Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Purchased by Summit Investment Advisors Inc.

Summit Investment Advisors Inc. boosted its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.9% during the 4th quarter, Holdings Channel.com reports. The fund owned 21,508 shares of the business services provider’s stock after purchasing an additional 404 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Automatic Data Processing were worth $6,296,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Virtu Financial LLC increased its holdings in shares of Automatic Data Processing by 202.7% in the third quarter. Virtu Financial LLC now owns 4,870 shares of the business services provider’s stock valued at $1,348,000 after buying an additional 3,261 shares in the last quarter. Tudor Financial Inc. acquired a new stake in shares of Automatic Data Processing during the third quarter worth $310,000. Anchor Investment Management LLC increased its stake in Automatic Data Processing by 7.0% in the 3rd quarter. Anchor Investment Management LLC now owns 15,384 shares of the business services provider’s stock worth $4,257,000 after purchasing an additional 1,001 shares in the last quarter. Pine Valley Investments Ltd Liability Co raised its holdings in Automatic Data Processing by 3.5% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 9,935 shares of the business services provider’s stock worth $2,753,000 after buying an additional 337 shares during the period. Finally, World Investment Advisors LLC raised its holdings in Automatic Data Processing by 22.6% during the 3rd quarter. World Investment Advisors LLC now owns 7,466 shares of the business services provider’s stock worth $2,066,000 after buying an additional 1,378 shares during the period. 80.03% of the stock is owned by institutional investors and hedge funds.

Automatic Data Processing Price Performance

Shares of NASDAQ:ADP opened at $299.54 on Friday. The firm has a market cap of $122.05 billion, a price-to-earnings ratio of 31.23, a P/E/G ratio of 3.62 and a beta of 0.74. Automatic Data Processing, Inc. has a 1 year low of $231.27 and a 1 year high of $322.84. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.59. The business has a fifty day simple moving average of $302.38 and a 200 day simple moving average of $297.56.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings results on Wednesday, January 29th. The business services provider reported $2.35 earnings per share for the quarter, topping analysts’ consensus estimates of $2.30 by $0.05. Automatic Data Processing had a return on equity of 80.86% and a net margin of 19.76%. As a group, sell-side analysts predict that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Automatic Data Processing Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a $1.54 dividend. This represents a $6.16 annualized dividend and a yield of 2.06%. The ex-dividend date is Friday, June 13th. Automatic Data Processing’s dividend payout ratio is 64.23%.

Insiders Place Their Bets

In other Automatic Data Processing news, VP Brian L. Michaud sold 1,500 shares of the business’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $305.38, for a total value of $458,070.00. Following the completion of the sale, the vice president now owns 12,073 shares of the company’s stock, valued at $3,686,852.74. The trade was a 11.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP David Foskett sold 1,067 shares of the stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $286.15, for a total value of $305,322.05. Following the transaction, the vice president now directly owns 6,140 shares in the company, valued at approximately $1,756,961. This represents a 14.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,364 shares of company stock valued at $1,613,094 over the last ninety days. Corporate insiders own 0.21% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on ADP shares. UBS Group raised their target price on shares of Automatic Data Processing from $318.00 to $324.00 and gave the stock a “neutral” rating in a report on Tuesday, March 4th. StockNews.com downgraded shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Wednesday, February 5th. Barclays raised their target price on Automatic Data Processing from $325.00 to $350.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Jefferies Financial Group upped their price target on Automatic Data Processing from $290.00 to $305.00 and gave the company a “hold” rating in a research report on Thursday, January 30th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $315.00 price objective on shares of Automatic Data Processing in a research note on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $302.30.

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.