Truvestments Capital LLC Purchases 1,433 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Truvestments Capital LLC grew its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 13.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 11,889 shares of the business services provider’s stock after purchasing an additional 1,433 shares during the period. Automatic Data Processing makes up about 0.9% of Truvestments Capital LLC’s portfolio, making the stock its 29th biggest position. Truvestments Capital LLC’s holdings in Automatic Data Processing were worth $3,290,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Tower Wealth Partners Inc. grew its stake in shares of Automatic Data Processing by 3.4% in the third quarter. Tower Wealth Partners Inc. now owns 1,054 shares of the business services provider’s stock worth $292,000 after purchasing an additional 35 shares during the last quarter. Harbour Investments Inc. lifted its stake in 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 during the period. Petredis Investment Advisors LLC boosted its stake in Automatic Data Processing by 0.4% during the third quarter. Petredis Investment Advisors LLC now owns 10,485 shares of the business services provider’s stock worth $2,902,000 after acquiring an additional 37 shares in the last quarter. Moors & Cabot Inc. grew its stake in shares of Automatic Data Processing by 0.7% in the 2nd quarter. Moors & Cabot Inc. now owns 5,698 shares of the business services provider’s stock valued at $1,360,000 after buying an additional 39 shares during the period. Finally, Austin Private Wealth LLC grew its stake in Automatic Data Processing by 4.4% in the third quarter. Austin Private Wealth LLC now owns 923 shares of the business services provider’s stock valued at $255,000 after acquiring an additional 39 shares during the period. Institutional investors own 80.03% of the company’s stock.

Automatic Data Processing Price Performance

NASDAQ:ADP opened at $305.15 on Monday. 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 12 month low of $227.12 and a 12 month high of $309.37. The business’s 50-day moving average is $289.55 and its 200 day moving average is $266.18. The company has a market capitalization of $124.34 billion, a P/E ratio of 32.57, a P/E/G ratio of 3.55 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last announced its earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share for the quarter, beating the consensus estimate of $2.21 by $0.12. Automatic Data Processing had a net margin of 19.72% and a return on equity of 82.36%. The business had revenue of $4.83 billion for the quarter, compared to the consensus estimate of $4.77 billion. During the same quarter in the prior year, the firm posted $2.08 earnings per share. The business’s revenue for the quarter was up 7.1% on a year-over-year basis. On average, equities research analysts forecast that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Automatic Data Processing Increases Dividend

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

Wall Street Analysts Forecast Growth

ADP has been the subject of several recent research reports. Stifel Nicolaus upped their price target on Automatic Data Processing from $271.00 to $287.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. TD Cowen raised their target price on Automatic Data Processing from $276.00 to $285.00 and gave the stock a “hold” rating in a research report on Friday, November 1st. Mizuho increased their target price on Automatic Data Processing from $281.00 to $310.00 and gave the stock an “outperform” rating in a research report on Monday, November 4th. Jefferies Financial Group raised their price objective on shares of Automatic Data Processing from $260.00 to $290.00 and gave the company a “hold” rating in a research report on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. upped 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. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $289.91.

Insider Activity

In related news, VP Don Mcguire sold 3,179 shares of the company’s stock in a transaction 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 transaction, the vice president now directly owns 41,696 shares of the company’s stock, valued at $11,440,548.48. This represents a 7.08 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Sreenivasa Kutam sold 38,975 shares of the company’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 sale, the vice president now directly owns 32,604 shares in the company, valued at $9,781,200. This trade represents a 54.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 70,504 shares of company stock worth $20,298,056. Corporate insiders own 0.21% of the company’s stock.

Automatic Data Processing Company 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.