Stockman Wealth Management Inc. Acquires New Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Stockman Wealth Management Inc. bought a new position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 920 shares of the business services provider’s stock, valued at approximately $255,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Crossmark Global Holdings Inc. raised its stake in shares of Automatic Data Processing by 51.7% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 43,300 shares of the business services provider’s stock worth $11,982,000 after buying an additional 14,755 shares during the last quarter. Tyler Stone Wealth Management increased its holdings in Automatic Data Processing by 104.5% during the 3rd quarter. Tyler Stone Wealth Management now owns 994 shares of the business services provider’s stock valued at $275,000 after acquiring an additional 508 shares in the last quarter. Axxcess Wealth Management LLC raised its position in Automatic Data Processing by 6.9% during the third quarter. Axxcess Wealth Management LLC now owns 35,015 shares of the business services provider’s stock worth $9,690,000 after acquiring an additional 2,247 shares during the last quarter. Covestor Ltd grew its position in shares of Automatic Data Processing by 6.0% in the third quarter. Covestor Ltd now owns 1,067 shares of the business services provider’s stock valued at $295,000 after purchasing an additional 60 shares during the last quarter. Finally, Mesirow Financial Investment Management Inc. increased its stake in shares of Automatic Data Processing by 6.0% during the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 15,836 shares of the business services provider’s stock worth $4,383,000 after purchasing an additional 894 shares in the last quarter. 80.03% of the stock is owned by hedge funds and other institutional investors.

Automatic Data Processing Stock Down 0.0 %

ADP stock traded down $0.12 during mid-day trading on Friday, hitting $304.73. 1,552,646 shares of the company were exchanged, compared to its average volume of 1,607,719. The company has a market capitalization of $124.17 billion, a PE ratio of 32.52, a price-to-earnings-growth ratio of 3.55 and a beta of 0.79. The firm has a fifty day simple moving average of $284.12 and a 200 day simple moving average of $261.93. 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, Inc. has a twelve month low of $225.38 and a twelve month high of $306.92.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings data on Wednesday, October 30th. The business services provider reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $4.83 billion for the quarter, compared to analysts’ expectations of $4.77 billion. During the same quarter in the prior year, the firm posted $2.08 earnings per share. Automatic Data Processing’s revenue for the quarter was up 7.1% compared to the same quarter last year. On average, research analysts forecast that Automatic Data Processing, Inc. will post 9.94 earnings per share for the current fiscal year.

Automatic Data Processing Increases Dividend

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

Insider Activity

In other news, VP Sreenivasa Kutam sold 38,975 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $300.00, for a total transaction of $11,692,500.00. Following the completion of the transaction, the vice president now owns 32,604 shares of the company’s stock, valued at approximately $9,781,200. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, VP David Kwon sold 846 shares of the company’s stock in a transaction dated 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 $2,816,946. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Sreenivasa Kutam sold 38,975 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $300.00, for a total transaction of $11,692,500.00. Following the transaction, the vice president now directly owns 32,604 shares in the company, valued at approximately $9,781,200. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 97,792 shares of company stock valued at $27,691,708. 0.21% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on ADP. TD Cowen increased their target price on Automatic Data Processing from $276.00 to $285.00 and gave the company a “hold” rating in a report on Friday, November 1st. Mizuho raised their target price on shares of Automatic Data Processing from $281.00 to $310.00 and gave the stock an “outperform” rating in a research report on Monday, November 4th. UBS Group boosted their price target on Automatic Data Processing from $270.00 to $295.00 and gave the company a “neutral” rating in a report on Tuesday, October 22nd. Barclays raised their price objective on Automatic Data Processing from $310.00 to $325.00 and gave the stock an “overweight” rating in a report on Monday, November 4th. Finally, Royal Bank of Canada upped their target price on Automatic Data Processing from $267.00 to $315.00 and gave the company a “sector perform” rating in a research note on Thursday, October 31st. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Automatic Data Processing presently has an average rating of “Hold” and a consensus target price of $289.91.

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.