Centric Wealth Management Acquires 589 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Centric Wealth Management increased its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 7.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 8,288 shares of the business services provider’s stock after acquiring an additional 589 shares during the period. Centric Wealth Management’s holdings in Automatic Data Processing were worth $2,058,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of ADP. International Assets Investment Management LLC lifted its stake in shares of Automatic Data Processing by 22,539.4% during the 4th quarter. International Assets Investment Management LLC now owns 934,326 shares of the business services provider’s stock worth $217,670,000 after acquiring an additional 930,199 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Automatic Data Processing by 40.7% during the 3rd quarter. Invesco Ltd. now owns 3,128,701 shares of the business services provider’s stock worth $752,703,000 after acquiring an additional 905,043 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of Automatic Data Processing by 65.5% during the 3rd quarter. Envestnet Asset Management Inc. now owns 1,402,511 shares of the business services provider’s stock worth $337,416,000 after acquiring an additional 555,184 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in shares of Automatic Data Processing by 18.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 3,576,575 shares of the business services provider’s stock worth $855,287,000 after acquiring an additional 553,946 shares during the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC bought a new stake in Automatic Data Processing during the 3rd quarter valued at $107,401,000. 80.03% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Automatic Data Processing news, VP Sreenivasa Kutam sold 368 shares of Automatic Data Processing stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $247.01, for a total transaction of $90,899.68. Following the completion of the sale, the vice president now owns 20,319 shares of the company’s stock, valued at approximately $5,018,996.19. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Automatic Data Processing news, VP Sreenivasa Kutam sold 368 shares of Automatic Data Processing stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $247.01, for a total transaction of $90,899.68. Following the completion of the sale, the vice president now owns 20,319 shares of the company’s stock, valued at approximately $5,018,996.19. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Joseph Desilva sold 1,904 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $255.00, for a total value of $485,520.00. Following the sale, the vice president now directly owns 17,179 shares in the company, valued at $4,380,645. The disclosure for this sale can be found here. Insiders have sold a total of 2,966 shares of company stock worth $749,524 in the last ninety days. 0.26% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. TD Cowen decreased their target price on Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating for the company in a research report on Thursday, May 2nd. Bank of America raised Automatic Data Processing from an “underperform” rating to a “neutral” rating and lifted their target price for the company from $217.00 to $243.00 in a research report on Wednesday, January 17th. StockNews.com lowered Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Tuesday, March 19th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $267.00 price target on shares of Automatic Data Processing in a report on Thursday, February 1st. Finally, Mizuho lifted their price target on Automatic Data Processing from $265.00 to $272.00 and gave the company a “buy” rating in a report on Monday, March 11th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $255.42.

Automatic Data Processing Stock Down 0.8 %

ADP stock traded down $1.90 on Wednesday, hitting $243.22. 600,831 shares of the company’s stock were exchanged, compared to its average volume of 1,768,037. Automatic Data Processing, Inc. has a 12-month low of $205.53 and a 12-month high of $256.84. The firm has a 50 day moving average price of $245.29 and a two-hundred day moving average price of $238.95. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a market cap of $99.55 billion, a P/E ratio of 27.36, a price-to-earnings-growth ratio of 2.30 and a beta of 0.78.

Automatic Data Processing (NASDAQ:ADP) last announced its earnings results on Wednesday, May 1st. The business services provider reported $2.88 earnings per share for the quarter, topping the consensus estimate of $2.79 by $0.09. Automatic Data Processing had a return on equity of 93.09% and a net margin of 19.56%. The firm had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.22 billion. During the same period in the previous year, the business earned $2.52 EPS. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis. As a group, equities research analysts expect that Automatic Data Processing, Inc. will post 9.15 EPS for the current fiscal year.

Automatic Data Processing Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a dividend of $1.40 per share. The ex-dividend date is Friday, June 14th. This represents a $5.60 annualized dividend and a yield of 2.30%. Automatic Data Processing’s dividend payout ratio (DPR) is 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.