Segment Wealth Management LLC Increases Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Segment Wealth Management LLC lifted its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 0.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 58,406 shares of the business services provider’s stock after purchasing an additional 281 shares during the period. Segment Wealth Management LLC’s holdings in Automatic Data Processing were worth $16,163,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of ADP. Kiely Wealth Advisory Group Inc. acquired a new position in shares of Automatic Data Processing in the second quarter valued at approximately $27,000. Keener Financial Planning LLC raised its holdings in Automatic Data Processing by 230.3% in the 1st quarter. Keener Financial Planning LLC now owns 109 shares of the business services provider’s stock valued at $28,000 after acquiring an additional 76 shares during the last quarter. Hexagon Capital Partners LLC raised its holdings in Automatic Data Processing by 78.5% in the 3rd quarter. Hexagon Capital Partners LLC now owns 116 shares of the business services provider’s stock valued at $32,000 after acquiring an additional 51 shares during the last quarter. Crewe Advisors LLC purchased a new position in shares of Automatic Data Processing during the 1st quarter worth $33,000. Finally, Pathway Financial Advisers LLC acquired a new stake in shares of Automatic Data Processing during the first quarter worth $36,000. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ADP has been the subject of several analyst reports. Jefferies Financial Group upped their target price on Automatic Data Processing from $260.00 to $290.00 and gave the company a “hold” rating in a research note on Tuesday. Bank of America increased their price objective on shares of Automatic Data Processing from $250.00 to $267.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Royal Bank of Canada reissued a “sector perform” rating and issued a $267.00 target price on shares of Automatic Data Processing in a research report on Thursday, August 1st. Barclays upped their price target on shares of Automatic Data Processing from $282.00 to $310.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. Finally, StockNews.com downgraded shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Thursday, September 19th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $275.33.

Insider Activity

In related news, Director Carlos A. Rodriguez sold 9,203 shares of Automatic Data Processing stock in a transaction on Friday, September 6th. The shares were sold at an average price of $269.45, for a total transaction of $2,479,748.35. Following the sale, the director now owns 36,741 shares of the company’s stock, valued at $9,899,862.45. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Automatic Data Processing news, Director Carlos A. Rodriguez sold 9,203 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $269.45, for a total transaction of $2,479,748.35. Following the completion of the sale, the director now owns 36,741 shares in the company, valued at $9,899,862.45. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 value of $228,927.60. Following the completion of the transaction, the vice president now directly owns 10,410 shares in the company, valued at approximately $2,816,946. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 58,817 shares of company stock worth $15,999,208. 0.26% of the stock is currently owned by company insiders.

Automatic Data Processing Stock Up 0.1 %

Shares of Automatic Data Processing stock opened at $291.34 on Wednesday. Automatic Data Processing, Inc. has a twelve month low of $205.53 and a twelve month high of $294.18. The stock has a market cap of $119.24 billion, a price-to-earnings ratio of 32.52, a price-to-earnings-growth ratio of 3.13 and a beta of 0.79. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.66. The company has a fifty day moving average price of $277.86 and a 200 day moving average price of $257.66.

Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, July 31st. The business services provider reported $2.09 earnings per share for the quarter, topping the consensus estimate of $2.06 by $0.03. The company had revenue of $4.80 billion during the quarter, compared to the consensus estimate of $4.74 billion. Automatic Data Processing had a return on equity of 89.20% and a net margin of 19.54%. The company’s revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.89 earnings per share. Equities research analysts forecast that Automatic Data Processing, Inc. will post 10.04 earnings per share for the current fiscal year.

Automatic Data Processing Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were paid a dividend of $1.40 per share. The ex-dividend date was Friday, September 13th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 1.92%. Automatic Data Processing’s dividend payout ratio is currently 62.50%.

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.