Institute for Wealth Management LLC. Grows Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Institute for Wealth Management LLC. grew its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 6.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 2,487 shares of the business services provider’s stock after acquiring an additional 146 shares during the period. Institute for Wealth Management LLC.’s holdings in Automatic Data Processing were worth $728,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Tower Wealth Partners Inc. raised its stake in shares of Automatic Data Processing by 3.4% during the third quarter. Tower Wealth Partners Inc. now owns 1,054 shares of the business services provider’s stock valued at $292,000 after purchasing an additional 35 shares during the period. Harbour Investments Inc. raised its stake in shares of Automatic Data Processing by 2.1% during the third quarter. Harbour Investments Inc. now owns 1,742 shares of the business services provider’s stock valued at $482,000 after purchasing an additional 36 shares during the period. Aspiriant LLC raised its stake in shares of Automatic Data Processing by 1.5% during the fourth quarter. Aspiriant LLC now owns 2,372 shares of the business services provider’s stock valued at $694,000 after purchasing an additional 36 shares during the period. Precedent Wealth Partners LLC raised its stake in shares of Automatic Data Processing by 0.7% during the fourth quarter. Precedent Wealth Partners LLC now owns 5,009 shares of the business services provider’s stock valued at $1,466,000 after purchasing an additional 36 shares during the period. Finally, Petredis Investment Advisors LLC raised its stake in shares of Automatic Data Processing by 0.4% during the third quarter. Petredis Investment Advisors LLC now owns 10,485 shares of the business services provider’s stock valued at $2,902,000 after purchasing an additional 37 shares during the period. 80.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on ADP shares. TD Cowen lifted their price objective on shares of Automatic Data Processing from $276.00 to $285.00 and gave the company a “hold” rating in a research note on Friday, November 1st. Jefferies Financial Group upped their price target on shares of Automatic Data Processing from $290.00 to $305.00 and gave the company a “hold” rating in a report on Thursday. StockNews.com cut shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Monday, January 27th. Barclays upped their price target on shares of Automatic Data Processing from $310.00 to $325.00 and gave the company an “overweight” rating in a report on Monday, November 4th. Finally, Mizuho upped their price target 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. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Automatic Data Processing presently has a consensus rating of “Hold” and an average price target of $291.27.

Automatic Data Processing Stock Down 0.1 %

Shares of NASDAQ:ADP opened at $303.01 on Friday. The stock has a market capitalization of $123.46 billion, a price-to-earnings ratio of 31.60, a price-to-earnings-growth ratio of 3.50 and a beta of 0.79. Automatic Data Processing, Inc. has a 1-year low of $231.27 and a 1-year high of $311.67. The company’s fifty day moving average is $297.20 and its two-hundred day moving average is $283.90. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.01 and a current ratio of 1.01.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings results on Wednesday, January 29th. The business services provider reported $2.35 EPS for the quarter, topping the consensus estimate of $2.30 by $0.05. Automatic Data Processing had a net margin of 19.76% and a return on equity of 81.85%. Equities analysts anticipate that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Automatic Data Processing Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be given a dividend of $1.54 per share. The ex-dividend date is Friday, March 14th. This represents a $6.16 annualized dividend and a dividend yield of 2.03%. Automatic Data Processing’s dividend payout ratio is currently 64.23%.

Insider Transactions at Automatic Data Processing

In related news, VP David Foskett sold 1,067 shares of the stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $286.15, for a total value of $305,322.05. Following the completion of the transaction, the vice president now owns 6,140 shares in the company, valued at $1,756,961. This represents a 14.81 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Sreenivasa Kutam sold 38,975 shares of the stock in a transaction dated 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 represents a 54.45 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 42,129 shares of company stock worth $12,604,872. Insiders own 0.21% of the company’s stock.

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.