Innova Wealth Partners Takes $234,000 Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Innova Wealth Partners bought a new position in Automatic Data Processing, Inc. (NASDAQ:ADP) during the 4th quarter, Holdings Channel reports. The firm bought 800 shares of the business services provider’s stock, valued at approximately $234,000.

A number of other large investors have also bought and sold shares of the business. Itau Unibanco Holding S.A. acquired a new position in Automatic Data Processing in the third quarter worth $26,000. Kiely Wealth Advisory Group Inc. bought a new position in shares of Automatic Data Processing in the second quarter valued at about $27,000. Dunhill Financial LLC lifted its position in Automatic Data Processing by 346.5% during the 3rd quarter. Dunhill Financial LLC now owns 106 shares of the business services provider’s stock worth $29,000 after buying an additional 149 shares in the last quarter. Hexagon Capital Partners LLC grew its holdings in Automatic Data Processing by 78.5% during the 3rd quarter. Hexagon Capital Partners LLC now owns 116 shares of the business services provider’s stock worth $32,000 after acquiring an additional 51 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new stake in Automatic Data Processing during the 3rd quarter worth about $35,000. 80.03% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. UBS Group upped 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. Citigroup boosted their price objective on shares of Automatic Data Processing from $260.00 to $295.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 25th. Barclays increased their price objective on Automatic Data Processing from $310.00 to $325.00 and gave the company an “overweight” rating in a research report on Monday, November 4th. TD Cowen boosted their target price on Automatic Data Processing from $276.00 to $285.00 and gave the stock a “hold” rating in a research report on Friday, November 1st. Finally, Royal Bank of Canada raised their price target on Automatic Data Processing from $267.00 to $315.00 and gave the company a “sector perform” rating in a report on Thursday, October 31st. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Automatic Data Processing currently has a consensus rating of “Hold” and a consensus price target of $289.91.

Insider Activity

In other Automatic Data Processing news, VP Brian L. Michaud sold 362 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $293.83, for a total transaction of $106,366.46. Following the sale, the vice president now directly owns 13,706 shares in the company, valued at approximately $4,027,233.98. This trade represents a 2.57 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Sreenivasa Kutam sold 38,975 shares of the company’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 transaction of $11,692,500.00. Following the completion of the transaction, the vice president now owns 32,604 shares of the company’s stock, valued at $9,781,200. This trade represents a 54.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 41,062 shares of company stock valued at $12,299,550 in the last quarter. Company insiders own 0.21% of the company’s stock.

Automatic Data Processing Trading Up 0.4 %

NASDAQ ADP opened at $288.40 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.56. Automatic Data Processing, Inc. has a 12 month low of $231.27 and a 12 month high of $309.63. The company has a market capitalization of $117.51 billion, a PE ratio of 30.78, a P/E/G ratio of 3.50 and a beta of 0.79. The stock has a 50-day simple moving average of $298.45 and a 200 day simple moving average of $277.66.

Automatic Data Processing (NASDAQ:ADP) last announced its quarterly earnings results on Wednesday, October 30th. The business services provider reported $2.33 earnings per share for the quarter, beating 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 the consensus estimate of $4.77 billion. During the same period last year, the company posted $2.08 EPS. Automatic Data Processing’s revenue for the quarter was up 7.1% on a year-over-year basis. Research analysts forecast that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Automatic Data Processing Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th were given a dividend of $1.54 per share. This represents a $6.16 dividend on an annualized basis and a dividend yield of 2.14%. This is a boost from Automatic Data Processing’s previous quarterly dividend of $1.40. The ex-dividend date was Friday, December 13th. Automatic Data Processing’s dividend payout ratio (DPR) is currently 65.74%.

Automatic Data Processing Company 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.