Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Bought by Connecticut Wealth Management LLC

Connecticut Wealth Management LLC boosted its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 4.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 6,403 shares of the business services provider’s stock after acquiring an additional 297 shares during the quarter. Connecticut Wealth Management LLC’s holdings in Automatic Data Processing were worth $1,492,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ardent Capital Management Inc. acquired a new position in shares of Automatic Data Processing in the 3rd quarter valued at about $392,000. Americana Partners LLC lifted its holdings in shares of Automatic Data Processing by 3.1% in the 3rd quarter. Americana Partners LLC now owns 22,228 shares of the business services provider’s stock valued at $5,330,000 after buying an additional 660 shares during the period. Everence Capital Management Inc. increased its stake in shares of Automatic Data Processing by 28.5% in the 4th quarter. Everence Capital Management Inc. now owns 17,150 shares of the business services provider’s stock valued at $3,995,000 after purchasing an additional 3,800 shares in the last quarter. Cyndeo Wealth Partners LLC increased its stake in shares of Automatic Data Processing by 36.7% in the 4th quarter. Cyndeo Wealth Partners LLC now owns 19,800 shares of the business services provider’s stock valued at $4,613,000 after purchasing an additional 5,318 shares in the last quarter. Finally, BKM Wealth Management LLC purchased a new position in shares of Automatic Data Processing in the 4th quarter valued at about $1,635,000. Institutional investors and hedge funds own 80.03% of the company’s stock.

Analyst Ratings Changes

ADP has been the subject of several recent analyst reports. StockNews.com lowered Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Tuesday, March 19th. Evercore ISI lifted their price target on Automatic Data Processing from $227.00 to $235.00 and gave the company an “underperform” rating in a research note on Tuesday, March 26th. TD Cowen cut their price target on Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating for the company in a research note on Thursday. Bank of America upgraded Automatic Data Processing from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $217.00 to $243.00 in a research note on Wednesday, January 17th. Finally, JPMorgan Chase & Co. cut their price objective on Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating for the company in a research note on Thursday. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $255.42.

Automatic Data Processing Price Performance

Shares of ADP stock traded down $0.14 during trading hours on Friday, reaching $241.89. The company had a trading volume of 1,491,532 shares, compared to its average volume of 1,451,137. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a fifty day moving average of $245.63 and a 200-day moving average of $238.95. The company has a market capitalization of $99.37 billion, a price-to-earnings ratio of 27.00, a PEG ratio of 2.27 and a beta of 0.78. Automatic Data Processing, Inc. has a 12-month low of $205.53 and a 12-month high of $256.84.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings results on Wednesday, May 1st. The business services provider reported $2.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.79 by $0.09. Automatic Data Processing had a return on equity of 93.09% and a net margin of 19.56%. The business had revenue of $5.30 billion during the quarter, compared to analyst estimates of $5.22 billion. During the same period in the prior year, the business earned $2.52 earnings per share. The business’s revenue was up 7.6% compared to the same quarter last year. On average, equities analysts anticipate that Automatic Data Processing, Inc. will post 9.15 earnings per share for the current year.

Automatic Data Processing Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date is Friday, June 14th. Automatic Data Processing’s dividend payout ratio is presently 62.50%.

Insider Activity at Automatic Data Processing

In related news, VP Joseph Desilva sold 1,904 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $255.00, for a total value of $485,520.00. Following the transaction, the vice president now directly owns 17,179 shares in the company, valued at $4,380,645. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Automatic Data Processing news, VP Joseph Desilva sold 1,904 shares of the company’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $255.00, for a total transaction of $485,520.00. Following the transaction, the vice president now directly owns 17,179 shares in the company, valued at $4,380,645. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP David Kwon sold 863 shares of the company’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $250.00, for a total value of $215,750.00. Following the transaction, the vice president now owns 8,285 shares in the company, valued at $2,071,250. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,829 shares of company stock worth $965,274. 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.