Institute for Wealth Management LLC. Increases Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Institute for Wealth Management LLC. lifted its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 7.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,225 shares of the business services provider’s stock after acquiring an additional 163 shares during the quarter. Institute for Wealth Management LLC.’s holdings in Automatic Data Processing were worth $531,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. increased its position in shares of Automatic Data Processing by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 39,769,440 shares of the business services provider’s stock valued at $9,932,020,000 after purchasing an additional 173,298 shares during the last quarter. Wellington Management Group LLP increased its holdings in Automatic Data Processing by 4.8% during the fourth quarter. Wellington Management Group LLP now owns 5,492,425 shares of the business services provider’s stock worth $1,279,570,000 after buying an additional 249,566 shares during the last quarter. Capital Research Global Investors raised its position in Automatic Data Processing by 2.3% in the first quarter. Capital Research Global Investors now owns 3,625,186 shares of the business services provider’s stock worth $905,354,000 after acquiring an additional 81,869 shares during the period. Nordea Investment Management AB raised its position in Automatic Data Processing by 27.7% in the first quarter. Nordea Investment Management AB now owns 2,715,382 shares of the business services provider’s stock worth $678,601,000 after acquiring an additional 589,831 shares during the period. Finally, Ninety One UK Ltd boosted its stake in Automatic Data Processing by 0.4% in the second quarter. Ninety One UK Ltd now owns 2,556,377 shares of the business services provider’s stock valued at $610,182,000 after acquiring an additional 9,464 shares during the last quarter. 80.03% of the stock is currently owned by institutional investors.

Automatic Data Processing Price Performance

NASDAQ:ADP traded up $0.22 during trading hours on Friday, hitting $269.60. The stock had a trading volume of 1,206,702 shares, compared to its average volume of 1,658,561. The firm has a market capitalization of $110.34 billion, a price-to-earnings ratio of 30.09, a P/E/G ratio of 2.72 and a beta of 0.78. Automatic Data Processing, Inc. has a one year low of $205.53 and a one year high of $270.99. The company has a 50 day simple moving average of $250.49 and a two-hundred day simple moving average of $248.16. 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 (NASDAQ:ADP) last posted its earnings results on Wednesday, July 31st. The business services provider reported $2.09 EPS for the quarter, topping the consensus estimate of $2.06 by $0.03. The business had revenue of $4.80 billion during the quarter, compared to analysts’ expectations of $4.74 billion. Automatic Data Processing had a return on equity of 89.20% and a net margin of 19.54%. The firm’s revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.89 earnings per share. Research analysts forecast that Automatic Data Processing, Inc. will post 10.01 earnings per share for the current fiscal year.

Automatic Data Processing Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a $1.40 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $5.60 dividend on an annualized basis and a yield of 2.08%. Automatic Data Processing’s dividend payout ratio is presently 62.50%.

Analysts Set New Price Targets

A number of research firms recently commented on ADP. StockNews.com raised shares of Automatic Data Processing from a “hold” rating to a “buy” rating in a report on Wednesday. TD Cowen dropped their price target on Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating on the stock in a research report on Thursday, May 2nd. JPMorgan Chase & Co. increased their price target on Automatic Data Processing from $250.00 to $285.00 and gave the stock an “underweight” rating in a research note on Tuesday, August 20th. Bank of America boosted their price objective on Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Finally, Stifel Nicolaus lifted their target price on shares of Automatic Data Processing from $271.00 to $287.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. Two analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Automatic Data Processing has an average rating of “Hold” and an average price target of $265.36.

About Automatic Data Processing

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.