Wolverine Asset Management LLC Takes $1.25 Million Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Wolverine Asset Management LLC bought a new stake in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 4,500 shares of the business services provider's stock, valued at approximately $1,245,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Ridgecrest Wealth Partners LLC acquired a new position in Automatic Data Processing in the 3rd quarter valued at about $252,000. Kennebec Savings Bank acquired a new position in Automatic Data Processing in the 3rd quarter valued at about $960,000. Ashton Thomas Securities LLC acquired a new position in Automatic Data Processing in the 3rd quarter valued at about $221,000. Los Angeles Capital Management LLC increased its position in Automatic Data Processing by 11.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 36,470 shares of the business services provider's stock valued at $10,092,000 after acquiring an additional 3,795 shares during the period. Finally, Stockman Wealth Management Inc. acquired a new position in Automatic Data Processing in the 3rd quarter valued at about $255,000. 80.03% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP David Kwon sold 846 shares of the company's stock in a transaction on 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 sale, the vice president now directly owns 10,410 shares in the company, valued at $2,816,946. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, VP Sreenivasa Kutam sold 38,975 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $300.00, for a total value of $11,692,500.00. Following the completion of the sale, the vice president now directly owns 32,604 shares in the company, valued at approximately $9,781,200. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP David Kwon sold 846 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $270.60, for a total value of $228,927.60. Following the completion of the sale, the vice president now owns 10,410 shares of the company's stock, valued at approximately $2,816,946. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 97,792 shares of company stock valued at $27,691,708 in the last quarter. 0.21% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have issued reports on ADP. JPMorgan Chase & Co. boosted their target price on Automatic Data Processing from $250.00 to $285.00 and gave the stock an "underweight" rating in a research report on Tuesday, August 20th. Bank of America boosted their target price on Automatic Data Processing from $250.00 to $267.00 and gave the stock a "neutral" rating in a research report on Thursday, August 1st. UBS Group boosted their target price on Automatic Data Processing from $270.00 to $295.00 and gave the stock a "neutral" rating in a research report on Tuesday, October 22nd. Mizuho boosted their target price on Automatic Data Processing from $281.00 to $310.00 and gave the stock an "outperform" rating in a research report on Monday, November 4th. Finally, Royal Bank of Canada boosted their target price on Automatic Data Processing from $267.00 to $315.00 and gave the stock a "sector perform" rating in a research report on Thursday, October 31st. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $289.91.

Automatic Data Processing Price Performance

ADP stock traded down $0.41 on Wednesday, reaching $307.50. The company had a trading volume of 1,637,821 shares, compared to its average volume of 1,634,625. Automatic Data Processing, Inc. has a 1 year low of $227.12 and a 1 year high of $309.37. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.01 and a current ratio of 1.01. The company's fifty day moving average is $285.39 and its 200 day moving average is $262.92. The company has a market cap of $125.29 billion, a P/E ratio of 32.82, a PEG ratio of 3.58 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share for the quarter, topping analysts' consensus estimates of $2.21 by $0.12. Automatic Data Processing had a return on equity of 82.36% and a net margin of 19.72%. The company had revenue of $4.83 billion for the quarter, compared to analyst estimates of $4.77 billion. During the same quarter in the prior year, the company posted $2.08 EPS. The business's revenue for the quarter was up 7.1% compared to the same quarter last year. On average, research analysts forecast that Automatic Data Processing, Inc. will post 9.94 earnings per share for the current year.

Automatic Data Processing Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be paid a dividend of $1.54 per share. This represents a $6.16 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Automatic Data Processing's previous quarterly dividend of $1.40. Automatic Data Processing's dividend payout ratio is currently 65.74%.

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.