Founders Grove Wealth Partners LLC Makes New Investment in Automatic Data Processing, Inc. (NASDAQ:ADP)

Founders Grove Wealth Partners LLC acquired a new position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 1,916 shares of the business services provider's stock, valued at approximately $561,000.

Several other hedge funds also recently modified their holdings of the stock. State Street Corp grew its stake in Automatic Data Processing by 2.4% in the third quarter. State Street Corp now owns 18,334,580 shares of the business services provider's stock valued at $5,098,541,000 after acquiring an additional 424,328 shares during the period. Geode Capital Management LLC grew its position in Automatic Data Processing by 2.8% in the 3rd quarter. Geode Capital Management LLC now owns 10,517,642 shares of the business services provider's stock valued at $2,906,257,000 after purchasing an additional 286,080 shares during the period. Ameriprise Financial Inc. increased its stake in Automatic Data Processing by 12.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 4,065,308 shares of the business services provider's stock valued at $964,989,000 after purchasing an additional 435,093 shares in the last quarter. Legal & General Group Plc raised its holdings in Automatic Data Processing by 4.1% during the second quarter. Legal & General Group Plc now owns 3,548,165 shares of the business services provider's stock worth $846,912,000 after buying an additional 139,561 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Automatic Data Processing by 1.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,238,526 shares of the business services provider's stock valued at $896,197,000 after buying an additional 41,709 shares in the last quarter. Institutional investors own 80.03% of the company's stock.

Insider Buying and Selling at Automatic Data Processing

In other Automatic Data Processing news, VP Sreenivasa Kutam sold 38,975 shares of the business's stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $300.00, for a total transaction of $11,692,500.00. Following the sale, the vice president now owns 32,604 shares of the company's stock, valued at $9,781,200. The trade was a 54.45 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Brian L. Michaud sold 362 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $293.83, for a total value of $106,366.46. Following the sale, the vice president now owns 13,706 shares in the company, valued at approximately $4,027,233.98. This represents a 2.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 42,129 shares of company stock worth $12,604,872 over the last ninety days. 0.21% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on ADP shares. Barclays boosted 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 report on Monday, November 4th. Citigroup increased their price objective on Automatic Data Processing from $260.00 to $295.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 25th. 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 research report on Friday, November 1st. Mizuho upped their price target on Automatic Data Processing from $281.00 to $310.00 and gave the stock an "outperform" rating in a report on Monday, November 4th. Finally, Royal Bank of Canada raised their price objective on Automatic Data Processing from $267.00 to $315.00 and gave the company a "sector perform" rating in a research note on Thursday, October 31st. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $289.91.

Automatic Data Processing Stock Performance

Shares of Automatic Data Processing stock traded up $1.68 during trading hours on Wednesday, hitting $293.37. 1,764,377 shares of the company's stock traded hands, compared to its average volume of 1,639,009. The stock has a market capitalization of $119.54 billion, a price-to-earnings ratio of 31.31, a PEG ratio of 3.50 and a beta of 0.79. Automatic Data Processing, Inc. has a 12-month low of $231.27 and a 12-month high of $309.63. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.01 and a quick ratio of 1.01. The company has a fifty day simple moving average of $298.48 and a 200-day simple moving average of $279.35.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The business services provider reported $2.33 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.21 by $0.12. The business had revenue of $4.83 billion during the quarter, compared to the consensus estimate of $4.77 billion. Automatic Data Processing had a net margin of 19.72% and a return on equity of 82.36%. The firm's quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the company posted $2.08 earnings per share. Equities research analysts anticipate that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a $1.54 dividend. This represents a $6.16 annualized dividend and a yield of 2.10%. Automatic Data Processing's payout ratio is 65.74%.

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.