Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Bought by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC grew its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 6.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 35,015 shares of the business services provider's stock after purchasing an additional 2,247 shares during the quarter. Axxcess Wealth Management LLC's holdings in Automatic Data Processing were worth $9,690,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADP. Kiely Wealth Advisory Group Inc. acquired a new position in Automatic Data Processing during the second quarter worth approximately $27,000. Hexagon Capital Partners LLC increased its holdings in shares of Automatic Data Processing by 78.5% in the 3rd quarter. Hexagon Capital Partners LLC now owns 116 shares of the business services provider's stock valued at $32,000 after acquiring an additional 51 shares during the period. Capital Performance Advisors LLP purchased a new stake in Automatic Data Processing in the 3rd quarter valued at $35,000. Crewe Advisors LLC purchased a new stake in Automatic Data Processing in the 1st quarter valued at $33,000. Finally, Pathway Financial Advisers LLC acquired a new stake in Automatic Data Processing during the 1st quarter worth $36,000. Institutional investors and hedge funds own 80.03% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on ADP shares. Barclays increased their target price on shares of Automatic Data Processing from $310.00 to $325.00 and gave the stock an "overweight" rating in a research note on Monday, November 4th. 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. UBS Group lifted their price objective on shares of Automatic Data Processing from $270.00 to $295.00 and gave the company a "neutral" rating in a research report on Tuesday, October 22nd. Stifel Nicolaus upped their price objective on shares of Automatic Data Processing from $271.00 to $287.00 and gave the stock a "hold" rating in a research report on Thursday, August 1st. Finally, Citigroup lifted their target price on shares of Automatic Data Processing from $260.00 to $295.00 and gave the company a "neutral" rating in a report on Wednesday, September 25th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $289.91.

Automatic Data Processing Price Performance

Shares of ADP stock traded down $0.12 during trading hours on Friday, hitting $304.73. The company's stock had a trading volume of 1,552,646 shares, compared to its average volume of 1,607,719. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.56. Automatic Data Processing, Inc. has a twelve month low of $225.38 and a twelve month high of $306.92. The stock has a market cap of $124.17 billion, a price-to-earnings ratio of 32.52, a P/E/G ratio of 3.55 and a beta of 0.79. The business has a fifty day moving average of $284.12 and a 200-day moving average of $261.93.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.12. The company had revenue of $4.83 billion during the quarter, compared to the consensus estimate of $4.77 billion. Automatic Data Processing had a return on equity of 82.36% and a net margin of 19.72%. Automatic Data Processing's revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the business posted $2.08 earnings per share. As a group, equities research analysts anticipate that Automatic Data Processing, Inc. will post 9.94 EPS for the current year.

Automatic Data Processing Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be issued a dividend of $1.54 per share. The ex-dividend date of this dividend is Friday, December 13th. This is an increase from Automatic Data Processing's previous quarterly dividend of $1.40. This represents a $6.16 dividend on an annualized basis and a dividend yield of 2.02%. Automatic Data Processing's payout ratio is 59.77%.

Insider Activity

In other news, VP Michael A. Bonarti sold 26,442 shares of the firm's stock in a transaction on Monday, August 26th. The stock was sold at an average price of $270.96, for a total transaction of $7,164,724.32. Following the sale, the vice president now owns 88,426 shares in the company, valued at $23,959,908.96. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, VP Michael A. Bonarti sold 26,442 shares of the business's stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $270.96, for a total value of $7,164,724.32. Following the completion of the sale, the vice president now directly owns 88,426 shares in the company, valued at approximately $23,959,908.96. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction of $11,692,500.00. Following the transaction, the vice president now directly owns 32,604 shares of the company's stock, valued at $9,781,200. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 97,792 shares of company stock valued at $27,691,708 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.