NewSquare Capital LLC Buys 246 Shares of Automatic Data Processing (NASDAQ:ADP)

NewSquare Capital LLC boosted its stake in shares of Automatic Data Processing (NASDAQ:ADP) by 71.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 589 shares of the business services provider’s stock after purchasing an additional 246 shares during the quarter. NewSquare Capital LLC’s holdings in Automatic Data Processing were worth $97,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently modified their holdings of the company. Cornerstone Advisors Inc. increased its stake in Automatic Data Processing by 259.4% in the 1st quarter. Cornerstone Advisors Inc. now owns 1,258 shares of the business services provider’s stock worth $201,000 after purchasing an additional 908 shares during the period. Avestar Capital LLC boosted its stake in Automatic Data Processing by 97.3% during the first quarter. Avestar Capital LLC now owns 578 shares of the business services provider’s stock valued at $88,000 after buying an additional 285 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC bought a new stake in shares of Automatic Data Processing in the 1st quarter valued at approximately $232,000. Advisor Group Inc. lifted its stake in shares of Automatic Data Processing by 24.7% in the 1st quarter. Advisor Group Inc. now owns 80,029 shares of the business services provider’s stock valued at $12,790,000 after purchasing an additional 15,851 shares during the last quarter. Finally, Bremer Bank National Association bought a new stake in shares of Automatic Data Processing in the 1st quarter valued at approximately $72,000. 80.26% of the stock is currently owned by institutional investors.

Shares of Automatic Data Processing stock traded down $0.81 on Tuesday, hitting $160.61. The company’s stock had a trading volume of 30,586 shares, compared to its average volume of 2,123,427. Automatic Data Processing has a 1 year low of $121.40 and a 1 year high of $174.50. The firm has a fifty day moving average price of $165.07 and a 200-day moving average price of $163.25. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market capitalization of $70.01 billion, a price-to-earnings ratio of 29.49, a price-to-earnings-growth ratio of 2.00 and a beta of 0.90.

Automatic Data Processing (NASDAQ:ADP) last issued its earnings results on Wednesday, July 31st. The business services provider reported $1.14 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.13 by $0.01. The business had revenue of $3.50 billion for the quarter, compared to analysts’ expectations of $3.50 billion. Automatic Data Processing had a return on equity of 47.48% and a net margin of 16.17%. The business’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.99 EPS. As a group, analysts forecast that Automatic Data Processing will post 6.16 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date of this dividend is Thursday, September 12th. Automatic Data Processing’s dividend payout ratio is presently 57.98%.

In related news, VP Dermot J. O’brien sold 1,771 shares of the company’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $162.04, for a total value of $286,972.84. Following the transaction, the vice president now directly owns 14,896 shares in the company, valued at $2,413,747.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Brock Albinson sold 6,683 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $167.87, for a total value of $1,121,875.21. Following the completion of the transaction, the vice president now owns 6,302 shares in the company, valued at $1,057,916.74. The disclosure for this sale can be found here. Insiders sold 57,846 shares of company stock worth $9,395,534 over the last quarter. 0.31% of the stock is currently owned by insiders.

ADP has been the subject of several analyst reports. JPMorgan Chase & Co. raised their price objective on Automatic Data Processing from $170.00 to $177.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Zacks Investment Research raised Automatic Data Processing from a “hold” rating to a “buy” rating and set a $179.00 price objective for the company in a research note on Friday, June 21st. Bank of America downgraded Automatic Data Processing from a “buy” rating to a “neutral” rating in a report on Wednesday, September 11th. Jefferies Financial Group increased their price target on Automatic Data Processing to $176.00 and gave the stock a “hold” rating in a report on Wednesday, July 31st. Finally, Cowen began coverage on Automatic Data Processing in a report on Wednesday, September 11th. They issued an “outperform” rating and a $195.00 price target on the stock. Ten analysts have rated the stock with a hold rating and four have given a buy rating to the company. Automatic Data Processing currently has a consensus rating of “Hold” and an average target price of $176.10.

About Automatic Data Processing

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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