USA Financial Formulas Invests $224,000 in Automatic Data Processing, Inc. (NASDAQ:ADP)

USA Financial Formulas purchased a new position in Automatic Data Processing, Inc. (NASDAQ:ADP) in the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 765 shares of the business services provider’s stock, valued at approximately $224,000.

Several other hedge funds have also recently modified their holdings of the business. Sagace Wealth Management LLC purchased a new stake in shares of Automatic Data Processing in the 4th quarter worth approximately $203,000. Websterrogers Financial Advisors LLC purchased a new stake in shares of Automatic Data Processing in the 4th quarter worth approximately $327,000. Burney Co. raised its stake in shares of Automatic Data Processing by 25.8% during the 4th quarter. Burney Co. now owns 11,605 shares of the business services provider’s stock worth $3,397,000 after acquiring an additional 2,377 shares in the last quarter. Founders Grove Wealth Partners LLC bought a new position in shares of Automatic Data Processing during the 4th quarter worth approximately $561,000. Finally, Thurston Springer Miller Herd & Titak Inc. raised its stake in shares of Automatic Data Processing by 35.5% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 11,822 shares of the business services provider’s stock worth $3,461,000 after acquiring an additional 3,096 shares in the last quarter. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Wall Street Analysts Forecast Growth

ADP has been the subject of several recent analyst reports. UBS Group boosted their price objective on shares of Automatic Data Processing from $270.00 to $295.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 22nd. Mizuho boosted 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. StockNews.com lowered shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Saturday, January 11th. Barclays boosted their price objective on shares of Automatic Data Processing from $310.00 to $325.00 and gave the stock an “overweight” rating in a research note on Monday, November 4th. Finally, Royal Bank of Canada boosted their price objective on shares of Automatic Data Processing from $267.00 to $315.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 31st. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $289.91.

Insider Activity

In other news, VP Sreenivasa Kutam sold 38,975 shares of Automatic Data Processing stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $300.00, for a total value of $11,692,500.00. Following the sale, the vice president now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Brian L. Michaud sold 362 shares of Automatic Data Processing stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $293.83, for a total transaction of $106,366.46. Following the completion of the sale, the vice president now owns 13,706 shares in the company, valued at approximately $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 a total of 42,129 shares of company stock worth $12,604,872 over the last 90 days. 0.21% of the stock is currently owned by company insiders.

Automatic Data Processing Stock Up 1.0 %

ADP stock opened at $296.23 on Friday. The firm has a market cap of $120.70 billion, a PE ratio of 31.61, a P/E/G 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 is $298.24 and its 200 day moving average is $279.45. Automatic Data Processing, Inc. has a one year low of $231.27 and a one year high of $309.63.

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

Automatic Data Processing Dividend Announcement

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

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.