Executive Wealth Management LLC Invests $9.10 Million in Automatic Data Processing, Inc. (NASDAQ:ADP)

Executive Wealth Management LLC acquired a new stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 32,874 shares of the business services provider's stock, valued at approximately $9,097,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. grew its holdings in Automatic Data Processing by 70.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 638,507 shares of the business services provider's stock valued at $152,405,000 after buying an additional 264,466 shares during the period. Plato Investment Management Ltd increased its position in Automatic Data Processing by 23.8% during the second quarter. Plato Investment Management Ltd now owns 26,610 shares of the business services provider's stock worth $6,352,000 after purchasing an additional 5,114 shares during the last quarter. Moloney Securities Asset Management LLC purchased a new position in Automatic Data Processing during the third quarter worth approximately $209,000. ORG Partners LLC grew its stake in shares of Automatic Data Processing by 2,917.1% during the 2nd quarter. ORG Partners LLC now owns 4,224 shares of the business services provider's stock valued at $997,000 after buying an additional 4,084 shares during the period. Finally, RIA Advisory Group LLC acquired a new stake in shares of Automatic Data Processing during the 3rd quarter worth $470,000. Hedge funds and other institutional investors own 80.03% of the company's stock.

Automatic Data Processing Stock Up 1.6 %

Shares of NASDAQ ADP traded up $4.67 during midday trading on Tuesday, reaching $302.23. 1,672,474 shares of the company's stock were exchanged, compared to its average volume of 1,645,212. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.01 and a current ratio of 1.01. Automatic Data Processing, Inc. has a 52-week low of $227.12 and a 52-week high of $309.63. The business's fifty day moving average price is $295.72 and its two-hundred day moving average price is $270.45. The stock has a market capitalization of $123.15 billion, a PE ratio of 32.26, a price-to-earnings-growth ratio of 3.54 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last announced its earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 company had revenue of $4.83 billion for the quarter, compared to analyst estimates of $4.77 billion. During the same period in the prior year, the company posted $2.08 EPS. Automatic Data Processing's quarterly revenue was up 7.1% on a year-over-year basis. Analysts forecast that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Automatic Data Processing Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be given a $1.54 dividend. The ex-dividend date is Friday, December 13th. This represents a $6.16 annualized dividend and a dividend yield of 2.04%. This is an increase from Automatic Data Processing's previous quarterly dividend of $1.40. Automatic Data Processing's payout ratio is presently 59.77%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on ADP shares. TD Cowen lifted their target price on Automatic Data Processing from $276.00 to $285.00 and gave the company a "hold" rating in a report on Friday, November 1st. StockNews.com cut Automatic Data Processing from a "buy" rating to a "hold" rating in a report on Thursday, September 19th. Mizuho raised 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. UBS Group boosted their price objective on shares of Automatic Data Processing from $270.00 to $295.00 and gave the stock a "neutral" rating in a research note on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. raised their target price on shares of Automatic Data Processing from $250.00 to $285.00 and gave the company an "underweight" rating in a research note on Tuesday, August 20th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $289.91.

Insider Activity

In other news, VP Sreenivasa Kutam sold 38,975 shares of the firm's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $300.00, for a total value of $11,692,500.00. Following the transaction, the vice president now directly owns 32,604 shares in the company, valued at approximately $9,781,200. This trade represents a 54.45 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company 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.