Automatic Data Processing, Inc. (NASDAQ:ADP) Shares Bought by Victory Capital Management Inc.

Victory Capital Management Inc. grew its stake in shares of Automatic Data Processing, Inc. (NASDAQ:ADP) by 12.3% in the fourth quarter, HoldingsChannel reports. The fund owned 414,944 shares of the business services provider’s stock after buying an additional 45,303 shares during the quarter. Victory Capital Management Inc.’s holdings in Automatic Data Processing were worth $96,670,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. OFI Invest Asset Management purchased a new stake in shares of Automatic Data Processing during the 3rd quarter worth about $25,000. Fortitude Family Office LLC purchased a new stake in shares of Automatic Data Processing during the 4th quarter worth about $35,000. Evolution Advisers Inc. purchased a new stake in shares of Automatic Data Processing during the 4th quarter worth about $41,000. Raleigh Capital Management Inc. grew its holdings in shares of Automatic Data Processing by 106.0% during the 3rd quarter. Raleigh Capital Management Inc. now owns 173 shares of the business services provider’s stock worth $42,000 after purchasing an additional 89 shares during the period. Finally, Bfsg LLC purchased a new position in Automatic Data Processing in the 4th quarter worth approximately $42,000. Institutional investors and hedge funds own 80.03% of the company’s stock.

Insiders Place Their Bets

In other news, VP David Kwon sold 863 shares of the stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $250.00, for a total value of $215,750.00. Following the completion of the transaction, the vice president now owns 8,285 shares of the company’s stock, valued at $2,071,250. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, VP David Kwon sold 863 shares of the stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $250.00, for a total value of $215,750.00. Following the completion of the transaction, the vice president now owns 8,285 shares of the company’s stock, valued at $2,071,250. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Sreenivasa Kutam sold 694 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $249.43, for a total value of $173,104.42. Following the completion of the transaction, the vice president now directly owns 20,687 shares of the company’s stock, valued at approximately $5,159,958.41. The disclosure for this sale can be found here. Insiders have sold 3,829 shares of company stock valued at $965,274 over the last three months. Company insiders own 0.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ADP. JPMorgan Chase & Co. decreased their price target on Automatic Data Processing from $254.00 to $250.00 and set an “underweight” rating for the company in a report on Thursday. StockNews.com cut Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Tuesday, March 19th. TD Cowen decreased their price target on Automatic Data Processing from $253.00 to $251.00 and set a “hold” rating for the company in a report on Thursday. Bank of America upgraded Automatic Data Processing from an “underperform” rating to a “neutral” rating and upped their price target for the stock from $217.00 to $243.00 in a report on Wednesday, January 17th. Finally, Mizuho upped their target price on Automatic Data Processing from $265.00 to $272.00 and gave the company a “buy” rating in a research report on Monday, March 11th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Automatic Data Processing currently has an average rating of “Hold” and a consensus price target of $255.42.

Automatic Data Processing Stock Performance

ADP stock opened at $242.03 on Friday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.69. The firm has a market cap of $99.42 billion, a P/E ratio of 28.18, a P/E/G ratio of 2.27 and a beta of 0.78. Automatic Data Processing, Inc. has a 12-month low of $205.53 and a 12-month high of $256.84. The stock’s 50 day simple moving average is $245.91 and its 200 day simple moving average is $239.13.

Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, May 1st. The business services provider reported $2.88 earnings per share for the quarter, topping the consensus estimate of $2.79 by $0.09. Automatic Data Processing had a return on equity of 95.22% and a net margin of 19.14%. The firm had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.22 billion. During the same period last year, the company earned $2.52 earnings per share. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis. As a group, equities research analysts predict that Automatic Data Processing, Inc. will post 9.14 EPS for the current year.

Automatic Data Processing Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 2.31%. The ex-dividend date is Friday, June 14th. Automatic Data Processing’s dividend payout ratio is presently 65.19%.

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.