Corundum Group Inc. Purchases 2,371 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Corundum Group Inc. increased its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 125.6% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 4,259 shares of the business services provider's stock after buying an additional 2,371 shares during the quarter. Corundum Group Inc.'s holdings in Automatic Data Processing were worth $1,247,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. State Street Corp increased its position in Automatic Data Processing by 2.4% during the third quarter. State Street Corp now owns 18,334,580 shares of the business services provider's stock valued at $5,098,541,000 after acquiring an additional 424,328 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Automatic Data Processing by 2.8% during the 3rd quarter. Geode Capital Management LLC now owns 10,517,642 shares of the business services provider's stock valued at $2,906,257,000 after purchasing an additional 286,080 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in shares of Automatic Data Processing by 12.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 4,065,308 shares of the business services provider's stock worth $964,989,000 after purchasing an additional 435,093 shares during the period. Legal & General Group Plc boosted its holdings in shares of Automatic Data Processing by 4.1% in the second quarter. Legal & General Group Plc now owns 3,548,165 shares of the business services provider's stock worth $846,912,000 after buying an additional 139,561 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Automatic Data Processing by 1.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,238,526 shares of the business services provider's stock valued at $896,197,000 after buying an additional 41,709 shares during the period. Institutional investors own 80.03% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on ADP. Mizuho lifted their price target on shares of Automatic Data Processing from $281.00 to $310.00 and gave the stock an "outperform" rating in a research note on Monday, November 4th. Barclays lifted their target price on Automatic Data Processing from $310.00 to $325.00 and gave the company an "overweight" rating in a research report on Monday, November 4th. TD Cowen upped their price target on Automatic Data Processing from $276.00 to $285.00 and gave the stock a "hold" rating in a research report on Friday, November 1st. StockNews.com raised Automatic Data Processing from a "hold" rating to a "buy" rating in a research report on Sunday. Finally, Royal Bank of Canada raised their target price on shares of Automatic Data Processing from $267.00 to $315.00 and gave the stock a "sector perform" rating in a research note on Thursday, October 31st. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Automatic Data Processing presently has a consensus rating of "Hold" and an average target price of $289.91.

Automatic Data Processing Price Performance

ADP traded down $0.05 during trading on Monday, hitting $296.18. 2,405,360 shares of the company traded hands, compared to its average volume of 1,454,451. Automatic Data Processing, Inc. has a 1 year low of $231.27 and a 1 year high of $309.63. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.56. The stock's 50-day simple moving average is $297.90 and its two-hundred day simple moving average is $280.60. The company has a market cap of $120.68 billion, a PE ratio of 31.61, a P/E/G ratio of 3.34 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last released its quarterly earnings data 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 net margin of 19.72% and a return on equity of 82.36%. The business had revenue of $4.83 billion during the quarter, compared to analyst estimates of $4.77 billion. During the same quarter last year, the business earned $2.08 earnings per share. Automatic Data Processing's quarterly revenue was up 7.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Automatic Data Processing Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a $1.54 dividend. This represents a $6.16 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date of this dividend is Friday, March 14th. Automatic Data Processing's dividend payout ratio (DPR) is currently 65.74%.

Insiders Place Their Bets

In other Automatic Data Processing news, VP Brian L. Michaud sold 362 shares of the firm's stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $293.83, for a total transaction of $106,366.46. Following the transaction, the vice president now directly owns 13,706 shares in the company, valued at $4,027,233.98. This trade represents a 2.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Sreenivasa Kutam sold 38,975 shares of the firm's stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $300.00, for a total value of $11,692,500.00. Following the transaction, the vice president now owns 32,604 shares in the company, valued at approximately $9,781,200. This represents a 54.45 % decrease in their position. 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.

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.