Canopy Partners LLC Has $2.46 Million Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Canopy Partners LLC grew its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 18.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,385 shares of the business services provider's stock after buying an additional 1,308 shares during the period. Automatic Data Processing accounts for about 0.9% of Canopy Partners LLC's investment portfolio, making the stock its 23rd biggest holding. Canopy Partners LLC's holdings in Automatic Data Processing were worth $2,455,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Norges Bank bought a new stake in Automatic Data Processing during the fourth quarter worth approximately $455,993,000. Raymond James Financial Inc. bought a new position in shares of Automatic Data Processing in the fourth quarter valued at $342,942,000. Proficio Capital Partners LLC boosted its stake in shares of Automatic Data Processing by 41,710.7% during the 4th quarter. Proficio Capital Partners LLC now owns 1,090,422 shares of the business services provider's stock worth $319,199,000 after acquiring an additional 1,087,814 shares in the last quarter. Amundi raised its position in shares of Automatic Data Processing by 16.8% during the fourth quarter. Amundi now owns 3,120,039 shares of the business services provider's stock worth $910,972,000 after purchasing an additional 449,431 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich lifted its holdings in shares of Automatic Data Processing by 1,029.7% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 420,257 shares of the business services provider's stock valued at $132,429,000 after purchasing an additional 383,057 shares during the last quarter. 80.03% of the stock is currently owned by institutional investors and hedge funds.

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Analyst Ratings Changes

A number of research firms recently commented on ADP. Jefferies Financial Group raised their price objective on shares of Automatic Data Processing from $290.00 to $305.00 and gave the stock a "hold" rating in a research note on Thursday, January 30th. UBS Group lifted their target price on Automatic Data Processing from $318.00 to $324.00 and gave the company a "neutral" rating in a research note on Tuesday, March 4th. StockNews.com lowered shares of Automatic Data Processing from a "buy" rating to a "hold" rating in a research report on Wednesday, February 5th. Barclays boosted their price objective on shares of Automatic Data Processing from $325.00 to $350.00 and gave the company an "overweight" rating in a research report on Monday, February 3rd. Finally, Royal Bank of Canada reissued a "sector perform" rating and set a $315.00 target price on shares of Automatic Data Processing in a research note on Thursday, January 30th. One analyst has 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 data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $302.30.

Automatic Data Processing Stock Up 2.5 %

Shares of NASDAQ:ADP traded up $7.33 on Friday, reaching $299.54. The company had a trading volume of 2,187,994 shares, compared to its average volume of 1,671,064. The stock has a market capitalization of $122.05 billion, a P/E ratio of 31.23, a P/E/G ratio of 3.62 and a beta of 0.74. The stock has a 50-day moving average price of $302.38 and a 200 day moving average price of $297.56. Automatic Data Processing, Inc. has a twelve month low of $231.27 and a twelve month high of $322.84. 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 (NASDAQ:ADP - Get Free Report) last announced its quarterly earnings results on Wednesday, January 29th. The business services provider reported $2.35 EPS for the quarter, beating the consensus estimate of $2.30 by $0.05. Automatic Data Processing had a return on equity of 80.86% and a net margin of 19.76%. On average, equities analysts expect that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Automatic Data Processing Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be given a $1.54 dividend. This represents a $6.16 annualized dividend and a dividend yield of 2.06%. The ex-dividend date of this dividend is Friday, June 13th. Automatic Data Processing's dividend payout ratio is currently 64.23%.

Insider Buying and Selling at Automatic Data Processing

In other Automatic Data Processing news, VP Brian L. Michaud sold 1,500 shares of the firm's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $305.38, for a total value of $458,070.00. Following the sale, the vice president now directly owns 12,073 shares in the company, valued at $3,686,852.74. This trade represents a 11.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 transaction of $144,832.60. Following the transaction, the vice president now directly owns 7,244 shares of the company's stock, valued at $2,218,112.80. This represents a 6.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,364 shares of company stock valued at $1,613,094 in the last 90 days. 0.21% of the stock is currently owned by insiders.

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.