Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Bought by Cahaba Wealth Management Inc.

Cahaba Wealth Management Inc. grew its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 25.1% in the third quarter, according to its most recent filing with the SEC. The firm owned 1,242 shares of the business services provider’s stock after acquiring an additional 249 shares during the quarter. Cahaba Wealth Management Inc.’s holdings in Automatic Data Processing were worth $344,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in ADP. BlueSpruce Investments LP bought a new stake in shares of Automatic Data Processing in the 1st quarter worth $365,757,000. Nordea Investment Management AB raised 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 worth $678,601,000 after buying an additional 589,831 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its stake in shares of Automatic Data Processing by 238.1% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 784,003 shares of the business services provider’s stock worth $195,797,000 after buying an additional 552,096 shares in the last quarter. Mackenzie Financial Corp raised its stake in shares of Automatic Data Processing by 242.4% in the 2nd quarter. Mackenzie Financial Corp now owns 644,135 shares of the business services provider’s stock worth $153,749,000 after buying an additional 456,027 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its stake in shares of Automatic Data Processing by 12.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 4,065,308 shares of the business services provider’s stock worth $964,989,000 after buying an additional 435,093 shares in the last quarter. Institutional investors and hedge funds own 80.03% of the company’s stock.

Automatic Data Processing Stock Up 0.1 %

Automatic Data Processing stock traded up $0.33 during mid-day trading on Friday, hitting $292.29. The company’s stock had a trading volume of 2,738,202 shares, compared to its average volume of 1,636,240. The firm’s 50 day moving average is $276.64 and its 200 day moving average is $256.84. The company has a market cap of $119.63 billion, a PE ratio of 32.62, a price-to-earnings-growth ratio of 3.13 and a beta of 0.79. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.01 and a quick ratio of 1.01. Automatic Data Processing, Inc. has a 52-week low of $205.53 and a 52-week high of $294.18.

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, topping 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 firm had revenue of $4.80 billion during the quarter, compared to the consensus estimate of $4.74 billion. During the same period in the prior year, the business earned $1.89 EPS. The business’s revenue for the quarter was up 7.2% on a year-over-year basis. On average, analysts anticipate that Automatic Data Processing, Inc. will post 10.04 earnings per share for the current year.

Automatic Data Processing Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were given a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 1.92%. The ex-dividend date was Friday, September 13th. Automatic Data Processing’s payout ratio is currently 62.50%.

Analyst Ratings Changes

A number of analysts have recently commented on ADP shares. Barclays boosted their price objective on Automatic Data Processing from $282.00 to $310.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. Bank of America boosted their price objective on Automatic Data Processing from $250.00 to $267.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. Jefferies Financial Group boosted their target price on Automatic Data Processing from $250.00 to $260.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $267.00 target price on shares of Automatic Data Processing in a research report on Thursday, August 1st. Finally, Citigroup boosted their target price on Automatic Data Processing from $260.00 to $295.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 25th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Automatic Data Processing has a consensus rating of “Hold” and a consensus price target of $267.83.

Insiders Place Their Bets

In other Automatic Data Processing news, Director Carlos A. Rodriguez sold 9,203 shares of the company’s stock in a transaction dated 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 transaction, the director now directly owns 36,741 shares of the company’s stock, valued at $9,899,862.45. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Maria Black sold 19,147 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $274.38, for a total transaction of $5,253,553.86. Following the transaction, the chief executive officer now owns 92,807 shares of the company’s stock, valued at approximately $25,464,384.66. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Carlos A. Rodriguez sold 9,203 shares of the stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $269.45, for a total value of $2,479,748.35. Following the transaction, the director now directly owns 36,741 shares in the company, valued at approximately $9,899,862.45. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 58,817 shares of company stock valued at $15,999,208 in the last three months. Insiders own 0.26% of the company’s stock.

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.