Miracle Mile Advisors LLC Has $1.27 Million Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Miracle Mile Advisors LLC increased its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 93.0% in the 4th quarter, HoldingsChannel.com reports. The firm owned 4,344 shares of the business services provider’s stock after acquiring an additional 2,093 shares during the period. Miracle Mile Advisors LLC’s holdings in Automatic Data Processing were worth $1,272,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Claro Advisors LLC grew its stake in shares of Automatic Data Processing by 63.0% in the fourth quarter. Claro Advisors LLC now owns 2,144 shares of the business services provider’s stock valued at $628,000 after buying an additional 829 shares in the last quarter. Grassi Investment Management acquired a new stake in Automatic Data Processing in the fourth quarter valued at $227,000. Cooper Financial Group grew its position in shares of Automatic Data Processing by 12.8% in the 4th quarter. Cooper Financial Group now owns 1,114 shares of the business services provider’s stock valued at $326,000 after acquiring an additional 126 shares during the period. Wedmont Private Capital increased its stake in shares of Automatic Data Processing by 67.9% during the 4th quarter. Wedmont Private Capital now owns 6,292 shares of the business services provider’s stock worth $1,805,000 after purchasing an additional 2,545 shares during the last quarter. Finally, Salem Investment Counselors Inc. increased its stake in shares of Automatic Data Processing by 11.8% during the 4th quarter. Salem Investment Counselors Inc. now owns 2,596 shares of the business services provider’s stock worth $764,000 after purchasing an additional 275 shares during the last quarter. Institutional investors own 80.03% of the company’s stock.

Insiders Place Their Bets

In other Automatic Data Processing news, VP Brian L. Michaud sold 362 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $293.83, for a total transaction of $106,366.46. Following the completion of the transaction, the vice president now directly owns 13,706 shares in the company, valued at $4,027,233.98. The trade was a 2.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP David Foskett sold 1,067 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $286.15, for a total transaction of $305,322.05. Following the transaction, the vice president now owns 6,140 shares of the company’s stock, valued at approximately $1,756,961. This represents a 14.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 42,129 shares of company stock worth $12,604,872 over the last ninety days. Corporate insiders own 0.21% of the company’s stock.

Automatic Data Processing Stock Up 0.5 %

Shares of ADP opened at $291.69 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.56. Automatic Data Processing, Inc. has a 12 month low of $231.27 and a 12 month high of $309.63. The firm’s 50 day moving average is $298.48 and its 200-day moving average is $279.35. The stock has a market capitalization of $118.85 billion, a PE ratio of 31.13, a P/E/G ratio of 3.50 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings data on Wednesday, October 30th. The business services provider reported $2.33 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $0.12. The firm had revenue of $4.83 billion for the quarter, compared to analyst estimates of $4.77 billion. Automatic Data Processing had a return on equity of 82.36% and a net margin of 19.72%. The company’s revenue was up 7.1% on a year-over-year basis. During the same quarter last year, the company earned $2.08 EPS. Equities research analysts forecast that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Automatic Data Processing Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 1st. Investors of record on Friday, December 13th were paid a $1.54 dividend. This represents a $6.16 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date was Friday, December 13th. This is an increase from Automatic Data Processing’s previous quarterly dividend of $1.40. Automatic Data Processing’s payout ratio is 65.74%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Royal Bank of Canada lifted their price target 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. Barclays increased their price target on Automatic Data Processing from $310.00 to $325.00 and gave the company an “overweight” rating in a research note on Monday, November 4th. TD Cowen lifted their price objective on shares of Automatic Data Processing from $276.00 to $285.00 and gave the stock a “hold” rating in a research report on Friday, November 1st. Jefferies Financial Group upped their price objective on shares of Automatic Data Processing from $260.00 to $290.00 and gave the company a “hold” rating in a report on Tuesday, October 22nd. Finally, Mizuho raised their target price 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 equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $289.91.

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.