Concord Asset Management LLC VA Grows Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Concord Asset Management LLC VA lifted its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 7.7% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 8,379 shares of the business services provider’s stock after acquiring an additional 597 shares during the period. Concord Asset Management LLC VA’s holdings in Automatic Data Processing were worth $2,453,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of ADP. Chicago Partners Investment Group LLC raised its stake in shares of Automatic Data Processing by 3.3% in the fourth quarter. Chicago Partners Investment Group LLC now owns 3,587 shares of the business services provider’s stock worth $1,047,000 after purchasing an additional 116 shares during the last quarter. Waldron Private Wealth LLC increased its holdings in Automatic Data Processing by 3.3% in the 4th quarter. Waldron Private Wealth LLC now owns 2,884 shares of the business services provider’s stock worth $848,000 after buying an additional 92 shares during the period. Scharf Investments LLC raised its position in Automatic Data Processing by 7.9% during the 4th quarter. Scharf Investments LLC now owns 6,765 shares of the business services provider’s stock worth $1,980,000 after buying an additional 495 shares during the last quarter. Austin Private Wealth LLC lifted its stake in Automatic Data Processing by 12.9% during the 4th quarter. Austin Private Wealth LLC now owns 1,042 shares of the business services provider’s stock valued at $305,000 after acquiring an additional 119 shares during the period. Finally, Caprock Group LLC boosted its holdings in shares of Automatic Data Processing by 8.7% in the 4th quarter. Caprock Group LLC now owns 23,307 shares of the business services provider’s stock valued at $6,858,000 after acquiring an additional 1,857 shares during the last quarter. Institutional investors and hedge funds own 80.03% of the company’s stock.

Insider Transactions at Automatic Data Processing

In related news, VP David Foskett sold 1,067 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $286.15, for a total value of $305,322.05. Following the transaction, the vice president now directly owns 6,140 shares in the company, valued at approximately $1,756,961. This represents a 14.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Brian L. Michaud sold 362 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $293.83, for a total value of $106,366.46. Following the sale, the vice president now directly owns 13,706 shares of the company’s stock, valued at $4,027,233.98. The trade was a 2.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 42,129 shares of company stock valued at $12,604,872. Corporate insiders own 0.21% of the company’s stock.

Automatic Data Processing Price Performance

Shares of NASDAQ ADP opened at $303.01 on Friday. 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 has a market cap of $123.46 billion, a PE ratio of 31.60, a PEG ratio of 3.50 and a beta of 0.79. Automatic Data Processing, Inc. has a one year low of $231.27 and a one year high of $311.67. The firm has a fifty day moving average of $297.16 and a 200 day moving average of $284.32.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings results on Wednesday, January 29th. The business services provider reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.30 by $0.05. Automatic Data Processing had a net margin of 19.76% and a return on equity of 81.85%. As a group, research analysts predict that Automatic Data Processing, Inc. will post 9.93 EPS for the current fiscal year.

Automatic Data Processing Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a $1.54 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $6.16 dividend on an annualized basis and a yield of 2.03%. Automatic Data Processing’s payout ratio is currently 64.23%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ADP shares. StockNews.com downgraded shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Monday, January 27th. Jefferies Financial Group boosted their price objective on Automatic Data Processing from $290.00 to $305.00 and gave the company a “hold” rating in a report on Thursday. 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 report on Friday, November 1st. Royal Bank of Canada reissued a “sector perform” rating and issued a $315.00 price target on shares of Automatic Data Processing in a report on Thursday. Finally, Barclays raised 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. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $291.27.

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.