Investment Management Corp of Ontario Has $3.77 Million Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Investment Management Corp of Ontario boosted its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 49.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 13,604 shares of the business services provider's stock after acquiring an additional 4,500 shares during the quarter. Investment Management Corp of Ontario's holdings in Automatic Data Processing were worth $3,765,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of ADP. Itau Unibanco Holding S.A. purchased a new position in Automatic Data Processing during the 3rd quarter valued at about $26,000. Kiely Wealth Advisory Group Inc. bought a new position in shares of Automatic Data Processing during the 2nd quarter valued at $27,000. Hexagon Capital Partners LLC lifted its position in shares of Automatic Data Processing by 78.5% in the third quarter. Hexagon Capital Partners LLC now owns 116 shares of the business services provider's stock worth $32,000 after buying an additional 51 shares during the last quarter. Capital Performance Advisors LLP bought a new stake in shares of Automatic Data Processing during the 3rd quarter worth about $35,000. Finally, MFA Wealth Advisors LLC acquired a new position in shares of Automatic Data Processing during the 2nd quarter valued at about $40,000. 80.03% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Automatic Data Processing

In other news, Director Carlos A. Rodriguez sold 9,203 shares of Automatic Data Processing stock in a transaction on Friday, September 6th. The stock was sold at an average price of $269.45, for a total value of $2,479,748.35. Following the completion of the sale, the director now directly owns 36,741 shares of the company's stock, valued at approximately $9,899,862.45. This trade represents a 20.03 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Sreenivasa Kutam sold 38,975 shares of the company's stock in a transaction on 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 $9,781,200. This trade represents a 54.45 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.21% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on ADP shares. Royal Bank of Canada upped their target price on Automatic Data Processing from $267.00 to $315.00 and gave the stock a "sector perform" rating in a research report on Thursday, October 31st. Citigroup lifted 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. UBS Group increased their target price on Automatic Data Processing from $270.00 to $295.00 and gave the company a "neutral" rating in a research note on Tuesday, October 22nd. TD Cowen upped their price target on Automatic Data Processing from $276.00 to $285.00 and gave the stock a "hold" rating in a report on Friday, November 1st. Finally, Jefferies Financial Group upped their target price on shares of Automatic Data Processing from $260.00 to $290.00 and gave the company a "hold" rating in a research note on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Automatic Data Processing currently has an average rating of "Hold" and a consensus target price of $289.91.

Automatic Data Processing Price Performance

Shares of Automatic Data Processing stock traded down $0.28 during midday trading on Wednesday, hitting $303.29. 364,694 shares of the company were exchanged, compared to its average volume of 1,627,392. 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 firm has a 50 day simple moving average of $293.56 and a 200-day simple moving average of $269.06. Automatic Data Processing, Inc. has a 52 week low of $227.12 and a 52 week high of $309.63. The firm has a market cap of $123.58 billion, a P/E ratio of 32.42, a PEG ratio of 3.56 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, topping analysts' consensus estimates of $2.21 by $0.12. The business had revenue of $4.83 billion during the quarter, compared to analysts' expectations 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 revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter last year, the company posted $2.08 EPS. Research analysts forecast that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.

Automatic Data Processing Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Investors 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 is a positive change from Automatic Data Processing's previous quarterly dividend of $1.40. This represents a $6.16 dividend on an annualized basis and a yield of 2.03%. Automatic Data Processing's dividend payout ratio is 65.74%.

Automatic Data Processing Company 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.