State of Alaska Department of Revenue Has $13.11 Million Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

State of Alaska Department of Revenue increased its stake in Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 6.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 47,375 shares of the business services provider's stock after buying an additional 2,810 shares during the quarter. State of Alaska Department of Revenue's holdings in Automatic Data Processing were worth $13,110,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Kiely Wealth Advisory Group Inc. acquired a new position in shares of Automatic Data Processing in the second quarter valued at $27,000. Keener Financial Planning LLC lifted its position in Automatic Data Processing by 230.3% during the first quarter. Keener Financial Planning LLC now owns 109 shares of the business services provider's stock worth $28,000 after acquiring an additional 76 shares during the last quarter. Hexagon Capital Partners LLC boosted its holdings in shares of Automatic Data Processing by 78.5% during the third quarter. Hexagon Capital Partners LLC now owns 116 shares of the business services provider's stock worth $32,000 after acquiring an additional 51 shares during the period. Crewe Advisors LLC acquired a new position in shares of Automatic Data Processing in the first quarter valued at approximately $33,000. Finally, Pathway Financial Advisers LLC bought a new position in shares of Automatic Data Processing during the first quarter worth approximately $36,000. 80.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on ADP shares. UBS Group upped their price objective on Automatic Data Processing from $270.00 to $295.00 and gave the company a "neutral" rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. lifted their price objective on shares of Automatic Data Processing from $250.00 to $285.00 and gave the stock an "underweight" rating in a research note on Tuesday, August 20th. Citigroup raised their target price on shares of Automatic Data Processing from $260.00 to $295.00 and gave the stock a "neutral" rating in a report on Wednesday, September 25th. Stifel Nicolaus boosted their price target on Automatic Data Processing from $271.00 to $287.00 and gave the company a "hold" rating in a research note on Thursday, August 1st. Finally, StockNews.com lowered Automatic Data Processing from a "buy" rating to a "hold" rating in a research note on Thursday, September 19th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $277.64.

Automatic Data Processing Price Performance

Shares of ADP stock traded down $1.52 on Monday, hitting $286.44. 1,591,830 shares of the company's stock were exchanged, compared to its average volume of 1,626,329. The company has a 50 day moving average of $279.83 and a 200 day moving average of $258.84. The stock has a market cap of $117.24 billion, a P/E ratio of 31.97, a price-to-earnings-growth ratio of 3.13 and a beta of 0.79. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.01 and a quick ratio of 1.01. Automatic Data Processing, Inc. has a 12 month low of $205.53 and a 12 month high of $294.18.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last posted its earnings results on Wednesday, July 31st. The business services provider reported $2.09 EPS for the quarter, topping analysts' consensus estimates of $2.06 by $0.03. The firm had revenue of $4.80 billion during the quarter, compared to analysts' expectations of $4.74 billion. Automatic Data Processing had a net margin of 19.54% and a return on equity of 89.20%. The business's revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.89 earnings per share. On average, equities research analysts predict that Automatic Data Processing, Inc. will post 10.04 EPS for the current year.

Automatic Data Processing Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were paid a dividend of $1.40 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 1.96%. Automatic Data Processing's payout ratio is presently 62.50%.

Insider Transactions at Automatic Data Processing

In other news, VP David Kwon sold 846 shares of Automatic Data Processing stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $270.60, for a total transaction of $228,927.60. Following the sale, the vice president now directly owns 10,410 shares of the company's stock, valued at approximately $2,816,946. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Automatic Data Processing news, Director Carlos A. Rodriguez sold 9,203 shares of Automatic Data Processing stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $269.45, for a total transaction of $2,479,748.35. Following the transaction, the director now directly owns 36,741 shares of the company's stock, valued at approximately $9,899,862.45. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP David Kwon sold 846 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $270.60, for a total value of $228,927.60. Following the completion of the sale, the vice president now directly owns 10,410 shares of the company's stock, valued at approximately $2,816,946. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 58,817 shares of company stock worth $15,999,208. Corporate insiders own 0.26% of the company's stock.

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.