of Automatic Data Processing by 0.4% during the 2nd quarter. Ninety One UK Ltd now owns 2,556,377 shares of the business services provider’s stock worth $610,182,000 after buying an additional 9,464 shares in the last quarter. Institutional investors and hedge funds own 80.03% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on ADP. JPMorgan Chase & Co. upped their target price 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 research report on Thursday, August 1st. Royal Bank of Canada reiterated a “sector perform” rating and set a $267.00 target price on shares of Automatic Data Processing in a research note on Thursday, August 1st. StockNews.com upgraded shares of Automatic Data Processing from a “hold” rating to a “buy” rating in a research report on Monday, September 9th. Finally, Bank of America lifted their price objective 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 assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $265.36.

Automatic Data Processing Price Performance

Shares of NASDAQ:ADP opened at $278.60 on Tuesday. The company has a 50-day moving average price of $261.42 and a two-hundred day moving average price of $250.73. Automatic Data Processing, Inc. has a twelve month low of $205.53 and a twelve month high of $279.78. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.66. The firm has a market capitalization of $113.61 billion, a PE ratio of 31.09, a P/E/G ratio of 3.02 and a beta of 0.79.

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

Automatic Data Processing Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a dividend of $1.40 per share. The ex-dividend date is Friday, September 13th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.01%. Automatic Data Processing’s payout ratio is 62.50%.

Insider Buying and Selling

In other Automatic Data Processing news, VP David Kwon sold 846 shares of Automatic Data Processing stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $270.60, for a total transaction of $228,927.60. Following the completion of the transaction, the vice president now owns 10,410 shares of the company’s stock, valued at approximately $2,816,946. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Carlos A. Rodriguez sold 9,203 shares of the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $269.45, for a total value of $2,479,748.35. Following the sale, the director now 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 available at this link. Also, VP David Kwon sold 846 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $270.60, for a total value of $228,927.60. Following the transaction, the vice president now owns 10,410 shares of the company’s stock, valued at $2,816,946. The disclosure for this sale can be found here. In the last quarter, insiders have sold 58,817 shares of company stock valued at $15,999,208. Corporate insiders own 0.26% of the company’s stock.

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.