Western Pacific Wealth Management LP Acquires 300 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Western Pacific Wealth Management LP grew its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 150.0% in the 3rd quarter, HoldingsChannel reports. The firm owned 500 shares of the business services provider’s stock after buying an additional 300 shares during the quarter. Western Pacific Wealth Management LP’s holdings in Automatic Data Processing were worth $138,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Kornitzer Capital Management Inc. KS lifted its position in shares of Automatic Data Processing by 5.2% during the third quarter. Kornitzer Capital Management Inc. KS now owns 890 shares of the business services provider’s stock valued at $246,000 after buying an additional 44 shares during the last quarter. Washington Trust Bank raised its stake in Automatic Data Processing by 124.3% in the third quarter. Washington Trust Bank now owns 6,499 shares of the business services provider’s stock valued at $1,798,000 after buying an additional 3,602 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in Automatic Data Processing by 4.5% in the third quarter. Principal Financial Group Inc. now owns 529,690 shares of the business services provider’s stock worth $146,581,000 after acquiring an additional 22,766 shares in the last quarter. Graypoint LLC grew its stake in shares of Automatic Data Processing by 6.6% during the third quarter. Graypoint LLC now owns 6,340 shares of the business services provider’s stock worth $1,754,000 after acquiring an additional 390 shares during the last quarter. Finally, Donald L. Hagan LLC acquired a new position in shares of Automatic Data Processing during the third quarter valued at about $221,000. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Insiders Place Their Bets

In related news, VP David Kwon sold 846 shares of the business’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 sale, the vice president now owns 10,410 shares of the company’s stock, valued at approximately $2,816,946. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Carlos A. Rodriguez sold 9,203 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $269.45, for a total transaction of $2,479,748.35. Following the transaction, the director now directly owns 36,741 shares in the company, valued at $9,899,862.45. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP David Kwon sold 846 shares of the stock in a transaction that occurred 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 sale, the vice president now directly 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 58,817 shares of company stock worth $15,999,208. 0.21% of the stock is owned by corporate insiders.

Automatic Data Processing Trading Down 0.1 %

Shares of NASDAQ:ADP opened at $304.85 on Friday. The company has a market capitalization of $124.21 billion, a PE ratio of 32.53, a PEG ratio of 3.37 and a beta of 0.79. Automatic Data Processing, Inc. has a 12-month low of $223.28 and a 12-month high of $306.71. The business has a 50 day moving average of $282.92 and a two-hundred day moving average of $261.11. 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 (NASDAQ:ADP) last released its quarterly earnings data on Wednesday, October 30th. The business services provider reported $2.33 earnings per share for the quarter, beating analysts’ consensus estimates of $2.21 by $0.12. The company had revenue of $4.83 billion during the quarter, compared to analysts’ expectations 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 revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.08 earnings per share. As a group, analysts forecast that Automatic Data Processing, Inc. will post 9.94 EPS for the current year.

Automatic Data Processing Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be issued a $1.54 dividend. This is a boost from Automatic Data Processing’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Friday, December 13th. This represents a $6.16 dividend on an annualized basis and a yield of 2.02%. Automatic Data Processing’s dividend payout ratio is presently 59.77%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on ADP shares. Barclays boosted 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 report on Monday. StockNews.com lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Thursday, September 19th. TD Cowen raised their target price on Automatic Data Processing from $276.00 to $285.00 and gave the stock a “hold” rating in a research note on Friday, November 1st. Royal Bank of Canada increased 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. Finally, Stifel Nicolaus raised their price objective on Automatic Data Processing from $271.00 to $287.00 and gave the stock a “hold” rating in a research note on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $289.91.

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.