AE Wealth Management LLC Increases Stock Position in Automatic Data Processing (NASDAQ:ADP)

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AE Wealth Management LLC boosted its holdings in Automatic Data Processing (NASDAQ:ADP) by 27.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,502 shares of the business services provider’s stock after acquiring an additional 2,264 shares during the quarter. AE Wealth Management LLC’s holdings in Automatic Data Processing were worth $1,791,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Nuveen Asset Management LLC raised its stake in shares of Automatic Data Processing by 40,836.2% in the second quarter. Nuveen Asset Management LLC now owns 4,719,538 shares of the business services provider’s stock worth $780,281,000 after purchasing an additional 4,708,009 shares during the last quarter. Eagle Asset Management Inc. increased its holdings in Automatic Data Processing by 222.9% in the 3rd quarter. Eagle Asset Management Inc. now owns 807,822 shares of the business services provider’s stock worth $130,398,000 after buying an additional 557,645 shares in the last quarter. BlackRock Inc. increased its holdings in Automatic Data Processing by 1.2% in the 2nd quarter. BlackRock Inc. now owns 30,955,650 shares of the business services provider’s stock worth $5,117,899,000 after buying an additional 368,108 shares in the last quarter. California Public Employees Retirement System raised its position in Automatic Data Processing by 11.5% in the 3rd quarter. California Public Employees Retirement System now owns 1,757,439 shares of the business services provider’s stock worth $283,686,000 after buying an additional 181,198 shares during the last quarter. Finally, Banco Santander S.A. raised its position in Automatic Data Processing by 169.9% in the 3rd quarter. Banco Santander S.A. now owns 280,558 shares of the business services provider’s stock worth $45,287,000 after buying an additional 176,602 shares during the last quarter. 80.05% of the stock is currently owned by institutional investors and hedge funds.

ADP stock opened at $176.87 on Friday. The company has a market cap of $75.67 billion, a price-to-earnings ratio of 32.57, a P/E/G ratio of 2.18 and a beta of 0.86. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.01 and a current ratio of 1.01. The business’s 50-day moving average is $170.05 and its two-hundred day moving average is $166.15. Automatic Data Processing has a fifty-two week low of $132.04 and a fifty-two week high of $176.91.

Automatic Data Processing (NASDAQ:ADP) last released its quarterly earnings results on Wednesday, October 30th. The business services provider reported $1.34 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.33 by $0.01. Automatic Data Processing had a return on equity of 46.94% and a net margin of 16.52%. The business had revenue of $3.50 billion during the quarter, compared to the consensus estimate of $3.52 billion. During the same period in the previous year, the company posted $1.20 EPS. The business’s quarterly revenue was up 5.6% compared to the same quarter last year. Equities analysts predict that Automatic Data Processing will post 6.16 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be issued a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date is Thursday, March 12th. Automatic Data Processing’s payout ratio is 66.79%.

Automatic Data Processing announced that its Board of Directors has approved a share repurchase program on Tuesday, November 12th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the business services provider to buy up to 6.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

A number of analysts have recently issued reports on the stock. ValuEngine raised shares of Automatic Data Processing from a “sell” rating to a “hold” rating in a report on Tuesday, December 3rd. Wolfe Research cut shares of Automatic Data Processing from an “outperform” rating to a “market perform” rating in a report on Thursday, October 31st. BidaskClub cut shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a report on Thursday, December 5th. Citigroup increased their price objective on shares of Automatic Data Processing from $170.00 to $185.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. Finally, Moffett Nathanson cut shares of Automatic Data Processing from a “buy” rating to a “neutral” rating in a report on Tuesday, January 7th. Eleven analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $182.11.

In related news, CEO Carlos A. Rodriguez sold 48,571 shares of the firm’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $168.51, for a total value of $8,184,699.21. Following the transaction, the chief executive officer now directly owns 144,899 shares of the company’s stock, valued at approximately $24,416,930.49. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Donald Weinstein sold 2,000 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $170.08, for a total value of $340,160.00. Following the completion of the transaction, the vice president now directly owns 25,710 shares in the company, valued at $4,372,756.80. The disclosure for this sale can be found here. Insiders have sold 50,897 shares of company stock valued at $8,580,954 over the last 90 days. 0.31% of the stock is currently owned by company insiders.

Automatic Data Processing Company Profile

Automatic Data Processing, Inc provides business process outsourcing services worldwide. It operates through two segments, Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers various human resources (HR) outsourcing and technology-based human capital management solutions.

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Institutional Ownership by Quarter for Automatic Data Processing (NASDAQ:ADP)

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