CIBC Asset Management Inc Purchases 21,663 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

CIBC Asset Management Inc lifted its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 16.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 153,147 shares of the business services provider's stock after acquiring an additional 21,663 shares during the period. CIBC Asset Management Inc's holdings in Automatic Data Processing were worth $42,380,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Kiely Wealth Advisory Group Inc. acquired a new position in shares of Automatic Data Processing in the 2nd quarter valued at approximately $27,000. Hexagon Capital Partners LLC lifted its stake in Automatic Data Processing by 78.5% during the third quarter. Hexagon Capital Partners LLC now owns 116 shares of the business services provider's stock worth $32,000 after purchasing an additional 51 shares during the last quarter. Capital Performance Advisors LLP acquired a new stake in shares of Automatic Data Processing in the 3rd quarter valued at $35,000. Crewe Advisors LLC bought a new position in shares of Automatic Data Processing in the 1st quarter valued at $33,000. Finally, Pathway Financial Advisers LLC acquired a new position in shares of Automatic Data Processing during the 1st quarter worth $36,000. 80.03% of the stock is owned by institutional investors.

Automatic Data Processing Trading Down 1.4 %

ADP stock traded down $4.34 during midday trading on Friday, hitting $297.65. The stock had a trading volume of 657,984 shares, compared to its average volume of 1,629,645. 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 business has a fifty day moving average price of $286.67 and a two-hundred day moving average price of $263.50. Automatic Data Processing, Inc. has a 1-year low of $227.12 and a 1-year high of $309.37. The firm has a market cap of $121.28 billion, a P/E ratio of 32.04, a price-to-earnings-growth ratio of 3.58 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last released its earnings results on Wednesday, October 30th. The business services provider reported $2.33 EPS for the quarter, topping 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 business had revenue of $4.83 billion during the quarter, compared to analysts' expectations of $4.77 billion. During the same quarter last year, the firm posted $2.08 earnings per share. The firm's revenue was up 7.1% on a year-over-year basis. On average, sell-side analysts predict that Automatic Data Processing, Inc. will post 9.94 earnings per share for the current fiscal year.

Automatic Data Processing Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be given a dividend of $1.54 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $6.16 annualized dividend and a dividend yield of 2.07%. This is a boost from Automatic Data Processing's previous quarterly dividend of $1.40. Automatic Data Processing's dividend payout ratio (DPR) is currently 59.77%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Jefferies Financial Group boosted their target price on Automatic Data Processing from $260.00 to $290.00 and gave the stock a "hold" rating in a research note on Tuesday, October 22nd. Barclays raised their target price on shares of Automatic Data Processing from $310.00 to $325.00 and gave the company an "overweight" rating in a research report on Monday, November 4th. Stifel Nicolaus upped their price target on shares of Automatic Data Processing from $271.00 to $287.00 and gave the stock a "hold" rating in a report on Thursday, August 1st. UBS Group raised their price objective on Automatic Data Processing from $270.00 to $295.00 and gave the company a "neutral" rating in a report on Tuesday, October 22nd. Finally, Royal Bank of Canada increased their target price on Automatic Data Processing from $267.00 to $315.00 and gave the company a "sector perform" rating in a research report on Thursday, October 31st. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $289.91.

Insider Buying and Selling at Automatic Data Processing

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 value of $11,692,500.00. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Maria Black sold 19,147 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $274.38, for a total transaction of $5,253,553.86. Following the transaction, the chief executive officer now directly owns 92,807 shares in the company, valued at approximately $25,464,384.66. This represents a 17.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 97,792 shares of company stock worth $27,691,708 in the last quarter. 0.21% of the stock is currently 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.