Automatic Data Processing, Inc. $ADP Stock Bought by Schwartz Investment Counsel Inc.

Schwartz Investment Counsel Inc. boosted its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 46.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 110,214 shares of the business services provider’s stock after buying an additional 35,000 shares during the quarter. Schwartz Investment Counsel Inc.’s holdings in Automatic Data Processing were worth $28,442,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of ADP. Polaris Financial Partners acquired a new stake in shares of Automatic Data Processing during the third quarter valued at about $25,000. Whipplewood Advisors LLC lifted its holdings in shares of Automatic Data Processing by 2,740.0% in the 1st quarter. Whipplewood Advisors LLC now owns 142 shares of the business services provider’s stock worth $29,000 after acquiring an additional 137 shares during the last quarter. Kelly Lawrence W & Associates Inc. CA acquired a new position in shares of Automatic Data Processing in the 2nd quarter worth approximately $34,000. Cornerstone Financial Management LLC lifted its holdings in shares of Automatic Data Processing by 59.2% in the 2nd quarter. Cornerstone Financial Management LLC now owns 156 shares of the business services provider’s stock worth $35,000 after acquiring an additional 58 shares during the last quarter. Finally, N.E.W. Advisory Services LLC acquired a new position in shares of Automatic Data Processing in the 2nd quarter worth approximately $36,000. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Morgan Stanley increased their price objective on shares of Automatic Data Processing from $240.00 to $286.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 30th. BMO Capital Markets boosted their target price on Automatic Data Processing from $248.00 to $305.00 and gave the company a “market perform” rating in a research report on Wednesday, July 29th. Citigroup upped their price target on Automatic Data Processing from $230.00 to $287.00 and gave the stock a “neutral” rating in a research note on Thursday, July 30th. UBS Group raised their price target on Automatic Data Processing from $260.00 to $270.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 22nd. Finally, Wells Fargo & Company raised their price target on Automatic Data Processing from $248.00 to $283.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 30th. Three analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $276.36.

Automatic Data Processing Stock Down 2.7%

NASDAQ ADP opened at $293.11 on Wednesday. The stock has a 50-day moving average of $276.46 and a two-hundred day moving average of $240.47. Automatic Data Processing, Inc. has a 1-year low of $188.16 and a 1-year high of $309.40.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings results on Wednesday, July 29th. The business services provider reported $2.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.59 by $0.05. The business had revenue of $5.47 billion for the quarter, compared to analyst estimates of $5.44 billion. The firm’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period in the prior year, the company posted $2.26 EPS. On average, sell-side analysts forecast that Automatic Data Processing, Inc. will post 12.27 EPS for the current year.

Automatic Data Processing Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Friday, September 11th were paid a $1.70 dividend. The ex-dividend date of this dividend was Friday, September 11th. This represents a $6.80 annualized dividend and a dividend yield of 2.3%.

Insider Buying and Selling at Automatic Data Processing

In related news, VP David Kwon sold 2,414 shares of Automatic Data Processing stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $265.62, for a total value of $641,206.68. Following the completion of the transaction, the vice president owned 9,660 shares in the company, valued at approximately $2,565,889.20. The trade was a 19.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Brian Michaud sold 120 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $279.70, for a total transaction of $33,564.00. Following the sale, the vice president directly owned 18,442 shares in the company, valued at approximately $5,158,227.40. The trade was a 0.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 33,773 shares of company stock worth $9,450,629. 0.15% of the stock is currently owned by company insiders.

Automatic Data Processing Company Profile

Automatic Data Processing, Inc (NASDAQ: ADP) is a global provider of human capital management and business outsourcing solutions. The company helps employers manage payroll, human resources, workforce administration, benefits, tax compliance, time and attendance, talent management, and related employment processes.

ADP offers cloud-based platforms and services designed for businesses of various sizes, from small enterprises to large organizations. Its portfolio includes payroll processing, human resources management, employee benefits administration, retirement services, workforce management, data analytics, and professional employer organization services through ADP TotalSource.

Founded in 1949, ADP serves businesses in the United States and international markets.