Hohimer Wealth Management LLC Increases Stock Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Hohimer Wealth Management LLC increased its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 1.2% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 13,275 shares of the business services provider’s stock after buying an additional 158 shares during the period. Hohimer Wealth Management LLC’s holdings in Automatic Data Processing were worth $3,674,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADP. Toronto Dominion Bank lifted its position in Automatic Data Processing by 1.9% during the third quarter. Toronto Dominion Bank now owns 214,797 shares of the business services provider’s stock valued at $59,441,000 after buying an additional 4,061 shares in the last quarter. Coldstream Capital Management Inc. raised its stake in shares of Automatic Data Processing by 13.1% in the 3rd quarter. Coldstream Capital Management Inc. now owns 7,299 shares of the business services provider’s stock valued at $2,043,000 after acquiring an additional 843 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Automatic Data Processing by 2.8% during the 3rd quarter. Geode Capital Management LLC now owns 10,517,642 shares of the business services provider’s stock valued at $2,906,257,000 after acquiring an additional 286,080 shares in the last quarter. MidWestOne Financial Group Inc. acquired a new position in shares of Automatic Data Processing during the 3rd quarter valued at $226,000. Finally, Executive Wealth Management LLC purchased a new stake in Automatic Data Processing during the 3rd quarter worth $9,097,000. Institutional investors and hedge funds own 80.03% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on ADP shares. Jefferies Financial Group raised their price objective on Automatic Data Processing from $260.00 to $290.00 and gave the company a “hold” rating in a research report on Tuesday, October 22nd. StockNews.com downgraded Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Thursday, September 19th. Mizuho upped their price target on Automatic Data Processing from $281.00 to $310.00 and gave the stock an “outperform” rating in a report on Monday, November 4th. Citigroup lifted their price objective on shares of Automatic Data Processing from $260.00 to $295.00 and gave the company a “neutral” rating in a research note on Wednesday, September 25th. Finally, UBS Group boosted their target price on shares of Automatic Data Processing from $270.00 to $295.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 22nd. 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. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $289.91.

Insider Activity at Automatic Data Processing

In other Automatic Data Processing news, VP Sreenivasa Kutam sold 38,975 shares of Automatic Data Processing stock in a transaction that occurred 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 completion of the transaction, the vice president now directly owns 32,604 shares in the company, valued at $9,781,200. The trade was a 54.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.21% of the company’s stock.

Automatic Data Processing Trading Up 1.6 %

NASDAQ ADP opened at $302.23 on Wednesday. The company has a market capitalization of $123.15 billion, a price-to-earnings ratio of 32.26, a price-to-earnings-growth ratio of 3.54 and a beta of 0.79. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.01 and a quick ratio of 1.01. Automatic Data Processing, Inc. has a 12 month low of $227.12 and a 12 month high of $309.63. The company’s fifty day moving average price is $295.72 and its two-hundred day moving average price is $270.45.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings results on Wednesday, October 30th. The business services provider reported $2.33 EPS for the quarter, topping the consensus estimate of $2.21 by $0.12. The business had revenue of $4.83 billion for the quarter, compared to analysts’ expectations of $4.77 billion. Automatic Data Processing had a net margin of 19.72% and a return on equity of 82.36%. The company’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the company posted $2.08 earnings per share. As a group, research analysts predict 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 issued a $1.54 dividend. This represents a $6.16 dividend on an annualized basis and a dividend yield of 2.04%. This is an increase from Automatic Data Processing’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Friday, December 13th. Automatic Data Processing’s payout ratio is 59.77%.

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.