CIBC Asset Management Inc Buys 2,787 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

CIBC Asset Management Inc grew its stake in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 1.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 155,934 shares of the business services provider's stock after purchasing an additional 2,787 shares during the period. CIBC Asset Management Inc's holdings in Automatic Data Processing were worth $45,647,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Pittenger & Anderson Inc. lifted its holdings in shares of Automatic Data Processing by 0.4% during the 4th quarter. Pittenger & Anderson Inc. now owns 47,374 shares of the business services provider's stock worth $13,868,000 after acquiring an additional 185 shares during the period. Sierra Ocean LLC bought a new position in shares of Automatic Data Processing during the 4th quarter worth about $235,000. Monument Capital Management lifted its holdings in shares of Automatic Data Processing by 9.8% during the 4th quarter. Monument Capital Management now owns 1,192 shares of the business services provider's stock worth $349,000 after acquiring an additional 106 shares during the period. Pinnacle Wealth Management Advisory Group LLC lifted its holdings in shares of Automatic Data Processing by 145.2% during the 4th quarter. Pinnacle Wealth Management Advisory Group LLC now owns 11,762 shares of the business services provider's stock worth $3,443,000 after acquiring an additional 6,966 shares during the period. Finally, Valmark Advisers Inc. lifted its holdings in shares of Automatic Data Processing by 0.9% during the 4th quarter. Valmark Advisers Inc. now owns 12,286 shares of the business services provider's stock worth $3,596,000 after acquiring an additional 104 shares during the period. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ADP has been the subject of several analyst reports. Barclays lifted their price target on shares of Automatic Data Processing from $325.00 to $350.00 and gave the company an "overweight" rating in a report on Monday, February 3rd. Jefferies Financial Group lifted their price target on shares of Automatic Data Processing from $290.00 to $305.00 and gave the company a "hold" rating in a report on Thursday, January 30th. TD Cowen lifted their price target on shares of Automatic Data Processing from $276.00 to $285.00 and gave the company a "hold" rating in a report on Friday, November 1st. Mizuho lifted their price target on shares of Automatic Data Processing from $281.00 to $310.00 and gave the company an "outperform" rating in a report on Monday, November 4th. Finally, Royal Bank of Canada reissued a "sector perform" rating and set a $315.00 price target on shares of Automatic Data Processing in a report on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $293.55.

Automatic Data Processing Price Performance

Shares of NASDAQ ADP traded down $1.25 during trading on Thursday, reaching $311.97. The company had a trading volume of 1,304,464 shares, compared to its average volume of 1,606,496. Automatic Data Processing, Inc. has a 52 week low of $231.27 and a 52 week high of $313.72. The business's 50 day moving average price is $298.18 and its 200-day moving average price is $289.59. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a market cap of $127.12 billion, a PE ratio of 32.53, a PEG ratio of 3.61 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last issued its quarterly earnings results on Wednesday, January 29th. The business services provider reported $2.35 EPS for the quarter, topping the consensus estimate of $2.30 by $0.05. Automatic Data Processing had a net margin of 19.76% and a return on equity of 80.86%. Analysts expect that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.

Automatic Data Processing Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be given a dividend of $1.54 per share. This represents a $6.16 annualized dividend and a dividend yield of 1.97%. The ex-dividend date of this dividend is Friday, March 14th. Automatic Data Processing's dividend payout ratio is 64.23%.

Insider Transactions at Automatic Data Processing

In related news, CEO Maria Black sold 721 shares of the business's stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $291.59, for a total transaction of $210,236.39. Following the completion of the transaction, the chief executive officer now owns 68,856 shares in the company, valued at approximately $20,077,721.04. The trade was a 1.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Brian L. Michaud sold 362 shares of the business's stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $293.83, for a total transaction of $106,366.46. Following the transaction, the vice president now owns 13,706 shares of the company's stock, valued at approximately $4,027,233.98. This represents a 2.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,478 shares of company stock worth $1,617,241 in the last quarter. 0.21% of the stock is 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.