Covestor Ltd Has $295,000 Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Covestor Ltd boosted its holdings in Automatic Data Processing, Inc. (NASDAQ:ADP) by 6.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,067 shares of the business services provider’s stock after buying an additional 60 shares during the period. Covestor Ltd’s holdings in Automatic Data Processing were worth $295,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in ADP. Mesirow Financial Investment Management Inc. boosted its holdings in shares of Automatic Data Processing by 6.0% in the third quarter. Mesirow Financial Investment Management Inc. now owns 15,836 shares of the business services provider’s stock valued at $4,383,000 after buying an additional 894 shares during the period. Carr Financial Group Corp bought a new stake in Automatic Data Processing during the third quarter worth about $227,000. Sheets Smith Wealth Management bought a new stake in shares of Automatic Data Processing during the 3rd quarter worth approximately $534,000. Atria Investments Inc lifted its stake in Automatic Data Processing by 1.7% in the third quarter. Atria Investments Inc now owns 63,540 shares of the business services provider’s stock valued at $17,583,000 after acquiring an additional 1,059 shares during the last quarter. Finally, First Personal Financial Services grew its holdings in Automatic Data Processing by 42.2% during the third quarter. First Personal Financial Services now owns 192 shares of the business services provider’s stock worth $53,000 after purchasing an additional 57 shares during the period. 80.03% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently commented on ADP shares. TD Cowen upped their price target on shares of Automatic Data Processing from $276.00 to $285.00 and gave the company a “hold” rating in a research note on Friday, November 1st. Royal Bank of Canada increased 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. Barclays lifted their price target on Automatic Data Processing from $310.00 to $325.00 and gave the company an “overweight” rating in a research note on Monday, November 4th. Mizuho upped 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 report on Monday, November 4th. Finally, Jefferies Financial Group upped their price objective on Automatic Data Processing from $260.00 to $290.00 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $289.91.

Insider Buying and Selling

In related news, VP Sreenivasa Kutam sold 38,975 shares of the firm’s stock in a transaction that occurred 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 owns 32,604 shares of the company’s stock, valued at $9,781,200. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Sreenivasa Kutam sold 38,975 shares of the stock in a transaction on Wednesday, November 6th. The stock was 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 of the company’s stock, valued at $9,781,200. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP David Kwon sold 846 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $270.60, for a total transaction of $228,927.60. Following the sale, the vice president now directly owns 10,410 shares of the company’s stock, valued at approximately $2,816,946. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 97,792 shares of company stock worth $27,691,708 in the last 90 days. Insiders own 0.21% of the company’s stock.

Automatic Data Processing Price Performance

ADP opened at $304.73 on Friday. Automatic Data Processing, Inc. has a 12-month low of $225.38 and a 12-month high of $306.92. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.56. The stock has a 50-day moving average price of $284.12 and a 200-day moving average price of $261.82. The stock has a market capitalization of $124.17 billion, a P/E ratio of 32.52, a PEG ratio of 3.55 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly 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. The business had revenue of $4.83 billion during the quarter, compared to analysts’ expectations 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 for the quarter was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.08 EPS. Equities analysts predict that Automatic Data Processing, Inc. will post 9.94 earnings per share for the current fiscal year.

Automatic Data Processing Increases Dividend

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

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.