Procyon Advisors LLC Purchases 1,167 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Procyon Advisors LLC grew its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 5.7% during the fourth quarter, HoldingsChannel reports. The firm owned 21,666 shares of the business services provider’s stock after buying an additional 1,167 shares during the period. Procyon Advisors LLC’s holdings in Automatic Data Processing were worth $5,047,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of ADP. Ardent Capital Management Inc. bought a new stake in Automatic Data Processing during the 3rd quarter valued at $392,000. Americana Partners LLC lifted its holdings in shares of Automatic Data Processing by 3.1% in the third quarter. Americana Partners LLC now owns 22,228 shares of the business services provider’s stock valued at $5,330,000 after purchasing an additional 660 shares in the last quarter. Cyndeo Wealth Partners LLC boosted its holdings in Automatic Data Processing by 36.7% during the 4th quarter. Cyndeo Wealth Partners LLC now owns 19,800 shares of the business services provider’s stock worth $4,613,000 after acquiring an additional 5,318 shares during the last quarter. BKM Wealth Management LLC bought a new stake in shares of Automatic Data Processing in the 4th quarter worth $1,635,000. Finally, Wayfinding Financial LLC raised its holdings in shares of Automatic Data Processing by 6.4% in the third quarter. Wayfinding Financial LLC now owns 2,907 shares of the business services provider’s stock valued at $695,000 after purchasing an additional 174 shares during the last quarter. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Automatic Data Processing Trading Up 0.6 %

Shares of ADP stock traded up $1.54 during mid-day trading on Thursday, reaching $249.87. The stock had a trading volume of 147,216 shares, compared to its average volume of 1,882,746. The firm has a market capitalization of $102.64 billion, a PE ratio of 28.91, a price-to-earnings-growth ratio of 2.30 and a beta of 0.78. The stock’s 50-day moving average price is $246.22 and its two-hundred day moving average price is $238.91. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.69. Automatic Data Processing, Inc. has a 52-week low of $201.46 and a 52-week high of $256.84.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings data on Wednesday, January 31st. The business services provider reported $2.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.10 by $0.03. The business had revenue of $4.67 billion during the quarter, compared to the consensus estimate of $4.65 billion. Automatic Data Processing had a return on equity of 95.22% and a net margin of 19.14%. During the same quarter in the prior year, the company earned $1.96 earnings per share. The firm’s quarterly revenue was up 6.3% compared to the same quarter last year. Equities analysts expect that Automatic Data Processing, Inc. will post 9.14 earnings per share for the current fiscal year.

Automatic Data Processing Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 8th will be paid a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date is Thursday, March 7th. Automatic Data Processing’s dividend payout ratio is 65.19%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Evercore ISI upped their target price on Automatic Data Processing from $227.00 to $235.00 and gave the company an “underperform” rating in a report on Tuesday. Wolfe Research raised shares of Automatic Data Processing from an “underperform” rating to a “peer perform” rating in a research report on Thursday, January 4th. Stifel Nicolaus reissued a “hold” rating and set a $250.00 target price on shares of Automatic Data Processing in a report on Thursday, November 30th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $267.00 price target on shares of Automatic Data Processing in a report on Thursday, February 1st. Finally, StockNews.com cut Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Tuesday, March 19th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $253.08.

Insider Activity

In other Automatic Data Processing news, VP Joseph Desilva sold 1,904 shares of the business’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $255.00, for a total value of $485,520.00. Following the sale, the vice president now directly owns 17,179 shares of the company’s stock, valued at $4,380,645. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP Joseph Desilva sold 1,904 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $255.00, for a total value of $485,520.00. Following the transaction, the vice president now owns 17,179 shares in the company, valued at $4,380,645. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP David Kwon sold 863 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $250.00, for a total transaction of $215,750.00. Following the completion of the transaction, the vice president now owns 8,285 shares of the company’s stock, valued at $2,071,250. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,662 shares of company stock worth $4,094,554. 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.