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Thurston Springer Miller Herd & Titak Inc. Increases Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

Automatic Data Processing logo with Business Services background

Thurston Springer Miller Herd & Titak Inc. raised its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 35.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,822 shares of the business services provider's stock after buying an additional 3,096 shares during the period. Automatic Data Processing comprises about 0.7% of Thurston Springer Miller Herd & Titak Inc.'s holdings, making the stock its 23rd largest position. Thurston Springer Miller Herd & Titak Inc.'s holdings in Automatic Data Processing were worth $3,461,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Moloney Securities Asset Management LLC bought a new position in Automatic Data Processing in the 3rd quarter valued at $209,000. Nomura Asset Management Co. Ltd. grew its position in Automatic Data Processing by 5.8% during the third quarter. Nomura Asset Management Co. Ltd. now owns 280,961 shares of the business services provider's stock valued at $77,750,000 after buying an additional 15,340 shares during the period. RIA Advisory Group LLC purchased a new stake in Automatic Data Processing during the third quarter worth about $470,000. Dash Acquisitions Inc. increased its holdings in Automatic Data Processing by 5.6% during the third quarter. Dash Acquisitions Inc. now owns 52,329 shares of the business services provider's stock worth $15,069,000 after buying an additional 2,781 shares during the last quarter. Finally, DRW Securities LLC bought a new stake in Automatic Data Processing in the third quarter worth about $951,000. Institutional investors and hedge funds own 80.03% of the company's stock.

Insiders Place Their Bets

In other Automatic Data Processing news, VP Sreenivasa Kutam sold 38,975 shares of the company's stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $300.00, for a total transaction of $11,692,500.00. Following the completion of the transaction, the vice president now owns 32,604 shares of the company's stock, valued at $9,781,200. This represents a 54.45 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Brian L. Michaud sold 362 shares of Automatic Data Processing stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $293.83, for a total value of $106,366.46. Following the completion of the sale, the vice president now owns 13,706 shares in the company, valued at approximately $4,027,233.98. This represents a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 42,129 shares of company stock valued at $12,604,872 over the last 90 days. Insiders own 0.21% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on ADP shares. Jefferies Financial Group raised their price target on shares of Automatic Data Processing from $260.00 to $290.00 and gave the stock a "hold" rating in a research note on Tuesday, October 22nd. StockNews.com downgraded Automatic Data Processing from a "buy" rating to a "hold" rating in a research report on Saturday. Mizuho upped their price target on Automatic Data Processing from $281.00 to $310.00 and gave the company an "outperform" rating in a research report on Monday, November 4th. TD Cowen lifted their price objective on Automatic Data Processing from $276.00 to $285.00 and gave the stock a "hold" rating in a report on Friday, November 1st. Finally, Barclays boosted their price objective on Automatic Data Processing from $310.00 to $325.00 and gave the company an "overweight" rating in a research note on Monday, November 4th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $289.91.

View Our Latest Research Report on ADP

Automatic Data Processing Price Performance

Shares of Automatic Data Processing stock traded up $1.68 on Wednesday, reaching $293.37. The stock had a trading volume of 1,764,377 shares, compared to its average volume of 1,639,009. The business's 50 day moving average is $298.48 and its two-hundred day moving average is $279.35. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.56. Automatic Data Processing, Inc. has a 1 year low of $231.27 and a 1 year high of $309.63. The company has a market cap of $119.54 billion, a P/E ratio of 31.31, a price-to-earnings-growth ratio of 3.50 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The business services provider reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.12. The company had revenue of $4.83 billion during the quarter, compared to analyst estimates of $4.77 billion. Automatic Data Processing had a return on equity of 82.36% and a net margin of 19.72%. The firm's quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter last year, the company earned $2.08 earnings per share. As a group, research analysts anticipate that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Automatic Data Processing Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a dividend of $1.54 per share. This represents a $6.16 dividend on an annualized basis and a dividend yield of 2.10%. Automatic Data Processing's dividend payout ratio is currently 65.74%.

About Automatic Data Processing

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Automatic Data Processing (NASDAQ:ADP)

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