First Interstate Bank Raises Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

First Interstate Bank boosted its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 15.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,562 shares of the business services provider’s stock after purchasing an additional 478 shares during the period. First Interstate Bank’s holdings in Automatic Data Processing were worth $986,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. BlueSpruce Investments LP bought a new position in Automatic Data Processing in the 1st quarter worth about $365,757,000. International Assets Investment Management LLC lifted its holdings in shares of Automatic Data Processing by 28,478.6% in the third quarter. International Assets Investment Management LLC now owns 1,194,587 shares of the business services provider’s stock worth $3,305,780,000 after buying an additional 1,190,407 shares in the last quarter. Nordea Investment Management AB boosted its position in shares of 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 valued at $678,601,000 after acquiring an additional 589,831 shares during the period. Jacobs Levy Equity Management Inc. grew its stake in Automatic Data Processing by 238.1% during the first quarter. Jacobs Levy Equity Management Inc. now owns 784,003 shares of the business services provider’s stock valued at $195,797,000 after acquiring an additional 552,096 shares in the last quarter. Finally, Mackenzie Financial Corp increased its holdings in Automatic Data Processing by 242.4% during the 2nd quarter. Mackenzie Financial Corp now owns 644,135 shares of the business services provider’s stock worth $153,749,000 after acquiring an additional 456,027 shares during the period. 80.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ADP. Barclays boosted their price target on shares of Automatic Data Processing from $282.00 to $310.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. Stifel Nicolaus lifted their price target on Automatic Data Processing from $271.00 to $287.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. UBS Group upped their price objective on shares of Automatic Data Processing from $270.00 to $295.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. lifted their target price on shares of Automatic Data Processing from $250.00 to $285.00 and gave the company an “underweight” rating in a research report on Tuesday, August 20th. Finally, Jefferies Financial Group raised their price objective on shares of Automatic Data Processing from $260.00 to $290.00 and gave the company a “hold” rating in a research report on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $285.09.

Insider Buying and Selling

In related news, VP David Kwon sold 846 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $270.60, for a total value of $228,927.60. Following the completion of the transaction, the vice president now owns 10,410 shares of the company’s stock, valued at approximately $2,816,946. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Automatic Data Processing news, VP David Kwon sold 846 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $270.60, for a total transaction of $228,927.60. Following the sale, the vice president now directly owns 10,410 shares in the company, valued at $2,816,946. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP Michael A. Bonarti sold 26,442 shares of Automatic Data Processing stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $270.96, for a total transaction of $7,164,724.32. Following the transaction, the vice president now directly owns 88,426 shares of the company’s stock, valued at approximately $23,959,908.96. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 58,817 shares of company stock valued at $15,999,208 over the last 90 days. Company insiders own 0.21% of the company’s stock.

Automatic Data Processing Trading Down 0.4 %

Shares of NASDAQ ADP traded down $1.06 during trading hours on Friday, hitting $288.18. The company’s stock had a trading volume of 2,037,049 shares, compared to its average volume of 1,637,382. The business has a 50-day simple moving average of $281.57 and a 200-day simple moving average of $259.90. The stock has a market cap of $117.53 billion, a price-to-earnings ratio of 30.76, a P/E/G ratio of 3.21 and a beta of 0.79. 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 12 month low of $211.52 and a 12 month high of $294.18.

Automatic Data Processing (NASDAQ:ADP) last posted its earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.12. Automatic Data Processing had a return on equity of 82.36% and a net margin of 19.72%. The firm had revenue of $4.83 billion for the quarter, compared to analysts’ expectations of $4.77 billion. During the same period in the previous year, the firm earned $2.08 earnings per share. The business’s revenue was up 7.1% compared to the same quarter last year. On average, analysts anticipate that Automatic Data Processing, Inc. will post 9.98 earnings per share for the current fiscal year.

Automatic Data Processing Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were issued a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 1.94%. The ex-dividend date of this dividend was Friday, September 13th. Automatic Data Processing’s payout ratio is currently 59.77%.

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.