Automatic Data Processing, Inc. $ADP Shares Acquired by Schwartz Investment Counsel Inc.

Schwartz Investment Counsel Inc. lifted its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 46.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 110,214 shares of the business services provider’s stock after purchasing an additional 35,000 shares during the period. Schwartz Investment Counsel Inc.’s holdings in Automatic Data Processing were worth $28,442,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of Automatic Data Processing in the second quarter valued at approximately $8,097,229,000. Bank of America Corp DE purchased a new position in Automatic Data Processing during the second quarter worth approximately $1,231,175,000. Deutsche Bank AG purchased a new position in Automatic Data Processing during the second quarter worth approximately $994,937,000. Bank of New York Mellon Corp purchased a new position in Automatic Data Processing during the second quarter worth approximately $725,513,000. Finally, Legal & General Group Plc acquired a new position in Automatic Data Processing during the second quarter worth $562,425,000. 80.03% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Maria Black sold 29,810 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $280.91, for a total value of $8,373,927.10. Following the completion of the transaction, the chief executive officer directly owned 80,624 shares in the company, valued at approximately $22,648,087.84. This represents a 26.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Brian Michaud sold 120 shares of the firm’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $279.70, for a total value of $33,564.00. Following the sale, the vice president directly owned 18,442 shares of the company’s stock, valued at approximately $5,158,227.40. This trade represents a 0.65% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 33,773 shares of company stock valued at $9,450,629. Insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the company. Wells Fargo & Company upped their target price on Automatic Data Processing from $248.00 to $283.00 and gave the company an “equal weight” rating in a report on Thursday, July 30th. BMO Capital Markets raised their target price on Automatic Data Processing from $248.00 to $305.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 29th. Stifel Nicolaus lifted their price target on Automatic Data Processing from $260.00 to $285.00 and gave the stock a “hold” rating in a report on Thursday, July 30th. Weiss Ratings raised shares of Automatic Data Processing from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, September 22nd. Finally, Morgan Stanley boosted their price target on shares of Automatic Data Processing from $240.00 to $286.00 and gave the company an “equal weight” rating in a research report on Thursday, July 30th. Three analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $276.36.

Automatic Data Processing Price Performance

Automatic Data Processing stock opened at $293.11 on Wednesday. The firm has a 50 day simple moving average of $276.46 and a 200-day simple moving average of $240.47. Automatic Data Processing, Inc. has a 1-year low of $188.16 and a 1-year high of $309.40.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings results on Wednesday, July 29th. The business services provider reported $2.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.59 by $0.05. The firm had revenue of $5.47 billion for the quarter, compared to analyst estimates of $5.44 billion. The firm’s quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.26 EPS. Equities analysts forecast that Automatic Data Processing, Inc. will post 12.27 EPS for the current year.

Automatic Data Processing Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Friday, September 11th were issued a $1.70 dividend. The ex-dividend date was Friday, September 11th. This represents a $6.80 dividend on an annualized basis and a yield of 2.3%.

Automatic Data Processing Company Profile

Automatic Data Processing, Inc (NASDAQ: ADP) is a global provider of human capital management and business outsourcing solutions. The company helps employers manage payroll, human resources, workforce administration, benefits, tax compliance, time and attendance, talent management, and related employment processes.

ADP offers cloud-based platforms and services designed for businesses of various sizes, from small enterprises to large organizations. Its portfolio includes payroll processing, human resources management, employee benefits administration, retirement services, workforce management, data analytics, and professional employer organization services through ADP TotalSource.

Founded in 1949, ADP serves businesses in the United States and international markets.