Intech Investment Management LLC Purchases 14,813 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Intech Investment Management LLC grew its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 24.2% in the third quarter, HoldingsChannel.com reports. The firm owned 75,950 shares of the business services provider’s stock after acquiring an additional 14,813 shares during the period. Intech Investment Management LLC’s holdings in Automatic Data Processing were worth $21,018,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ADP. Assenagon Asset Management S.A. boosted its stake in shares of Automatic Data Processing by 70.7% in the second quarter. Assenagon Asset Management S.A. now owns 638,507 shares of the business services provider’s stock worth $152,405,000 after acquiring an additional 264,466 shares during the period. Toronto Dominion Bank lifted its holdings in shares of Automatic Data Processing by 1.7% in the first quarter. Toronto Dominion Bank now owns 247,474 shares of the business services provider’s stock worth $61,804,000 after buying an additional 4,253 shares in the last quarter. Plato Investment Management Ltd grew its stake in Automatic Data Processing by 23.8% during the second quarter. Plato Investment Management Ltd now owns 26,610 shares of the business services provider’s stock valued at $6,352,000 after acquiring an additional 5,114 shares in the last quarter. Moloney Securities Asset Management LLC bought a new stake in Automatic Data Processing in the 3rd quarter valued at $209,000. Finally, ORG Partners LLC lifted its stake in Automatic Data Processing by 2,917.1% in the 2nd quarter. ORG Partners LLC now owns 4,224 shares of the business services provider’s stock worth $997,000 after purchasing an additional 4,084 shares in the last quarter. 80.03% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP Michael A. Bonarti sold 26,442 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $270.96, for a total transaction of $7,164,724.32. Following the completion of the sale, the vice president now owns 88,426 shares in the company, valued at approximately $23,959,908.96. This represents a 23.02 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Sreenivasa Kutam sold 38,975 shares of the business’s stock in a transaction on 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 transaction, the vice president now owns 32,604 shares in the company, valued at approximately $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 a total of 97,792 shares of company stock worth $27,691,708 over the last 90 days. Company insiders own 0.21% of the company’s stock.

Automatic Data Processing Price Performance

ADP opened at $298.59 on Thursday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.56. The business has a fifty day moving average of $288.47 and a 200 day moving average of $265.16. Automatic Data Processing, Inc. has a 52-week low of $227.12 and a 52-week high of $309.37. The stock has a market cap of $121.66 billion, a P/E ratio of 31.87, a PEG ratio of 3.46 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last issued its 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 business had revenue of $4.83 billion for the quarter, compared to analyst estimates of $4.77 billion. During the same period last year, the company posted $2.08 earnings per share. The company’s quarterly revenue was up 7.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Automatic Data Processing, Inc. will post 9.94 EPS for the current year.

Automatic Data Processing Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be given a $1.54 dividend. This represents a $6.16 annualized dividend and a dividend yield of 2.06%. The ex-dividend date is Friday, December 13th. This is a boost from Automatic Data Processing’s previous quarterly dividend of $1.40. Automatic Data Processing’s dividend payout ratio is presently 59.77%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Royal Bank of Canada lifted their target price on Automatic Data Processing from $267.00 to $315.00 and gave the stock a “sector perform” rating in a report on Thursday, October 31st. TD Cowen upped their price objective on Automatic Data Processing from $276.00 to $285.00 and gave the stock a “hold” rating in a report on Friday, November 1st. Stifel Nicolaus increased their target price on Automatic Data Processing from $271.00 to $287.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. StockNews.com downgraded shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research note on Thursday, September 19th. Finally, Barclays boosted their target price on shares of Automatic Data Processing from $310.00 to $325.00 and gave the stock an “overweight” rating in a report on Monday, November 4th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $289.91.

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.