Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Acquired by Cornerstone Advisors LLC

Cornerstone Advisors LLC increased its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 28.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 18,800 shares of the business services provider's stock after acquiring an additional 4,200 shares during the period. Cornerstone Advisors LLC's holdings in Automatic Data Processing were worth $5,203,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Crewe Advisors LLC acquired a new position in shares of Automatic Data Processing in the 1st quarter worth $33,000. Delap Wealth Advisory LLC purchased a new position in Automatic Data Processing in the 1st quarter worth about $204,000. CreativeOne Wealth LLC raised its holdings in Automatic Data Processing by 2.7% during the 1st quarter. CreativeOne Wealth LLC now owns 5,340 shares of the business services provider's stock worth $1,334,000 after buying an additional 141 shares during the period. EP Wealth Advisors LLC lifted its stake in Automatic Data Processing by 6.4% during the first quarter. EP Wealth Advisors LLC now owns 15,457 shares of the business services provider's stock valued at $3,860,000 after buying an additional 925 shares in the last quarter. Finally, Toronto Dominion Bank boosted its holdings in shares of Automatic Data Processing by 1.7% in the first quarter. Toronto Dominion Bank now owns 247,474 shares of the business services provider's stock worth $61,804,000 after buying an additional 4,253 shares during the period. 80.03% of the stock is currently owned by institutional investors.

Automatic Data Processing Stock Performance

Shares of NASDAQ ADP opened at $298.59 on Thursday. The business's 50-day simple moving average is $288.47 and its 200-day simple moving average is $265.16. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.01 and a current ratio of 1.01. Automatic Data Processing, Inc. has a 52 week low of $227.12 and a 52 week high of $309.37. The firm has a market cap of $121.66 billion, a price-to-earnings ratio of 31.87, a P/E/G ratio of 3.46 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The business services provider reported $2.33 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $4.77 billion. During the same quarter last year, the company posted $2.08 earnings per share. The company's revenue for the quarter was up 7.1% compared to the same quarter last year. As a group, equities research analysts expect that Automatic Data Processing, Inc. will post 9.94 earnings per share for the current fiscal 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 given a $1.54 dividend. This is an increase from Automatic Data Processing's previous quarterly dividend of $1.40. This represents a $6.16 annualized dividend and a yield of 2.06%. The ex-dividend date is Friday, December 13th. Automatic Data Processing's payout ratio is currently 59.77%.

Insider Buying and Selling

In other Automatic Data Processing news, VP Michael A. Bonarti sold 26,442 shares of the company's stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $270.96, for a total transaction of $7,164,724.32. Following the transaction, the vice president now directly owns 88,426 shares in the company, valued at approximately $23,959,908.96. This represents a 23.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Sreenivasa Kutam sold 38,975 shares of the business'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 sale, the vice president now directly owns 32,604 shares of the company's stock, valued at approximately $9,781,200. This trade represents a 54.45 % 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 over the last three months. 0.21% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. JPMorgan Chase & Co. upped their price target on shares of Automatic Data Processing from $250.00 to $285.00 and gave the company an "underweight" rating in a research report on Tuesday, August 20th. Mizuho increased their target price on Automatic Data Processing from $281.00 to $310.00 and gave the company an "outperform" rating in a report on Monday, November 4th. Stifel Nicolaus lifted their price target on Automatic Data Processing from $271.00 to $287.00 and gave the company a "hold" rating in a report on Thursday, August 1st. StockNews.com downgraded Automatic Data Processing from a "buy" rating to a "hold" rating in a research note on Thursday, September 19th. Finally, Bank of America lifted their target price on Automatic Data Processing from $250.00 to $267.00 and gave the company a "neutral" rating in a research note on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $289.91.

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.

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