Thoroughbred Financial Services LLC Purchases 2,265 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Thoroughbred Financial Services LLC lifted its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 34.2% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 8,885 shares of the business services provider’s stock after purchasing an additional 2,265 shares during the period. Thoroughbred Financial Services LLC’s holdings in Automatic Data Processing were worth $2,120,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in ADP. Schmidt P J Investment Management Inc. boosted its holdings in shares of Automatic Data Processing by 0.4% during the 2nd quarter. Schmidt P J Investment Management Inc. now owns 9,645 shares of the business services provider’s stock worth $2,302,000 after purchasing an additional 40 shares during the last quarter. Confluence Wealth Services Inc. boosted its stake in Automatic Data Processing by 5.0% during the second quarter. Confluence Wealth Services Inc. now owns 863 shares of the business services provider’s stock worth $206,000 after buying an additional 41 shares during the last quarter. Prestige Wealth Management Group LLC grew its holdings in Automatic Data Processing by 0.8% in the 1st quarter. Prestige Wealth Management Group LLC now owns 5,581 shares of the business services provider’s stock valued at $1,402,000 after buying an additional 43 shares in the last quarter. Patron Partners LLC increased its stake in shares of Automatic Data Processing by 1.6% in the 1st quarter. Patron Partners LLC now owns 2,733 shares of the business services provider’s stock worth $683,000 after acquiring an additional 44 shares during the last quarter. Finally, Checchi Capital Advisers LLC raised its holdings in shares of Automatic Data Processing by 0.8% during the 2nd quarter. Checchi Capital Advisers LLC now owns 5,432 shares of the business services provider’s stock worth $1,297,000 after acquiring an additional 45 shares during the period. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Barclays upped their price objective on shares of Automatic Data Processing from $282.00 to $310.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Royal Bank of Canada restated a “sector perform” rating and set a $267.00 price target on shares of Automatic Data Processing in a report on Thursday, August 1st. Bank of America upped their price objective on Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. JPMorgan Chase & Co. raised their target price on Automatic Data Processing from $250.00 to $285.00 and gave the stock an “underweight” rating in a research note on Tuesday, August 20th. Finally, Stifel Nicolaus upped their price target on Automatic Data Processing from $271.00 to $287.00 and gave the company a “hold” rating in a research note on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $265.36.

Automatic Data Processing Price Performance

Shares of 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. Automatic Data Processing, Inc. has a fifty-two week low of $205.53 and a fifty-two week high of $279.58. The company has a market cap of $113.17 billion, a P/E ratio of 30.97, a PEG ratio of 3.02 and a beta of 0.79. The firm’s 50 day moving average price is $260.52 and its 200 day moving average price is $250.54.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings data on Wednesday, July 31st. The business services provider reported $2.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.06 by $0.03. Automatic Data Processing had a return on equity of 89.20% and a net margin of 19.54%. The business had revenue of $4.80 billion for the quarter, compared to analysts’ expectations of $4.74 billion. During the same period last year, the firm earned $1.89 earnings per share. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, research analysts forecast that Automatic Data Processing, Inc. will post 10.04 earnings per share for the current fiscal year.

Automatic Data Processing Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date is Friday, September 13th. Automatic Data Processing’s dividend payout ratio is presently 62.50%.

Insider Buying and Selling

In other Automatic Data Processing news, Director Carlos A. Rodriguez sold 9,203 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $269.45, for a total transaction of $2,479,748.35. Following the completion of the transaction, the director now owns 36,741 shares in the company, valued at approximately $9,899,862.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Automatic Data Processing news, Director Carlos A. Rodriguez sold 9,203 shares of the firm’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $269.45, for a total value of $2,479,748.35. Following the sale, the director now directly owns 36,741 shares in the company, valued at $9,899,862.45. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Michael A. Bonarti sold 26,442 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $270.96, for a total value of $7,164,724.32. Following the transaction, the vice president now directly owns 88,426 shares of the company’s stock, valued at $23,959,908.96. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 58,817 shares of company stock worth $15,999,208. Company insiders own 0.26% of the company’s stock.

Automatic Data Processing 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.