DRW Securities LLC Invests $951,000 in Automatic Data Processing, Inc. (NASDAQ:ADP)

DRW Securities LLC purchased a new position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 3,437 shares of the business services provider’s stock, valued at approximately $951,000.

A number of other hedge funds also recently bought and sold shares of ADP. Kiely Wealth Advisory Group Inc. acquired a new position in shares of Automatic Data Processing during the second quarter valued at approximately $27,000. Hexagon Capital Partners LLC increased its holdings in shares of Automatic Data Processing by 78.5% in the third quarter. Hexagon Capital Partners LLC now owns 116 shares of the business services provider’s stock valued at $32,000 after purchasing an additional 51 shares during the last quarter. Capital Performance Advisors LLP acquired a new stake in shares of Automatic Data Processing in the third quarter valued at approximately $35,000. Pathway Financial Advisers LLC acquired a new stake in shares of Automatic Data Processing in the first quarter valued at approximately $36,000. Finally, MFA Wealth Advisors LLC purchased a new position in Automatic Data Processing in the second quarter worth approximately $40,000. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Insiders Place Their Bets

In other Automatic Data Processing news, Director Carlos A. Rodriguez sold 9,203 shares of Automatic Data Processing stock in a transaction dated 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 directly owns 36,741 shares of the company’s stock, valued at $9,899,862.45. The trade was a 20.03 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Sreenivasa Kutam sold 38,975 shares of Automatic Data Processing stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $300.00, for a total value of $11,692,500.00. Following the sale, the vice president now directly owns 32,604 shares of the company’s stock, valued at $9,781,200. This trade represents a 54.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 70,504 shares of company stock valued at $20,298,056 in the last ninety days. Insiders own 0.21% of the company’s stock.

Automatic Data Processing Trading Down 0.2 %

NASDAQ:ADP opened at $304.67 on Tuesday. The firm has a market cap of $124.14 billion, a PE ratio of 32.51, a price-to-earnings-growth ratio of 3.55 and a beta of 0.79. The stock has a fifty day moving average price of $290.07 and a 200 day moving average price of $266.60. Automatic Data Processing, Inc. has a 12-month low of $227.12 and a 12-month high of $309.37. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.56.

Automatic Data Processing (NASDAQ:ADP) last released its earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.21 by $0.12. The firm had revenue of $4.83 billion during the quarter, compared to analyst estimates of $4.77 billion. Automatic Data Processing had a return on equity of 82.36% and a net margin of 19.72%. Automatic Data Processing’s revenue was up 7.1% compared to the same quarter last year. During the same period last year, the business posted $2.08 earnings per share. Sell-side analysts anticipate that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Automatic Data Processing Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be issued a dividend of $1.54 per share. This represents a $6.16 dividend on an annualized basis and a yield of 2.02%. This is an increase from Automatic Data Processing’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Friday, December 13th. Automatic Data Processing’s payout ratio is 59.77%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on ADP shares. Barclays increased their price objective on Automatic Data Processing from $310.00 to $325.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. UBS Group increased their price objective on Automatic Data Processing from $270.00 to $295.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 22nd. StockNews.com lowered Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Thursday, September 19th. Jefferies Financial Group increased their price objective on Automatic Data Processing from $260.00 to $290.00 and gave the stock a “hold” rating in a research report on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. raised their price target on Automatic Data Processing from $250.00 to $285.00 and gave the stock an “underweight” rating in a research report on Tuesday, August 20th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $289.91.

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.