Choate Investment Advisors Acquires 5,291 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Choate Investment Advisors raised its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 13.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,536 shares of the business services provider's stock after acquiring an additional 5,291 shares during the quarter. Choate Investment Advisors' holdings in Automatic Data Processing were worth $12,745,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Assetmark Inc. grew its holdings in shares of Automatic Data Processing by 6.5% during the third quarter. Assetmark Inc. now owns 3,437 shares of the business services provider's stock worth $951,000 after buying an additional 211 shares in the last quarter. Harbour Investments Inc. grew its holdings in Automatic Data Processing by 2.1% in the third quarter. Harbour Investments Inc. now owns 1,742 shares of the business services provider's stock valued at $482,000 after purchasing an additional 36 shares during the period. Zions Bancorporation N.A. grew its holdings in Automatic Data Processing by 2.9% in the third quarter. Zions Bancorporation N.A. now owns 1,996 shares of the business services provider's stock valued at $552,000 after purchasing an additional 57 shares during the period. Curi RMB Capital LLC grew its holdings in Automatic Data Processing by 9.8% in the third quarter. Curi RMB Capital LLC now owns 7,669 shares of the business services provider's stock valued at $2,122,000 after purchasing an additional 684 shares during the period. Finally, Balboa Wealth Partners purchased a new stake in Automatic Data Processing in the third quarter valued at approximately $232,000. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

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Automatic Data Processing Stock Down 0.4 %

Shares of NASDAQ ADP traded down $1.28 during trading on Thursday, reaching $297.51. 1,602,359 shares of the stock were exchanged, compared to its average volume of 1,455,600. The company has a market capitalization of $121.22 billion, a price-to-earnings ratio of 31.02, a price-to-earnings-growth ratio of 3.62 and a beta of 0.76. The business's 50-day moving average price is $302.80 and its 200 day moving average price is $295.07. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.59. Automatic Data Processing, Inc. has a twelve month low of $231.27 and a twelve month high of $322.84.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The business services provider reported $2.35 earnings per share (EPS) for the quarter, beating 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%. As a group, equities analysts forecast that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

The company 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. The ex-dividend date is Friday, March 14th. This represents a $6.16 annualized dividend and a dividend yield of 2.07%. Automatic Data Processing's dividend payout ratio is currently 64.23%.

Insider Transactions at Automatic Data Processing

In related news, VP Christopher D'ambrosio sold 473 shares of the company's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $306.20, for a total value of $144,832.60. Following the completion of the sale, the vice president now owns 7,244 shares of the company's stock, valued at $2,218,112.80. This represents a 6.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Brian L. Michaud sold 362 shares of the company's stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $293.83, for a total transaction of $106,366.46. Following the completion of the sale, the vice president now directly owns 13,706 shares of the company's stock, valued at $4,027,233.98. The trade was a 2.57 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,951 shares of company stock worth $1,762,074. Insiders own 0.21% of the company's stock.

Analyst Ratings Changes

ADP has been the subject of a number of recent analyst reports. Jefferies Financial Group boosted their target price 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. StockNews.com downgraded shares of Automatic Data Processing from a "buy" rating to a "hold" rating in a report on Wednesday, February 5th. Royal Bank of Canada restated a "sector perform" rating and issued a $315.00 target price on shares of Automatic Data Processing in a report on Thursday, January 30th. Barclays boosted their target price 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. Finally, UBS Group lifted their price target on shares of Automatic Data Processing from $318.00 to $324.00 and gave the company a "neutral" rating in a research report on Tuesday, March 4th. Two 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. According to MarketBeat.com, Automatic Data Processing has an average rating of "Hold" and a consensus target price of $296.18.

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.