Somerset Trust Co Has $5.61 Million Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Somerset Trust Co grew its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 19,172 shares of the business services provider’s stock after purchasing an additional 275 shares during the quarter. Automatic Data Processing comprises approximately 2.1% of Somerset Trust Co’s investment portfolio, making the stock its 10th biggest position. Somerset Trust Co’s holdings in Automatic Data Processing were worth $5,612,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the company. Tower Wealth Partners Inc. boosted its holdings in Automatic Data Processing by 3.4% in the 3rd quarter. Tower Wealth Partners Inc. now owns 1,054 shares of the business services provider’s stock valued at $292,000 after purchasing an additional 35 shares during the period. Harbour Investments Inc. raised its position in shares of Automatic Data Processing by 2.1% in the third quarter. Harbour Investments Inc. now owns 1,742 shares of the business services provider’s stock valued at $482,000 after buying an additional 36 shares in the last quarter. Petredis Investment Advisors LLC boosted its stake in shares of Automatic Data Processing by 0.4% in the third quarter. Petredis Investment Advisors LLC now owns 10,485 shares of the business services provider’s stock valued at $2,902,000 after buying an additional 37 shares during the period. Austin Private Wealth LLC grew its position in Automatic Data Processing by 4.4% during the third quarter. Austin Private Wealth LLC now owns 923 shares of the business services provider’s stock worth $255,000 after buying an additional 39 shares in the last quarter. Finally, Trifecta Capital Advisors LLC increased its stake in Automatic Data Processing by 22.1% during the 3rd quarter. Trifecta Capital Advisors LLC now owns 221 shares of the business services provider’s stock worth $61,000 after acquiring an additional 40 shares during the period. 80.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently weighed in on ADP. Citigroup upped their target price on Automatic Data Processing from $260.00 to $295.00 and gave the company a “neutral” rating in a research report on Wednesday, September 25th. Mizuho increased their price objective on shares of Automatic Data Processing from $281.00 to $310.00 and gave the stock an “outperform” rating in a research note on Monday, November 4th. Royal Bank of Canada raised their target price on shares of Automatic Data Processing from $267.00 to $315.00 and gave the company a “sector perform” rating in a report on Thursday, October 31st. UBS Group upped their price target on shares of Automatic Data Processing from $270.00 to $295.00 and gave the stock a “neutral” rating in a report on Tuesday, October 22nd. Finally, Barclays lifted their price objective on shares of Automatic Data Processing from $310.00 to $325.00 and gave the company an “overweight” rating in a research note on Monday, November 4th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $289.91.

Insiders Place Their Bets

In other Automatic Data Processing news, VP David Foskett sold 1,067 shares of Automatic Data Processing stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $286.15, for a total transaction of $305,322.05. Following the transaction, the vice president now directly owns 6,140 shares of the company’s stock, valued at approximately $1,756,961. The trade was a 14.81 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Brian L. Michaud sold 362 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $293.83, for a total value of $106,366.46. Following the completion of the sale, the vice president now owns 13,706 shares in the company, valued at $4,027,233.98. This trade represents a 2.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,129 shares of company stock valued at $12,604,872 in the last ninety days. 0.21% of the stock is currently owned by insiders.

Automatic Data Processing Stock Performance

NASDAQ ADP opened at $296.18 on Friday. Automatic Data Processing, Inc. has a fifty-two week low of $231.27 and a fifty-two week high of $309.63. The stock has a market cap of $120.68 billion, a PE ratio of 31.61, a PEG ratio of 3.34 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. The firm’s fifty day moving average price is $298.07 and its two-hundred day moving average price is $279.57.

Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $4.83 billion during the quarter, compared to analysts’ expectations of $4.77 billion. During the same quarter in the prior year, the firm earned $2.08 EPS. The business’s revenue for the quarter was up 7.1% compared to the same quarter last year. On average, equities analysts expect that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a dividend of $1.54 per share. The ex-dividend date is Friday, March 14th. This represents a $6.16 annualized dividend and a yield of 2.08%. Automatic Data Processing’s dividend payout ratio is presently 65.74%.

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.