Glassy Mountain Advisors Inc. Invests $696,000 in Automatic Data Processing, Inc. (NASDAQ:ADP)

Glassy Mountain Advisors Inc. purchased a new position in Automatic Data Processing, Inc. (NASDAQ:ADP) during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 2,516 shares of the business services provider’s stock, valued at approximately $696,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. TD Asset Management Inc grew its stake in shares of Automatic Data Processing by 14.2% during the 1st quarter. TD Asset Management Inc now owns 801,857 shares of the business services provider’s stock worth $200,256,000 after purchasing an additional 99,515 shares during the period. Assenagon Asset Management S.A. raised its position in Automatic Data Processing by 70.7% during the second quarter. Assenagon Asset Management S.A. now owns 638,507 shares of the business services provider’s stock worth $152,405,000 after acquiring an additional 264,466 shares during the period. SG Americas Securities LLC grew its position in shares of Automatic Data Processing by 195.1% in the first quarter. SG Americas Securities LLC now owns 51,607 shares of the business services provider’s stock valued at $12,888,000 after purchasing an additional 34,118 shares during the period. Toronto Dominion Bank increased its stake in shares of Automatic Data Processing by 1.7% during the first quarter. Toronto Dominion Bank now owns 247,474 shares of the business services provider’s stock worth $61,804,000 after purchasing an additional 4,253 shares in the last quarter. Finally, Plato Investment Management Ltd lifted its stake in Automatic Data Processing by 23.8% in the 2nd quarter. Plato Investment Management Ltd now owns 26,610 shares of the business services provider’s stock valued at $6,352,000 after buying an additional 5,114 shares in the last quarter. 80.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Automatic Data Processing

In other news, Director Carlos A. Rodriguez sold 9,203 shares of the firm’s stock in a transaction 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 transaction, the director now directly owns 36,741 shares in the company, valued at $9,899,862.45. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Carlos A. Rodriguez sold 9,203 shares of Automatic Data Processing stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $269.45, for a total value of $2,479,748.35. Following the completion of the transaction, the director now owns 36,741 shares in the company, valued at approximately $9,899,862.45. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Maria Black sold 19,147 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $274.38, for a total transaction 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. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 58,817 shares of company stock worth $15,999,208. Insiders own 0.21% of the company’s stock.

Automatic Data Processing Trading Down 0.4 %

Shares of Automatic Data Processing stock opened at $288.18 on Friday. The stock has a 50 day moving average of $281.57 and a 200 day moving average of $260.01. 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 capitalization of $117.53 billion, a price-to-earnings ratio of 30.76, a PEG ratio of 3.21 and a beta of 0.79. Automatic Data Processing, Inc. has a fifty-two week low of $211.52 and a fifty-two week high of $294.18.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share for the quarter, topping analysts’ consensus estimates 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 return on equity of 82.36% and a net margin of 19.72%. The company’s revenue was up 7.1% compared to the same quarter last year. During the same period in the prior year, the business posted $2.08 EPS. As a group, research analysts predict that Automatic Data Processing, Inc. will post 9.98 earnings per share 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 given 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 1.94%. Automatic Data Processing’s payout ratio is currently 59.77%.

Wall Street Analyst Weigh In

ADP has been the topic of a number of research analyst reports. Citigroup lifted their price target on Automatic Data Processing from $260.00 to $295.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 25th. Jefferies Financial Group increased their target price on shares of Automatic Data Processing from $260.00 to $290.00 and gave the company a “hold” rating in a research report on Tuesday, October 22nd. Bank of America boosted their price target on shares of Automatic Data Processing from $250.00 to $267.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. JPMorgan Chase & Co. increased their price objective on shares of Automatic Data Processing from $250.00 to $285.00 and gave the company an “underweight” rating in a report on Tuesday, August 20th. Finally, TD Cowen boosted 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. 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 company. Based on data from MarketBeat, Automatic Data Processing currently has a consensus rating of “Hold” and an average price target of $285.09.

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.