Kovitz Investment Group Partners LLC Has $10.12 Million Stake in Automatic Data Processing, Inc. (NASDAQ:ADP)

Kovitz Investment Group Partners LLC lifted its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 33.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 36,558 shares of the business services provider's stock after acquiring an additional 9,248 shares during the period. Kovitz Investment Group Partners LLC's holdings in Automatic Data Processing were worth $10,117,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in ADP. Itau Unibanco Holding S.A. acquired a new stake in shares of Automatic Data Processing during the 3rd quarter worth approximately $26,000. Kiely Wealth Advisory Group Inc. acquired a new stake in Automatic Data Processing in the second quarter worth $27,000. Hexagon Capital Partners LLC lifted its stake in 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 valued at $32,000 after buying an additional 51 shares during the last quarter. Capital Performance Advisors LLP acquired a new position in shares of Automatic Data Processing during the third quarter valued at $35,000. Finally, MFA Wealth Advisors LLC bought a new position in shares of Automatic Data Processing during the second quarter worth about $40,000. 80.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ADP. Jefferies Financial Group lifted their price objective on shares of Automatic Data Processing from $260.00 to $290.00 and gave the company a "hold" rating in a research report on Tuesday, October 22nd. TD Cowen boosted their price objective on Automatic Data Processing from $276.00 to $285.00 and gave the stock a "hold" rating in a research report on Friday, November 1st. JPMorgan Chase & Co. raised their target price on Automatic Data Processing from $250.00 to $285.00 and gave the company an "underweight" rating in a research report on Tuesday, August 20th. Citigroup boosted their price target on Automatic Data Processing from $260.00 to $295.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 25th. Finally, Barclays raised their price target on Automatic Data Processing from $310.00 to $325.00 and gave the company an "overweight" rating in a report on Monday, November 4th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Automatic Data Processing has a consensus rating of "Hold" and an average target price of $289.91.

Insider Transactions at Automatic Data Processing

In related news, VP Sreenivasa Kutam sold 38,975 shares of the company's stock in a transaction that occurred 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 completion of the sale, the vice president now owns 32,604 shares in the company, valued at approximately $9,781,200. This represents a 54.45 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.21% of the stock is owned by insiders.

Automatic Data Processing Price Performance

Automatic Data Processing stock traded up $2.76 during midday trading on Friday, hitting $304.56. The company's stock had a trading volume of 2,621,938 shares, compared to its average volume of 1,488,306. Automatic Data Processing, Inc. has a 12 month low of $227.12 and a 12 month high of $309.63. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.56. The stock's 50-day moving average price is $295.31 and its 200-day moving average price is $270.01. The company has a market capitalization of $124.10 billion, a PE ratio of 32.50, a price-to-earnings-growth ratio of 3.53 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last released its earnings results on Wednesday, October 30th. The business services provider reported $2.33 EPS for the quarter, topping analysts' consensus estimates of $2.21 by $0.12. The business had revenue of $4.83 billion for 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 business's revenue for the quarter was up 7.1% on a year-over-year basis. During the same period in the previous year, the firm earned $2.08 EPS. Analysts anticipate that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Automatic Data Processing Increases Dividend

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

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.