SteelPeak Wealth LLC Has $343,000 Stock Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

SteelPeak Wealth LLC lifted its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 3.3% in the third quarter, Holdings Channel.com reports. The fund owned 1,235 shares of the business services provider’s stock after acquiring an additional 40 shares during the quarter. SteelPeak Wealth LLC’s holdings in Automatic Data Processing were worth $343,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in ADP. BlueSpruce Investments LP bought a new position in shares of Automatic Data Processing during the first quarter worth about $365,757,000. International Assets Investment Management LLC raised its position in shares of Automatic Data Processing by 28,478.6% during the third quarter. International Assets Investment Management LLC now owns 1,194,587 shares of the business services provider’s stock worth $3,305,780,000 after acquiring an additional 1,190,407 shares during the last quarter. Nordea Investment Management AB raised its position in shares of Automatic Data Processing by 27.7% during the first quarter. Nordea Investment Management AB now owns 2,715,382 shares of the business services provider’s stock worth $678,601,000 after acquiring an additional 589,831 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its position in shares of Automatic Data Processing by 238.1% during the first quarter. Jacobs Levy Equity Management Inc. now owns 784,003 shares of the business services provider’s stock worth $195,797,000 after acquiring an additional 552,096 shares during the last quarter. Finally, Mackenzie Financial Corp raised its position in shares of Automatic Data Processing by 242.4% during the second quarter. Mackenzie Financial Corp now owns 644,135 shares of the business services provider’s stock worth $153,749,000 after acquiring an additional 456,027 shares during the last quarter. 80.03% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on ADP shares. Barclays raised their price objective on Automatic Data Processing from $282.00 to $310.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. StockNews.com downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Thursday, September 19th. JPMorgan Chase & Co. lifted their target price on Automatic Data Processing from $250.00 to $285.00 and gave the stock an “underweight” rating in a report on Tuesday, August 20th. Citigroup lifted their target price on Automatic Data Processing from $260.00 to $295.00 and gave the stock a “neutral” rating in a report on Wednesday, September 25th. Finally, Stifel Nicolaus lifted their target price on Automatic Data Processing from $271.00 to $287.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $282.00.

Automatic Data Processing Stock Performance

Shares of ADP opened at $289.24 on Friday. The firm has a market cap of $118.38 billion, a PE ratio of 32.28, a PEG ratio of 3.13 and a beta of 0.79. The stock’s fifty day moving average price is $281.20 and its two-hundred day moving average price is $259.59. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.01 and a quick ratio of 1.01. Automatic Data Processing, Inc. has a 1 year low of $205.53 and a 1 year high of $294.18.

Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.20 by $0.13. The firm had revenue of $4.83 billion for the quarter, compared to analyst estimates of $4.77 billion. Automatic Data Processing had a return on equity of 89.20% and a net margin of 19.54%. The business’s revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the company posted $2.08 earnings per share. On average, equities research analysts forecast that Automatic Data Processing, Inc. will post 10.04 EPS for the current year.

Automatic Data Processing Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were paid a dividend of $1.40 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 1.94%. Automatic Data Processing’s payout ratio is 62.50%.

Insider Activity at Automatic Data Processing

In related news, VP Michael A. Bonarti sold 26,442 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $270.96, for a total transaction of $7,164,724.32. Following the sale, the vice president now directly owns 88,426 shares in the company, valued at approximately $23,959,908.96. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, VP Michael A. Bonarti sold 26,442 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $270.96, for a total transaction of $7,164,724.32. Following the sale, the vice president now directly owns 88,426 shares in the company, valued at approximately $23,959,908.96. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Maria Black sold 19,147 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $274.38, for a total value of $5,253,553.86. Following the sale, the chief executive officer now owns 92,807 shares in the company, valued at approximately $25,464,384.66. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 58,817 shares of company stock worth $15,999,208. 0.26% of the stock is owned by company insiders.

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.