Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Purchased by Cornerstone Wealth Group LLC

Cornerstone Wealth Group LLC raised its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 23,611 shares of the business services provider’s stock after acquiring an additional 296 shares during the period. Cornerstone Wealth Group LLC’s holdings in Automatic Data Processing were worth $6,912,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Itau Unibanco Holding S.A. purchased a new position in Automatic Data Processing during the third quarter worth approximately $26,000. Dunhill Financial LLC increased its stake 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 worth $29,000 after acquiring an additional 149 shares during the last quarter. Hexagon Capital Partners LLC raised its holdings in shares of 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 worth $32,000 after acquiring an additional 51 shares during the period. Sugar Maple Asset Management LLC acquired a new position in shares of Automatic Data Processing during the 4th quarter valued at about $37,000. Finally, Capital Performance Advisors LLP purchased a new stake in shares of Automatic Data Processing in the third quarter valued at about $35,000. 80.03% of the stock is owned by hedge funds and other institutional investors.

Automatic Data Processing Stock Up 0.4 %

Shares of ADP opened at $297.10 on Monday. The company’s 50-day simple moving average is $297.13 and its 200-day simple moving average is $282.43. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.01 and a current ratio of 1.01. Automatic Data Processing, Inc. has a 1 year low of $231.27 and a 1 year high of $309.63. The stock has a market capitalization of $121.06 billion, a PE ratio of 31.71, a P/E/G ratio of 3.45 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last released its earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.21 by $0.12. The company had revenue of $4.83 billion for the quarter, compared to analyst estimates of $4.77 billion. Automatic Data Processing had a net margin of 19.72% and a return on equity of 82.36%. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period in the prior year, the business earned $2.08 EPS. Analysts forecast that Automatic Data Processing, Inc. will post 9.94 earnings per share for the current fiscal year.

Automatic Data Processing Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a dividend of $1.54 per share. The ex-dividend date is Friday, March 14th. This represents a $6.16 annualized dividend and a yield of 2.07%. Automatic Data Processing’s payout ratio is 65.74%.

Insider Buying and Selling at Automatic Data Processing

In related news, VP Sreenivasa Kutam sold 38,975 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $300.00, for a total transaction of $11,692,500.00. Following the completion of the transaction, the vice president now owns 32,604 shares in the company, valued at approximately $9,781,200. The trade was a 54.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP David Foskett sold 1,067 shares of the firm’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $286.15, for a total value of $305,322.05. Following the completion of the sale, the vice president now owns 6,140 shares in the company, 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 valued at $12,604,872 in the last quarter. Corporate insiders own 0.21% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on ADP shares. Barclays lifted their target price on shares of Automatic Data Processing from $310.00 to $325.00 and gave the stock an “overweight” rating in a research note on Monday, November 4th. Royal Bank of Canada upped 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. StockNews.com raised Automatic Data Processing from a “hold” rating to a “buy” rating in a research note on Sunday, January 19th. Jefferies Financial Group upped their price target on Automatic Data Processing from $260.00 to $290.00 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. Finally, TD Cowen raised their price objective on Automatic Data Processing from $276.00 to $285.00 and gave the stock a “hold” rating in a research report on Friday, November 1st. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $289.91.

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.