Logan Capital Management Inc. Has $6.61 Million Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Logan Capital Management Inc. decreased its position in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 4.5% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 23,891 shares of the business services provider’s stock after selling 1,136 shares during the quarter. Logan Capital Management Inc.’s holdings in Automatic Data Processing were worth $6,611,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Fiduciary Financial Group LLC acquired a new stake in Automatic Data Processing in the second quarter worth $232,000. Triad Wealth Partners LLC acquired a new position in shares of Automatic Data Processing during the second quarter worth approximately $109,000. Miracle Mile Advisors LLC lifted its holdings in shares of Automatic Data Processing by 6.4% in the 2nd quarter. Miracle Mile Advisors LLC now owns 1,935 shares of the business services provider’s stock worth $462,000 after purchasing an additional 116 shares in the last quarter. Blue Trust Inc. grew its position in Automatic Data Processing by 23.8% in the 2nd quarter. Blue Trust Inc. now owns 4,720 shares of the business services provider’s stock valued at $1,179,000 after purchasing an additional 907 shares during the period. Finally, Stanley Laman Group Ltd. increased its stake in Automatic Data Processing by 5.7% during the 2nd quarter. Stanley Laman Group Ltd. now owns 14,942 shares of the business services provider’s stock valued at $3,567,000 after purchasing an additional 800 shares in the last quarter. Institutional investors and hedge funds own 80.03% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ADP. Mizuho lifted their price objective on shares of Automatic Data Processing from $281.00 to $310.00 and gave the company an “outperform” rating in a report on Monday, November 4th. TD Cowen increased their price objective on Automatic Data Processing from $276.00 to $285.00 and gave the stock a “hold” rating in a research note on Friday, November 1st. StockNews.com downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Thursday, September 19th. Royal Bank of Canada lifted their price objective on shares of Automatic Data Processing from $267.00 to $315.00 and gave the stock a “sector perform” rating in a report on Thursday, October 31st. Finally, Citigroup raised their price target on shares of Automatic Data Processing from $260.00 to $295.00 and gave the company a “neutral” rating in a research report on Wednesday, September 25th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Automatic Data Processing has a consensus rating of “Hold” and a consensus target price of $289.91.

Insider Buying and Selling

In related news, VP Sreenivasa Kutam sold 38,975 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $300.00, for a total value of $11,692,500.00. Following the completion of the transaction, the vice president now directly owns 32,604 shares of the company’s stock, valued at approximately $9,781,200. This trade represents a 54.45 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.21% of the stock is currently owned by insiders.

Automatic Data Processing Stock Performance

ADP stock traded down $1.11 during mid-day trading on Friday, hitting $296.10. The company had a trading volume of 93,570 shares, compared to its average volume of 1,637,961. 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 cap of $120.65 billion, a PE ratio of 31.88, a price-to-earnings-growth ratio of 3.50 and a beta of 0.79. Automatic Data Processing, Inc. has a 12 month low of $227.12 and a 12 month high of $309.63. The stock’s fifty day moving average price is $296.79 and its two-hundred day moving average price is $271.23.

Automatic Data Processing (NASDAQ:ADP) last posted its quarterly earnings results on Wednesday, October 30th. The business services provider reported $2.33 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $0.12. Automatic Data Processing had a net margin of 19.72% and a return on equity of 82.36%. The company had revenue of $4.83 billion for the quarter, compared to analysts’ expectations of $4.77 billion. During the same quarter in the previous year, the firm posted $2.08 EPS. Automatic Data Processing’s revenue was up 7.1% on a year-over-year basis. On average, analysts forecast that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current fiscal year.

Automatic Data Processing Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be paid a dividend of $1.54 per share. This is an increase from Automatic Data Processing’s previous quarterly dividend of $1.40. The ex-dividend date is Friday, December 13th. This represents a $6.16 annualized dividend and a dividend yield of 2.08%. Automatic Data Processing’s dividend payout ratio is presently 59.77%.

Automatic Data Processing 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.