Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Acquired by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC raised its position in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 93.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,344 shares of the business services provider's stock after purchasing an additional 2,093 shares during the quarter. Miracle Mile Advisors LLC's holdings in Automatic Data Processing were worth $1,272,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of ADP. Moloney Securities Asset Management LLC acquired a new stake in Automatic Data Processing in the 3rd quarter valued at $209,000. Nomura Asset Management Co. Ltd. lifted its stake in shares of Automatic Data Processing by 5.8% during the third quarter. Nomura Asset Management Co. Ltd. now owns 280,961 shares of the business services provider's stock worth $77,750,000 after purchasing an additional 15,340 shares in the last quarter. RIA Advisory Group LLC purchased a new stake in shares of Automatic Data Processing in the third quarter worth about $470,000. Dash Acquisitions Inc. grew its stake in shares of Automatic Data Processing by 5.6% in the third quarter. Dash Acquisitions Inc. now owns 52,329 shares of the business services provider's stock valued at $15,069,000 after buying an additional 2,781 shares in the last quarter. Finally, DRW Securities LLC acquired a new stake in shares of Automatic Data Processing in the third quarter valued at about $951,000. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on ADP. 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. TD Cowen boosted their target price on shares of Automatic Data Processing from $276.00 to $285.00 and gave the stock a "hold" rating in a research report on Friday, November 1st. Mizuho upped their target price on shares of Automatic Data Processing from $281.00 to $310.00 and gave the company an "outperform" rating in a research note on Monday, November 4th. UBS Group lifted their price target 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, StockNews.com lowered shares of Automatic Data Processing from a "buy" rating to a "hold" rating in a report on Saturday. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, Automatic Data Processing has a consensus rating of "Hold" and an average price target of $289.91.

Automatic Data Processing Stock Up 0.6 %

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

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last posted its quarterly 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 during the quarter, compared to the consensus estimate of $4.77 billion. Automatic Data Processing had a return on equity of 82.36% and a net margin of 19.72%. The company's revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period last year, the firm earned $2.08 earnings per share. On average, research analysts forecast that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Automatic Data Processing Dividend Announcement

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

Insider Activity at Automatic Data Processing

In related news, VP Sreenivasa Kutam sold 38,975 shares of the business's stock in a transaction dated 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 completion of the sale, the vice president now owns 32,604 shares of the company's stock, valued at $9,781,200. This represents a 54.45 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Brian L. Michaud sold 362 shares of the firm's stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $293.83, for a total transaction of $106,366.46. Following the completion of the transaction, the vice president now directly owns 13,706 shares in the company, valued at $4,027,233.98. This represents a 2.57 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 42,129 shares of company stock valued at $12,604,872. Corporate insiders own 0.21% of the company's stock.

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.