Welch & Forbes LLC increased its position in Automatic Data Processing (NASDAQ:ADP) by 0.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 266,443 shares of the business services provider’s stock after buying an additional 291 shares during the quarter. Automatic Data Processing comprises approximately 1.0% of Welch & Forbes LLC’s holdings, making the stock its 28th largest position. Welch & Forbes LLC owned approximately 0.06% of Automatic Data Processing worth $43,009,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in ADP. Krane Funds Advisors LLC acquired a new stake in shares of Automatic Data Processing during the second quarter worth $25,000. Permanens Capital L.P. acquired a new stake in shares of Automatic Data Processing during the first quarter worth $32,000. Virtus ETF Advisers LLC acquired a new stake in shares of Automatic Data Processing during the second quarter worth $41,000. MRA Associates USA LLC acquired a new stake in shares of Automatic Data Processing during the second quarter worth $42,000. Finally, Gradient Investments LLC raised its position in shares of Automatic Data Processing by 126.2% during the third quarter. Gradient Investments LLC now owns 276 shares of the business services provider’s stock worth $45,000 after purchasing an additional 154 shares during the period. Institutional investors and hedge funds own 80.30% of the company’s stock.
NASDAQ:ADP traded up $2.88 during trading hours on Friday, hitting $163.60. 1,041,425 shares of the company’s stock traded hands, compared to its average volume of 2,048,456. The firm has a market cap of $67.80 billion, a P/E ratio of 30.02, a P/E/G ratio of 1.95 and a beta of 0.90. Automatic Data Processing has a twelve month low of $121.40 and a twelve month high of $174.50. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.05 and a current ratio of 1.05. The stock’s fifty day moving average price is $163.38 and its two-hundred day moving average price is $163.45.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 1.93%. The ex-dividend date was Thursday, September 12th. Automatic Data Processing’s payout ratio is 57.98%.
In other Automatic Data Processing news, VP Brock Albinson sold 6,683 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $167.87, for a total value of $1,121,875.21. Following the transaction, the vice president now directly owns 6,302 shares of the company’s stock, valued at approximately $1,057,916.74. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Carlos A. Rodriguez sold 49,392 shares of the company’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $161.70, for a total value of $7,986,686.40. Following the completion of the transaction, the chief executive officer now directly owns 132,338 shares in the company, valued at $21,399,054.60. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by insiders.
A number of brokerages have recently issued reports on ADP. Cowen began coverage on Automatic Data Processing in a research report on Wednesday, September 11th. They set an “outperform” rating and a $195.00 target price on the stock. Jefferies Financial Group boosted their target price on Automatic Data Processing to $176.00 and gave the stock a “hold” rating in a research report on Wednesday, July 31st. Barclays boosted their target price on Automatic Data Processing from $180.00 to $190.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. boosted their target price on Automatic Data Processing from $170.00 to $177.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. Finally, BidaskClub lowered Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Wednesday, September 11th. Ten equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Automatic Data Processing currently has an average rating of “Hold” and an average target price of $175.67.
About Automatic Data Processing
Automatic Data Processing, Inc provides business process outsourcing services worldwide. It operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) outsourcing and technology-based human capital management solutions.
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