Toronto Dominion Bank Raises Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Toronto Dominion Bank boosted its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 1.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 214,797 shares of the business services provider's stock after purchasing an additional 4,061 shares during the quarter. Toronto Dominion Bank owned about 0.05% of Automatic Data Processing worth $59,441,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Itau Unibanco Holding S.A. bought a new stake in Automatic Data Processing in the third quarter valued at about $26,000. Kiely Wealth Advisory Group Inc. bought a new stake in shares of Automatic Data Processing in the 2nd quarter valued at about $27,000. Dunhill Financial LLC raised its position in shares of Automatic Data Processing by 346.5% in the 3rd quarter. Dunhill Financial LLC now owns 106 shares of the business services provider's stock valued at $29,000 after acquiring an additional 149 shares during the period. Hexagon Capital Partners LLC raised its position in shares of Automatic Data Processing by 78.5% in the 3rd quarter. Hexagon Capital Partners LLC now owns 116 shares of the business services provider's stock valued at $32,000 after acquiring an additional 51 shares during the period. Finally, Capital Performance Advisors LLP bought a new position in Automatic Data Processing during the 3rd quarter worth approximately $35,000. 80.03% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ADP has been the topic of several analyst reports. Jefferies Financial Group increased their target price on shares of Automatic Data Processing from $260.00 to $290.00 and gave the stock a "hold" rating in a report on Tuesday, October 22nd. Royal Bank of Canada lifted their price objective on Automatic Data Processing from $267.00 to $315.00 and gave the company a "sector perform" rating in a report on Thursday, October 31st. Citigroup increased their target price 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 lifted their price target on shares of Automatic Data Processing from $270.00 to $295.00 and gave the company a "neutral" rating in a research note on Tuesday, October 22nd. Finally, Mizuho raised their price target on shares of Automatic Data Processing from $281.00 to $310.00 and gave the stock an "outperform" rating in a research note on Monday, November 4th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $289.91.

Insider Activity at Automatic Data Processing

In other news, VP Sreenivasa Kutam sold 38,975 shares of the business's stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $300.00, for a total value of $11,692,500.00. Following the transaction, the vice president now owns 32,604 shares in the company, valued at $9,781,200. The trade was a 54.45 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.21% of the stock is owned by insiders.

Automatic Data Processing Stock Down 0.7 %

ADP stock traded down $2.00 during midday trading on Thursday, reaching $298.75. 1,172,562 shares of the company's stock traded hands, compared to its average volume of 1,644,564. 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 firm's fifty day moving average price is $296.51 and its 200-day moving average price is $271.03. Automatic Data Processing, Inc. has a 52 week low of $227.12 and a 52 week high of $309.63. The company has a market cap of $121.73 billion, a price-to-earnings ratio of 31.88, a P/E/G ratio of 3.54 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last posted its earnings results on Wednesday, October 30th. The business services provider reported $2.33 EPS for the quarter, topping the consensus estimate of $2.21 by $0.12. Automatic Data Processing had a net margin of 19.72% and a return on equity of 82.36%. The company had revenue of $4.83 billion during the quarter, compared to the consensus estimate of $4.77 billion. During the same period in the previous year, the firm posted $2.08 earnings per share. The firm's revenue for the quarter was up 7.1% on a year-over-year basis. As a group, sell-side analysts forecast 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. Stockholders 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 2.06%. 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. Automatic Data Processing's dividend payout ratio (DPR) is currently 65.74%.

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.