Cresset Asset Management LLC Has $14.91 Million Position in Automatic Data Processing, Inc. (NASDAQ:ADP)

Cresset Asset Management LLC lessened its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 34.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 50,704 shares of the business services provider’s stock after selling 27,180 shares during the quarter. Cresset Asset Management LLC’s holdings in Automatic Data Processing were worth $14,911,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Automatic Data Processing in the fourth quarter worth $455,993,000. Winslow Capital Management LLC acquired a new stake in Automatic Data Processing in the 4th quarter valued at $396,714,000. Capital Research Global Investors lifted its position in Automatic Data Processing by 26.9% during the 4th quarter. Capital Research Global Investors now owns 6,136,763 shares of the business services provider’s stock worth $1,796,415,000 after buying an additional 1,299,390 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Automatic Data Processing during the 4th quarter worth about $342,942,000. Finally, Proficio Capital Partners LLC grew its holdings in shares of Automatic Data Processing by 41,710.7% in the 4th quarter. Proficio Capital Partners LLC now owns 1,090,422 shares of the business services provider’s stock valued at $319,199,000 after acquiring an additional 1,087,814 shares in the last quarter. Institutional investors own 80.03% of the company’s stock.

Wall Street Analyst Weigh In

ADP has been the subject of several recent research reports. Jefferies Financial Group increased their price target on Automatic Data Processing from $290.00 to $305.00 and gave the company a “hold” rating in a research report on Thursday, January 30th. Barclays raised their target price on shares of Automatic Data Processing from $325.00 to $350.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Stifel Nicolaus upped their price target on shares of Automatic Data Processing to $305.00 and gave the stock a “buy” rating in a research report on Friday, May 2nd. StockNews.com downgraded shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Wednesday, February 5th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $315.00 target price on shares of Automatic Data Processing in a report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Automatic Data Processing presently has an average rating of “Hold” and a consensus price target of $303.55.

Automatic Data Processing Trading Down 0.2 %

Shares of ADP stock opened at $303.33 on Wednesday. Automatic Data Processing, Inc. has a 12-month low of $231.27 and a 12-month high of $322.84. The company has a market capitalization of $123.59 billion, a PE ratio of 31.63, a price-to-earnings-growth ratio of 3.62 and a beta of 0.76. The firm has a 50 day moving average price of $297.88 and a two-hundred day moving average price of $298.91. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.59.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, April 30th. The business services provider reported $3.06 EPS for the quarter, beating analysts’ consensus estimates of $2.97 by $0.09. The firm had revenue of $5.55 billion for the quarter, compared to analyst estimates of $5.49 billion. Automatic Data Processing had a return on equity of 80.86% and a net margin of 19.76%. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same period in the prior year, the firm posted $2.88 EPS. As a group, analysts predict that Automatic Data Processing, Inc. will post 9.93 earnings per share for the current year.

Automatic Data Processing Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be issued a $1.54 dividend. This represents a $6.16 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date is Friday, June 13th. Automatic Data Processing’s dividend payout ratio is currently 63.05%.

Insider Buying and Selling at Automatic Data Processing

In other Automatic Data Processing news, VP Christopher D’ambrosio sold 478 shares of the stock in a transaction dated Thursday, April 10th. The shares were sold at an average price of $293.14, for a total transaction of $140,120.92. Following the sale, the vice president now directly owns 7,364 shares in the company, valued at $2,158,682.96. This represents a 6.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Brian L. Michaud sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $305.38, for a total transaction of $458,070.00. Following the completion of the transaction, the vice president now owns 12,073 shares of the company’s stock, valued at $3,686,852.74. The trade was a 11.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,451 shares of company stock valued at $743,024 in the last quarter. Company insiders own 0.21% of the company’s stock.

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.