Ieq Capital LLC Grows Stock Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Ieq Capital LLC lifted its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 10.5% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 23,897 shares of the business services provider’s stock after buying an additional 2,278 shares during the quarter. Ieq Capital LLC’s holdings in Automatic Data Processing were worth $5,704,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Gryphon Financial Partners LLC grew its holdings in shares of Automatic Data Processing by 105.2% in the fourth quarter. Gryphon Financial Partners LLC now owns 2,017 shares of the business services provider’s stock valued at $467,000 after purchasing an additional 1,034 shares in the last quarter. Assetmark Inc. grew its stake in shares of Automatic Data Processing by 9.5% in the fourth quarter. Assetmark Inc. now owns 2,892 shares of the business services provider’s stock worth $674,000 after acquiring an additional 251 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Automatic Data Processing by 4.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,598 shares of the business services provider’s stock valued at $372,000 after acquiring an additional 63 shares in the last quarter. SageView Advisory Group LLC raised its stake in shares of Automatic Data Processing by 140.6% in the fourth quarter. SageView Advisory Group LLC now owns 2,399 shares of the business services provider’s stock valued at $572,000 after acquiring an additional 1,402 shares in the last quarter. Finally, Orion Portfolio Solutions LLC boosted its holdings in Automatic Data Processing by 4.6% in the fourth quarter. Orion Portfolio Solutions LLC now owns 12,977 shares of the business services provider’s stock valued at $3,072,000 after purchasing an additional 573 shares during the period. Institutional investors and hedge funds own 80.03% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on ADP shares. Royal Bank of Canada restated a “sector perform” rating and set a $267.00 price target on shares of Automatic Data Processing in a report on Thursday, August 1st. Barclays upped their target price on shares of Automatic Data Processing from $282.00 to $310.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. Bank of America lifted their price target on shares of Automatic Data Processing from $250.00 to $267.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. StockNews.com downgraded shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, Jefferies Financial Group lifted their price objective on shares of Automatic Data Processing from $250.00 to $260.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $265.36.

Automatic Data Processing Price Performance

Shares of NASDAQ:ADP opened at $276.41 on Friday. Automatic Data Processing, Inc. has a 12 month low of $205.53 and a 12 month high of $281.54. The firm has a market capitalization of $113.13 billion, a P/E ratio of 30.85, a P/E/G ratio of 3.02 and a beta of 0.79. 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 company’s fifty day moving average price is $264.76 and its 200 day moving average price is $251.51.

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

Automatic Data Processing Announces Dividend

The firm 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 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 2.03%. Automatic Data Processing’s dividend payout ratio (DPR) is presently 62.50%.

Insider Activity

In related news, Director Carlos A. Rodriguez sold 9,203 shares of the stock in a transaction on 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 in the company, valued at approximately $9,899,862.45. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Automatic Data Processing news, Director Carlos A. Rodriguez sold 9,203 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the director now directly owns 36,741 shares of the company’s stock, valued at approximately $9,899,862.45. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Maria Black sold 19,147 shares of Automatic Data Processing stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $274.38, for a total value of $5,253,553.86. Following the completion of the transaction, the chief executive officer now owns 92,807 shares in the company, valued at $25,464,384.66. The disclosure for this sale can be found here. Insiders have sold 58,817 shares of company stock valued at $15,999,208 in the last ninety days. 0.26% of the stock is currently owned by company 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.