Wealthspire Advisors LLC Grows Stock Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Wealthspire Advisors LLC lifted its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 46.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,720 shares of the business services provider’s stock after purchasing an additional 3,063 shares during the period. Wealthspire Advisors LLC’s holdings in Automatic Data Processing were worth $2,320,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. BlueSpruce Investments LP purchased a new position in shares of Automatic Data Processing during the first quarter valued at about $365,757,000. Norges Bank purchased a new position in shares of Automatic Data Processing during the 4th quarter worth approximately $308,321,000. Capital Research Global Investors raised its position in shares of Automatic Data Processing by 22.5% in the 4th quarter. Capital Research Global Investors now owns 3,543,317 shares of the business services provider’s stock worth $825,487,000 after acquiring an additional 649,791 shares in the last quarter. Nordea Investment Management AB lifted its stake in shares of Automatic Data Processing by 27.7% in the 1st quarter. Nordea Investment Management AB now owns 2,715,382 shares of the business services provider’s stock valued at $678,601,000 after purchasing an additional 589,831 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its position in shares of 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 purchasing an additional 552,096 shares in the last quarter. 80.03% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have commented on ADP. Bank of America raised their price objective on Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. Royal Bank of Canada reissued a “sector perform” rating and set a $267.00 price objective on shares of Automatic Data Processing in a research note on Thursday, August 1st. Barclays raised their target price on shares of Automatic Data Processing from $282.00 to $310.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. boosted their price target on Automatic Data Processing from $250.00 to $285.00 and gave the stock an “underweight” rating in a research report on Tuesday, August 20th. Finally, Stifel Nicolaus raised their price objective 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. Two analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $265.36.

Insider Buying and Selling at Automatic Data Processing

In other news, VP David Kwon sold 846 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was 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 in the company, valued at approximately $2,816,946. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Automatic Data Processing news, VP Don Mcguire sold 3,179 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $274.38, for a total value of $872,254.02. Following the completion of the transaction, the vice president now directly owns 41,696 shares in the company, valued at approximately $11,440,548.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP David Kwon sold 846 shares of Automatic Data Processing stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $270.60, for a total transaction of $228,927.60. Following the sale, the vice president now owns 10,410 shares in the company, valued at approximately $2,816,946. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 58,817 shares of company stock valued at $15,999,208. Insiders own 0.26% of the company’s stock.

Automatic Data Processing Stock Performance

Shares of NASDAQ ADP opened at $277.51 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.66. The firm’s 50-day moving average price is $260.52 and its 200-day moving average price is $250.54. Automatic Data Processing, Inc. has a 52-week low of $205.53 and a 52-week high of $279.58. The company has a market cap of $113.17 billion, a PE ratio of 30.97, a PEG ratio of 3.02 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last posted its earnings results on Wednesday, July 31st. The business services provider reported $2.09 EPS for the quarter, topping analysts’ consensus estimates of $2.06 by $0.03. The business had revenue of $4.80 billion during the quarter, compared to the consensus estimate of $4.74 billion. Automatic Data Processing had a net margin of 19.54% and a return on equity of 89.20%. The firm’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.89 EPS. As a group, analysts anticipate that Automatic Data Processing, Inc. will post 10.04 EPS for the current year.

Automatic Data Processing Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a dividend of $1.40 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $5.60 annualized dividend and a yield of 2.02%. Automatic Data Processing’s dividend payout ratio (DPR) is 62.50%.

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.