Victory Capital Management Inc. Has $111.92 Million Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Victory Capital Management Inc. reduced its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP - Free Report) by 32.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 404,447 shares of the business services provider's stock after selling 196,290 shares during the quarter. Victory Capital Management Inc. owned 0.10% of Automatic Data Processing worth $111,923,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Kiely Wealth Advisory Group Inc. purchased a new stake in Automatic Data Processing in the 2nd quarter worth about $27,000. Hexagon Capital Partners LLC grew its stake in Automatic Data Processing by 78.5% during 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 in the last quarter. Crewe Advisors LLC acquired a new position in shares of Automatic Data Processing in the 1st quarter valued at about $33,000. Capital Performance Advisors LLP purchased a new stake in shares of Automatic Data Processing in the third quarter worth approximately $35,000. Finally, Pathway Financial Advisers LLC acquired a new stake in shares of Automatic Data Processing during the first quarter worth approximately $36,000. Hedge funds and other institutional investors own 80.03% of the company's stock.

Automatic Data Processing Stock Performance

Shares of NASDAQ ADP traded down $0.41 during trading hours on Wednesday, hitting $307.50. 1,637,821 shares of the stock were exchanged, compared to its average volume of 1,634,625. Automatic Data Processing, Inc. has a one year low of $227.12 and a one year high of $309.37. The company's 50 day moving average is $285.39 and its 200 day moving average is $262.92. 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 market capitalization of $125.29 billion, a P/E ratio of 32.82, a P/E/G ratio of 3.58 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.12. The company had revenue of $4.83 billion for 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 firm's revenue was up 7.1% compared to the same quarter last year. During the same period last year, the business posted $2.08 earnings per share. On average, research analysts expect that Automatic Data Processing, Inc. will post 9.94 EPS for the current year.

Automatic Data Processing Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be given a $1.54 dividend. This represents a $6.16 annualized dividend and a yield of 2.00%. This is a positive change from Automatic Data Processing's previous quarterly dividend of $1.40. The ex-dividend date is Friday, December 13th. Automatic Data Processing's dividend payout ratio (DPR) is currently 65.74%.

Wall Street Analyst Weigh In

ADP has been the topic of several research reports. Citigroup upped their price objective on shares of Automatic Data Processing from $260.00 to $295.00 and gave the company a "neutral" rating in a research note on Wednesday, September 25th. Stifel Nicolaus lifted their price objective on Automatic Data Processing from $271.00 to $287.00 and gave the company a "hold" rating in a research report on Thursday, August 1st. StockNews.com lowered Automatic Data Processing from a "buy" rating to a "hold" rating in a research report on Thursday, September 19th. UBS Group lifted their price target on Automatic Data Processing from $270.00 to $295.00 and gave the company a "neutral" rating in a report on Tuesday, October 22nd. Finally, Royal Bank of Canada increased their price objective on Automatic Data Processing from $267.00 to $315.00 and gave the stock a "sector perform" rating in a report on Thursday, October 31st. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $289.91.

Insider Transactions at Automatic Data Processing

In related news, VP Michael A. Bonarti sold 26,442 shares of Automatic Data Processing stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $270.96, for a total transaction of $7,164,724.32. Following the sale, the vice president now directly owns 88,426 shares of the company's stock, valued at $23,959,908.96. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Automatic Data Processing news, VP Michael A. Bonarti sold 26,442 shares of the firm's stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $270.96, for a total value of $7,164,724.32. Following the completion of the sale, the vice president now owns 88,426 shares in the company, valued at approximately $23,959,908.96. This trade represents a 0.00 % 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. Also, Director Carlos A. Rodriguez sold 9,203 shares of the business's stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $269.45, for a total value of $2,479,748.35. Following the sale, the director now owns 36,741 shares in the company, valued at approximately $9,899,862.45. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 97,792 shares of company stock worth $27,691,708. 0.21% of the stock is currently owned by company insiders.

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.